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The unilateral and regional ASEAN and now APEC) trade and investment liberalizations pursued by Vietnam during recent years have begun transforming the economy. The next logical step is to join the World Trade Organization, an application for which was submitted in 1995. The WTO legal bindings will give traders and investors increased confidence in the reform programme. This book outlines what the WTO accession process involves, what policies Vietnam will have to change, and what the economic effects will be, particularly on rural development.
During the last two decades, Vietnam has been undergoing a process of deregulating economic activities and integrating into the global economy. The passing of the Enterprise Law in 1999, which facilitated the establishment of private enterprises, and the achievement of membership of the World Trade Organization (WTO) in 2007 were two of the landmark events in Vietnam's rapid growth over this period. In order to cope with such a socioeconomic and institutional transformation, Vietnam's domestic economic entities have employed various measures, including technical upgrading, a shift into new areas of business, the diversification of capital acquisition, the adoption of new models of corporate governance, and other measures. As a result, the reorganization of Vietnam's domestic economic entities, such as the equitization of many state-owned enterprises, the emergence of large-scale private enterprises and the revitalization of rural entrepreneurs have taken place in many areas. This book attempts to analyze economic activity in Vietnam, covering a variety of types and sizes of Vietnam's domestic economic entities from large-scale stateowned enterprises to micro-scale rural entrepreneurs.
In 1986 Vietnam initiated a transition from a centrally planned economy to a market-oriented economy where the government would keep playing a leading role. These renovation (doi moi) policies were successful at generating economic growth and reducing poverty. In the ten-year socioeconomic strategy endorsed by the Ninth Party Congress in April 2001, the authorities further articulated their development objectives in terms of economic growth and poverty reduction. To reach these objectives, the government indicated that its structural reform priorities were to change Vietnam's trade and financial policies, liberalize the climate for private investment, increase the efficiency of public enterprises, and improve governance. The author argues that the pace of implementation of trade reform-which has been impressive so far-is raising new challenges. On one side, fast liberalization of trade reform may soon conflict with the slow pace of implementation of other reforms, including restructuring of state-owned enterprises and state-owned commercial banks. On the other side, Vietnam would greatly benefit from fast implementation of trade reform and particularly fast accession to the World Trade Organization (WTO), especially after China's recent WTO accession. Auffret concludes that implementation of trade reform will be a testing ground to reveal the extent of Vietnam's commitment to a market-oriented economy.
The unilateral and regional (ASEAN) trade and investment liberalizations pursued by the Lao PDR during the past few years have begun transforming the economy. The next logical step is to join the World Trade Organization, an application for which was submitted in 1998. The WTO legal bindings will give traders and investors increased confidence in the Lao reform programme. This book outlines what the WTO accession process involves, what policies the Lao Government will have to change, and what the economic effects will be, particularly on rural development.
These previously unpublished papers by leading American and Vietnamese economists analyze the dramatic transformation of Vietnam's economy during the 1990s and its prospects for the future. The three main sections of the book discuss Vietnam's turbulent history, recent economic reforms, and the country's emerging role in the world economy and geopolitics. The contributors examine a myriad of issues, including specific reforms in agriculture, banking, and tax policy, as well as the attempts to create a business-oriented legal infrastructure, the development of foreign trade and a viable balance of payments, and U.S. policy reactions to Vietnam's rapid development in the last decade.
This study is designed to examine Vietnam's attempts to reform its economic and legal system in order to accelerate its economic development and the challenges it is facing as a result of its membership of the WTO. The thesis revolves around the following central research question: How has the Vietnamese legal system responded to the challenges brought about by modernisation driven by this country's membership of the WTO and what improvements are needed in its legal system to ensure that this agenda of modernisation is reconciled with the needs of its people as well as with the demands of the international trade and the intellectual property protection agenda. After a long period of negotiations Vietnam became the 150th WTO member on 11th January 2007. Like China, Vietnam has also been pursuing a policy of economic liberalization since 1986 while maintaining a socialist political system. On the road to economic development and prosperity for the people, Vietnam accepted many new obligations resulting from its WTO membership. Consequently, the country is now going through a period of breathtaking changes not only in transforming the economy but also all aspects of its legal system. By joining the WTO, Vietnam represents a unique case of an attempt to reform a centrally planned economy in order to transform itself into a system which was supposed to be compliant with the multi-lateral trading system led by the WTO, and based on the values of capitalism. The economic and legal transformation that Vietnam is going through as a result of membership to the WTO, and the nature and scope of obligations that Vietnam was required to undertake to become a member of this world trade body, makes a fascinating case for study. While still maintaining a single party political system, a huge transformation has been carried out in the legal framework of Vietnam in the past 20 to 25 years to bring the Vietnamese legal system up to the international legal standards expected by foreign trades and investors interested in doing business with and in Vietnam. Vietnam has finished its first few years with the WTO "machine" in operation and this country is now trying to progress with the same speed as with other WTO members. In order to deal with the challenges and to gain from the opportunities arising from its WTO membership appropriately, Vietnam is launching plenty of new initiatives in socio-economic policies and in the national legal system as well. However, the country is still facing many challenges concerning the integration of the main principles of international trade and economic law into a socialist legal system. It is in this context that this thesis examines the process of reform, its weaknesses and strengths, the merits and demerits of Vietnam's membership of the WTO with particular reference to the obligations arising from the international intellectual property regime, and proposes a set of recommendations designed to better equip Vietnam to deal with the challenges ahead. The focus is on the strengths and weaknesses of various reform programmes undertaken by the country and the lacunae that still exist in its legal system.