An article by Vietnamese Prime Minister Nguyen Tan Dung about key measures Vietnam will take to make use of opportunities and cope with difficulties posed by its accession to the World Trade Organization (WTO) was reported by local media Wednesday.

Two first measures mentioned by Dung are to continue to complete the legal system and administrative system in order to quickly form uniform elements of a market economy and provide a legal foundation for the implementation of commitments to the WTO, and streamline administrative procedures and eliminate unnecessary procedures in order to shorten the time required for the establishment of enterprises and their participation in the market, helping commodities and services enter the market as soon as possible, according to newspaper Vietnam News.

He also touched upon reorganizing state administrative agencies by ensuring co-coordinated and inter-industry vision and eliminating overlap and inefficiency in the formation and operation of administrative institutions; developing human resources through an educational reform strategy focusing on curricula, teaching methods and examination systems at all educational levels; and focusing on the development of transportation and energy infrastructure with all possible resources, including foreign investment.

The measures also include hastening economic re-structuring for agricultural and rural areas, gradually shifting agricultural workers to jobs in industrial production and services, and increasing the budget for agriculture and rural areas, shifting financial support formally reserved for the export of farm products towards developing irrigation and rural transportation; developing all forms of services with a focus on high value-added services, financial and banking services, telecommunications, tourism, and consultancy services; and promoting areas with existing competitive advantages and potential for market expansion.

Other measures are to speed up reorganization of state-owned enterprises, encouraging investment in production and business and the development of forms of enterprises, and supporting small- and medium-sized enterprises; enhance the competitiveness of Vietnamese enterprises; and ensure the leadership of the Communist Party of Vietnam to uphold the spirit of national independence, autonomy, sovereignty and development.

As part of the world's largest trade body, Vietnam would gain access to commodity and service markets in all WTO members, with lower tariffs non-discriminationary treatment in line with their admission protocols, the prime minister wrote.

Vietnam's investment environment would be further improved because the country has adapted its laws in conformity with a socialist-oriented market economy and made its administrative institutions more transparent in conformity with WTO regulations, Dung stressed.

He added that, in entering the WTO, the nation would gain an equal footing with other WTO members and join the fight for a new economic order which is more rational and conducive to the interests of the nation and business.

"While being clearly aware of the opportunities created by WTO entry, we should realize the challenges that we have to confront, especially when the country is at a low development level with weaknesses in state administration," Dung emphasized.

He pointed out that these challenges stemmed from the disparity between the nation's internal capacity and the requirements of integration. Competition would become fiercer with the presence of more "rivals."

The distribution of interests brought about by globalization was not equal. In globalization, the inter-dependence of countries would grow, Dung wrote, adding that it posed a big difficulty for Vietnam which has not yet developed a complete legal system and still lacked experience under a market-driven economy.

International integration would also pose new questions on environmental protection, national security and preserving cultural identity and traditions in the face of the global pursuit for a material lifestyle, he noted.

Source: Xinhua