18 February 2018

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05/25/2006 VIETNAM

US-Vietnam agreement soon, first step towards WTO membership

If managed well, entry into World Trade Organisation could be the solution to Vietnam's many problems like unemployment.

HaNoi (AsiaNews) – A formal agreement between the United States and Vietnam easing the way for the Asian country to join the World Trade Organisation (WTO) and the world market is near, this according to Karan Bhatia, Deputy US Trade Representative.

On May 14, the two countries had already reached a bilateral deal lowering tariffs on their respective exports and easing restrictions on investments in areas like telecommunications.

US-Vietnamese trade topped US$ 7.8 billion in 2005, a 400 per cent increase over 2001.

Concurrently, Vietnam has been engaged in economic talks with the Asia-Pacific Economic Cooperation (APEC) organisation.

An APEC conference is in fact taking place in Vietnam itself on the issue of "Strengthening Economic Partnership for Sustainable and Equitable Development in the Asia-Pacific" region.

Pham Sanh Chau, who chairs the APEC's Secretariat, said that the purpose of the conference was to strengthen and promote for co-operation on economic development and investment, international coordination in the areas of tourism and culture, security, epidemic prevention, developing human resources, raising competition of small and medium sized companies, and APEC reform (to fight corruption).

According to economists, Vietnam's entry into the WTO would enable the average Vietnamese to understand what the global market is. However, expectations by the US Congress to see improvements in human rights remain an obstacle on Vietnam's path.

If managed well though, entry into World Trade Organisation could be the solution to many problems like unemployment.

Many young people are jobless. Many move to the big cities looking for employment, but for 90 per cent migration results in failure.

One company in Hai Duong province, la Sun Star Joint Stock Company, did hire 700 young people for its main plant and its Ho Chi Minh City branch, but such success stories are more the exception than the rule.

"Finding work is hard," a young man told AsiaNews. "I came to Ho Chi Minh City with my friends, about 20 or so, from the north, but what we see is discouraging."

"Those who can drink beer and gamble. Many get sucked into a life of petty crime or even criminal gangs. It is hard to develop constructive social and spiritual ties with others."

See also

Vietnam negotiating entry into WTO with US
Washington wants Hanoi to adapt its laws to WTO rules and is willing to see Vietnam join in 2006.

US agrees to Vietnam's quick entry in WTO
Approval of trade deal is expected by June. Vietnam is to join WTO by the end of the year, but it will have to wrestle with its own red tape and widespread graft and corruption. Human rights remain an issue.

22/11/2004 ASIA - PACIFIC
APEC: open face-off between China and the US
Differences appear over exchange policy, Latin America, North Korea and Taiwan.

Asia must “do more” for global recovery
At the opening of the APEC summit, US Treasury Secretary Tim Geithner said member states must do more to boost demand and improve currency exchanges. For China, this is “too ambitious” as well as a potential problem for the Asian juggernaut. Clinton appeals to Beijing to improve human rights at home.

16/11/2005 ASIA
Trade imbalances between China and other Asian countries on APEC agenda
Annual meeting will start next Friday. US President and other heads of state and government are expected. Asian governments try to overcome old nationalist feelings and "co-ordinate" policies, including monetary and fiscal policies.

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