All 27 members of the Trade Policy Review Body (TPRB) on September 17 spoke highly of the achievements Vietnam has made since its accession, considering Vietnam a success story.

In an interview granted to Vietnam News Agency, Deputy Minister of Industry and Trade Tran Quoc Khanh, who is leading a Vietnamese delegation to the Trade Policy Review in Geneva, said the TPRB delegates were impressed by Vietnam’s trade policy developments.

They proposed Vietnam continue finalising its legal system, accelerating administrative reform, especially investment and export procedures, strengthening the enforcement of intellectual property rights, and speeding up the restructuring of State-owned enterprises.

Some asked Vietnam to further open up its market for a number of services and timely inform the WTO of changes in its trade policies. 

The review is initiated by the WTO to assess trade policies of its members, helping them perfect their policies in conformity with WTO rules and regulations.

This is the first time Vietnam has presented its report to the WTO  after it joined the world’s largest trade body six years ago.

If its trade value in proportion to global trade remains stable, the second review will take place in another six years time. If the proportion increases, the timing for review will be shortened to four or even two years. 

Vietnam worked closely with the WTO Secretariat to complete a 183-page report on the country’s trade policies. It also answered more than 500 questions after the report was transferred to WTO members.

According to Khanh, Vietnam hopes to learn from experts’ recommendations to finalise its legal system and improve its business environment.

“This is also a chance for Vietnam to promote its image globally, showing how we are serious about fulfilling WTO commitments,” said Khanh.