Vietnam should also reap significant benefits from other market-friendly reforms it introduces to meet WTO commitments. Laws aimed at unifying the legal framework for foreign companies and businesses and harmonizing rules on trade rights and the prospect of accession have already strengthened the investment climate in Vietnam, and foreign direct investment approval reached a record $10 billion in 2006. Overall, Vietnam appears well placed to seize the opportunities of its international economic integration. . In January 1995, the government of the Socialist Republic of Vietnam applied for membership in the World Trade Organization (WT/L/1 document). At its session on 31 January 1995, the General Council established a group to consider the application for membership of the Government of the Socialist Republic of Vietnam in the World Trade Organization, in accordance with Article XII of the Marrakesh Agreement establishing the WTO. The mandate and membership of the working group are reproduced in WT/ACC/VNM/1/Rev.23. Vietnam`s service commitments – the 60-page document (including a “timetable”) outlines the services in which it provides access to foreign service providers and the additional conditions, including foreign ownership restrictions, the TPR gateway for explanations and background information > quick help in downloading > full assistance to Vietnam Online Service Documents commitments – the 60-page document (including a “schedule”), describes in which is described: the services in which it allows foreign service providers to access, as well as the additional conditions that can be imposed on Vietnam`s service commitments – the 60-page document (including a “timetable”) , describing the services in which it has access to foreign service providers and all the additional conditions; including restrictions on foreign ownership, including foreign ownership restrictions sources: WTO, Vietnamese authorities; and IMF staff calculations. 1The prices apply to most imports from countries outside Southeast Asia. On this page you will find important information on Vietnam`s WTO accession negotiations. On 11 January 2007, Vietnam became the 150th member of the WTO.
But some heavily protected industries, such as car and motorcycle assembly plants, and some services will require major reforms to remain viable. In particular, foreign banks that are in full possession will be able to compete with domestic banks on an equal footing with domestic banks from April 2007. In this process, profit margins can be dense and perhaps some reduction in the workforce in declining sectors.