vietnamese economic development: the effect of joining WTO and Globalization

Vietnamese Economic Development

The Effect of Joining WTO and Globalization

Brief history of Vietnam

Vietnam is a small country , located in Southeast Asia . After a long fought batter with America , it fully gained its independent in 1975 Between 1976 and 1986 , Vietnam had a planned economy . However , after this unsuccessful period , in 1986 , the government launched an economic renewal campaign , with the intention to bring the country closer to a market economy . During this period , people were encouraged to open up new businesses and foreign investments were also welcome

In

2000 , America signed a Bilateral Trade Agreement with Vietnam , and established a normal relationship between the two countries . This is a milestone to the Vietnamese economy . Since then , Vietnam has enjoyed continual growth and development

Vietnam and WTO

On November 7 , 2006 after 11 years of preparation , Vietnam became WTO 's 150th member . Vietnam 's access to WTO is considered to be a good thing for the most part . WTO helped boosting the country 's economy create a more inviting environment for potential investors . Industries such as tourism and export are sure benefit from this WTO agreement

However , a lot of critics are worry about Vietnam joining WTO . Critics afraid that a good number of Vietnamese companies are not ready to compete with other foreign companies , and that they might loose their business . Moreover , in a free market , the poor might not be able to catch up with the fast pace development and therefore widen the rich and poor gap...