Trade Reform in Vietnam : Opportunities with Emerging Challenges

In 1986 Vietnam initiated a transition from a centrally planned economy to a market-oriented economy where the government would keep playing a leading role. These renovation (doi moi) policies were successful at generating economic growth and reduc...

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Bibliographic Details
Main Author:	Auffret, Phillipe
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCESSION ACCESSION PROCESS ACCESSION TO THE WORLD TRADE ORGANIZATION ACCESSION TO WTO AGREEMENT ON TRADE AGRICULTURE ANTIDUMPING ANTIDUMPING INVESTIGATION APPAREL APPAREL EXPORTS AVERAGE TARIFFS BARGAINING POWER BILATERAL NEGOTIATIONS BILATERAL TRADE BUSINESS ENVIRONMENT CARTEL CENTRAL PLANNING CHANGES IN TRADE COAL COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CUSTOMS CLEARANCE DEREGULATION DEVELOPMENT AGENDA DEVELOPMENT STRATEGY DIRECT REGULATION DISPUTE SETTLEMENT DISPUTE SETTLEMENT MECHANISM DISPUTE SETTLEMENT PROCEDURES DOHA DEVELOPMENT AGENDA DOMESTIC DEMAND DOMESTIC INDUSTRIES DOMESTIC MARKET DOMESTIC PRODUCERS DOMESTIC SUPPORT DOWNWARD PRESSURE DUTY DRAWBACKS DUTY EXEMPTIONS ECONOMIC GROWTH ECONOMIC IMPACTS ECONOMIC INTEGRATION EXCHANGE RATE EXPENDITURES EXPORT BIAS EXPORT DEVELOPMENT EXPORT INCENTIVES EXPORT SUBSIDIES EXPORT VOLUMES EXPORTERS EXPORTS FINAL GOODS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISH FOREIGN BANKS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS FREE TRADE FREE TRADE AREA FUEL TRADE FUELS GATS GLOBAL TRADE IMPACT OF TRADE IMPORT BARRIERS IMPORT DUTY IMPORT RESTRICTIONS IMPORTING COUNTRIES IMPORTS IMPORTS OF TEXTILES INCOME INFORMATION DISCLOSURE INSURANCE INSURANCE COMPANIES INTELLECTUAL PROPERTY INTENSIVE PRODUCTS INTERMEDIATE GOODS INTERNATIONAL COOPERATION INTERNATIONAL INVESTMENT INTERNATIONAL TRADE LABOR FORCE LEGISLATION LIBERALIZATION OF TRADE LOCAL CONTENT LOCAL PROTECTIONISM MACROECONOMIC POLICY MARKET ACCESS MARKET ECONOMY MEMBER COUNTRIES METALS MFN MIDDLE INCOME COUNTRIES MONOPOLIES MONOPOLY MULTILATERAL NEGOTIATIONS MULTILATERAL TRADE NATIONAL TREATMENT NATURAL MONOPOLIES NEGATIVE IMPACT NON-TARIFF BARRIERS OIL OPENNESS PLANNED ECONOMY POLICY MAKERS POLICY REFORM POLICY REFORMS POLICY RULES POVERTY REDUCTION PREFERENTIAL TARIFF PREFERENTIAL TRADE PREFERENTIAL TRADE AGREEMENT PRIVATE INVESTMENT PRODUCTIVITY PROTECTION OF INTELLECTUAL PROPERTY RIGHTS QUANTITATIVE IMPORT RESTRICTIONS QUANTITATIVE RESTRICTIONS QUOTAS RATES OF PROTECTION RECENT ACCESSION REGULATORY REQUIREMENTS ROUND AGREEMENT SECURITIES SERVICE SECTOR SERVICES SECTOR STATE ENTERPRISES STATE-OWNED ENTERPRISES TARIFF BARRIERS TARIFF RATE TARIFF RATES TARIFF REDUCTION TARIFF REDUCTIONS TARIFF SCHEDULE TAX RATES TAX REVENUE TECHNICAL COOPERATION TRADE AGREEMENT TRADE AGREEMENTS TRADE BARRIERS TRADE FACILITATION TRADE IN SERVICES TRADE LIBERALIZATION TRADE LIBERALIZATION COMMITMENTS TRADE NEGOTIATIONS TRADE POLICIES TRADE POLICY TRADE POLICY INSTRUMENTS TRADE REFORM TRADE REFORMS TRADE REGIME TRADE RULES TRADE VOLUMES TRADING PARTNERS TRADING RIGHTS TRADING SYSTEM TRANSITION ECONOMIES TRANSPARENCY UNIFORM APPLICATION URUGUAY ROUND VALUATION WAGES WORLD PRICES WORLD TRADE WORLD TRADE ORGANIZATION WTO WTO ACCESSION WTO AGREEMENT WTO AGREEMENTS WTO COMMITMENTS WTO MEMBERSHIP WTO RULES TRADE DEVELOPMENT STRUCTURAL REFORMS PRIVATE INVESTMENTS INVESTMENT ENVIRONMENT PUBLIC ENTERPRISES GOVERNANCE ENTERPRISE RESTRUCTURING WTO RULES TRADE DEVELOPMENT
Online Access:	http://documents.worldbank.org/curated/en/2003/06/2384819/trade-reform-vietnam-opportunities-emerging-challenges http://hdl.handle.net/10986/18160

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Summary:	In 1986 Vietnam initiated a transition from a centrally planned economy to a market-oriented economy where the government would keep playing a leading role. These renovation (doi moi) policies were successful at generating economic growth and reducing poverty. In the ten-year socioeconomic strategy endorsed by the Ninth Party Congress in April 2001, the authorities further articulated their development objectives in terms of economic growth and poverty reduction. To reach these objectives, the government indicated that its structural reform priorities were to change Vietnam's trade and financial policies, liberalize the climate for private investment, increase the efficiency of public enterprises, and improve governance. The author argues that the pace of implementation of trade reform-which has been impressive so far-is raising new challenges. On one side, fast liberalization of trade reform may soon conflict with the slow pace of implementation of other reforms, including restructuring of state-owned enterprises and state-owned commercial banks. On the other side, Vietnam would greatly benefit from fast implementation of trade reform and particularly fast accession to the World Trade Organization (WTO), especially after China's recent WTO accession. Auffret concludes that implementation of trade reform will be a testing ground to reveal the extent of Vietnam's commitment to a market-oriented economy.

Trade Reform in Vietnam : Opportunities with Emerging Challenges

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