The Times Asia magazine has published an article praising Viet Nam ’s economic development and said that by joining the World Trade Organisation (WTO), Viet Nam is poised to move its exports up a gear.

The magazine said that Viet Nam has won its bid to join the WTO, a move that could help liberalise the country's economy and spark an export-driven boom similar to the boost China received after it joined the WTO in 2001.

According to the magazine, Viet Nam ’s GDP growth rate in 2006 is projected to be 8.2 percent, the second-fastest rate in Asia behind China and in equal to India ’s. Exports were up an estimated 24 percent in the first ten months of this year. The nascent stock market in Ho Chi Minh City is one of Asia 's best-performing this year, with a growth rate of over 70 percent in 2006. Additionally, Viet Nam is the world's largest pepper exporter and second-largest exporter of coffee, cashews and rice.

Meanwhile, Voice of America (VOA) said earlier last week that business communities from the US and Viet Nam have discussed prospects for boosting bilateral cooperation due to Viet Nam’s becoming a full member of the WTO. Many American business leaders have said that Viet Nam is on its way to become an economic dragon in Asia.

The radio quoted economic experts estimating that foreign direct investment in Viet Nam this year will exceed 6.5 billion USD, of which Intel – the world largest chip producer – has committed an investment of one billion USD to build a factory in Ho Chi Minh City. Two-way trade between Viet Nam and the US stands at 7.8 billion USD a year and is on increase.

According to economic experts, many US companies have seen business potential and opportunities in Viet Nam. They held that the country’s joining the largest global trading body can help it become one of the economic powers in Southeast Asia.

Source: VNA