WTO accession brings chance for Viet Nam's competitive industries
"In the immediate future, the competitive industries could be characterised with relatively high labour incentive, advanced localisation and high standard of efficiency and quality," he told a Viet Nam News Agency reporter on the occasion that Viet Nam will officially become the 150th WTO member.
He said WTO accession is also a challenge for internationally less competitive industries. They might be characterised with relatively capital incentive, no supporting industry and low efficiency and quality standards.
On the longer term, he added, the state of competitiveness could be changed as a result of various exogenous factors such as progress of structural reform and a growing domestic market.
However, Karasawa stressed, the accession will bring abundant opportunities to make use of external resources and markets, and contribute to the economic development of Viet Nam. Adequate distribution of the generated benefits will provide better social and economic conditions to the majority of people.
To minimise the negative impacts of joining WTO, the JIBC chief suggested the Vietnamese government take two kinds of measures, namely, adequate structural reform and physical investment.
"The financial sector reform is the centre of such reform, which will contribute to both external and domestic capital mobilisation for competitive industries," he explained.
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