Negotiations between Vietnam and the United States concerning World Trade Organisation (WTO) membership have been completed, allowing Vietnam to join the global organisation after eleven years of negotiations. The WTO is involved in tariffs, non-tariff barriers, subsidies, trade remedies, trade-related investment measures and financial services.

Consensus has been reached on all points, including sensitive issues such as garments and textiles, and the agreement is likely to be signed in June, in southern Ho Chi Minh City. Vietnam originally applied for WTO membership in 1995 and entered into bilateral negotiations with the US in 2002.

According to local officials and economic experts, Vietnam will now be open to more opportunities, particularly in terms of trade, investment, and technology transfer. However, WTO regulations, including those on tariff reduction, service market openness and intellectual property protection must now be adhered to and this will alter the way Vietnam currently operates.

Experts advise that the country should concentrate on the development of private enterprises as well as improving highly competitive items such as textiles, garments and footwear.