Vietnam proposed to the World Trade Organization (WTO) to continue to reform itself in an energy and practical way so that it affirms its role as the basis of a transparent and fair multilateral trade system.

Hanoi.- The proposal was made by Vietnamese Prime Minister Pham Minh Chinh at a meeting with WTO Director-General Ngozi Okonjo-Iweala, who is on a working visit to this capital.

The head of Government expressed the wish that this organization continues to promote its coordinating role to foster an inclusive and balanced world trade and maintain its support to member countries, especially those classified as developing and underdeveloped.

Such support, he said, would enable these nations to take advantage of the opportunities of the current changing trends, as well as to reform supply, production, and investment chains.

Vietnam is willing to share its experience in fulfilling its WTO accession commitments, promoting trade growth, socioeconomic development, reducing poverty and inequality in society, and promoting women’s empowerment, he said.

Minh Chinh highlighted the achievements resulting from more than 35 years of renewal and noted that the size of Vietnam’s economy increased to 409 billion dollars, while the country’s per capita income rose from 160 dollars in the mid-1980s to 4,100 dollars today.

He noted that Vietnam is among the world’s 20 leading trading economies, with an export volume of 371 billion dollars in 2022, adding that the country has signed some 100 bilateral and multilateral trade agreements, and 60 investment promotion and protection treaties.

The Vietnamese prime minister also referred to the importance of guaranteeing a balance of rights and obligations, according to the level of development and capacity of the grouping’s members, the VNA news agency reported.

The WTO director-general praised Vietnam’s achievements in its socio-economic development and asserted that such success has inspired many nations in the world. (PL)