Vietnam joins WTO: Official January 11, 2007

Market Asia Pacific, Jan 1, 2007

A December 29, 2006 report circulated on the Agence France-Presse wires called Vietnam, "one of the most promising emerging markets in Asia."

One reason: Vietnam officially joins the World Trade Organization (WTO) on January 11, 2007. The main stumbling block to membership-a trade agreement with the United States (US)-was cleared when the US president signed the trade proclamation on December 29, 2006.

The AFP said that the country's WTO membership would be a significant stimulus to foreign investment there, generating jobs and raising the incomes of Vietnam's consumers. A Fortune Magazine (New York) story published on November 20, 2006 said WTO membership, "will expose the country to both opportunity and risk."

Noting that Vietnam is the second fastest growing economy in Asia (after China), Fortune cited the appearance of labor unrest as one of the economic facts of life the country will have to deal with as it is conferred the title of a "market economy."

There is much promise for the country's consumers. Fortune pointed out that over the past decade, "purchasing power has doubled and poverty has been halved." Negative developments include international criticism over working conditions in the country, though some progress has been made on that front.