Vietnam Daily News

Businesses benefit from integration process

Written by Dailynews.vn Saturday, 10 December 2011 17:22

More than 75 percent of Vietnamese businesses have benefited from the international integration process, announced the Vietnam Chamber of Commerce and Industry (VCCI) on December 8.

According to a survey conducted by VCCI's Information Technology Institute, since Vietnam's admission to the World Trade Organisation (WTO) four years ago, local businesses have actively integrated into the global economy, resulting in high competitiveness and effective operations.

Hoang Van Dung, VCCI vice Chair, said most Vietnam businesses are small or medium scale and find it difficult to adapt to new mechanisms in the integration process. However, the export market is constantly expanding, with the US emerging as the leading export market of Vietnam, accounting for 24 percent of the country's total exports, he said.

The VCCI vice Chair also pointed out some shortcomings in business operations in the integration process, including poor quality of export products, weak competitiveness, and low proportion of skilled workers. In addition, he emphasized issues of concern during the integration era, such as exchange rates, interest rates and the restructuring of the national economy from a subsidy economy into a market one.

Le Van Loi, director of VCCI's Institute of Information Technology for Business, revealed that 3,550 enterprises in 63 provinces and cities nationwide participated in the survey, which showed just more than 1 percent of businesses reporting a negative impact from the integration process.

Many businesses raised concerns over administrative procedures, information technology application and new mechanisms in line with WTO regulations.

Source: www.intellasia.net/news/articles/business/111350356.shtml