Vietnam’s WTO Accession and Bilateral Trade Agreements

Vietnam became the 150th member of the WTO in 2007. Upon accession, Vietnam
committed to fully comply with WTO agreements on customs valuation, technical barriers to
trade, and sanitary measures
. Prior to WTO membership, the U.S. and Vietnam concluded a bilateral trade agreement in
2001
Expansion of Free Trade Agreements
Since joining the WTO, Vietnam has entered into numerous free trade agreements (FTAs) to
further integrate with the global economy
. Key FTAs include:
The EU-Vietnam Free Trade Agreement (EVFTA), a new generation FTA with wide scope
and high level of commitments
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
The Regional Comprehensive Economic Partnership (RCEP) between ASEAN members and
FTA partners
As of 2023, Vietnam is a signatory to 16 FTAs in total
. Most were concluded within 1-3 years of negotiations and ratified within 2 years of signing
Opportunities and Challenges
The FTAs have opened up many opportunities for Vietnam’s sustainable development and
boosting the economy
. For example, the EVFTA includes commitments to promote sustainable development in
areas like labor and environment
However, the agreements also come with potential downsides, such as triggering aggressive
competition from foreign rivals for some local industries like agriculture. Vietnam needs to
prepare its domestic sectors to face this increased competition.
Compliance with International Trade Rules
As a WTO member and FTA signatory, Vietnam has aligned its trade policies with
international rules and principles. For example:
Vietnam pledged to abide by WTO accords on customs, technical barriers, and sanitary
measures
The U.S.-Vietnam BTA was written to accord with WTO and international trade and
investment principles
FTAs are treated as exceptions to WTO most-favored nation rules