The impact of WTO accession on Vietnam's financial market.

The seminar "The Impact of Joining the World Trade Organization - WTO - on Vietnam's Financial Market" was organized by the University of Social Sciences and Humanities and the Konrad Adenauer Institute (Federal Republic of Germany) on September 26, 2008.

Attending the workshop were economic experts from the State Bank of Vietnam, the Vietnam Chamber of Commerce and Industry, the Ministry of Planning and Investment, the National Academy of Public Administration, Vietnam National University, Hanoi, the KAS Institute, and several Vietnamese businesses. The Ambassador of the Federal Republic of Germany to Vietnam, Mr. Rolf Shulze, attended and spoke at the workshop.

The reports presented at the conference focused on the positive and negative changes in Vietnam's financial market in the context of joining the WTO, forecasting major fluctuations and proposing solutions from both the government's macroeconomic management policies and businesses.

From a macroeconomic perspective, in the presentation "The impact of WTO accession on financial markets.“Economic integration increases market factors in financial market transactions, thereby promoting economic growth, creating a more responsive approach from financial institutions, and increasing the competitiveness, diversity, and complexity of the financial market. Integration also changes the financial position of businesses and households, altering their behavior in response to changes in the financial market. Furthermore, market risks are increasing with integration. This has a profound impact on the management of macroeconomic policies, especially monetary policy, and its mechanisms of impact on the economy.”

From the perspective of businesses, in the presentation "The Impact of WTO Accession on Vietnam's Financial Market - Macro and Micro PerspectivesAccording to Dr. Doan Duy Khuong (Vietnam Chamber of Commerce and Industry), businesses are currently facing many difficulties such as: rising input costs for production and business, increased import costs of raw materials, and exchange rate risks in transactions... Therefore, focusing on resolving issues at the macro level and implementing specific mechanisms and policies for businesses will create a solid foundation for building a strong business community.

In addition, some reports from other delegates delved into analyzing the impacts of WTO accession on Vietnam's financial market from specific angles and areas, such as: the role of modern corporate governance towards transparent and professional governance criteria; interest rate liberalization as an inevitable need and the regulatory role of the state; reforming the organization, structure, and operations of state-owned banks to improve business efficiency and competitiveness in the market; the current state of equitization of state-owned enterprises as an inevitable need but still facing many shortcomings in the implementation process; discussing some basic legal issues regarding decentralized derivative transactions; the operation of investment funds and their role in Vietnam's current economic development...