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Vietnam food market to benefit under WTO
VIETNAM - Food processors in Vietnam can expect to see higher quality raw materials and lower prices on imported ingredients as the country becomes a full member of the World Trade Organisation.Vietnam completed its final round of negotiations to join the WTO last week, completing the last details necessary to accession. The WTO's general council is expected to formally approve Vietnam's entry on 7 November, making the country the 150th member of trading organization.
While Vietnam's government has voiced concern that several of its processing industries are unprepared for greater competition, many commentators say the WTO membership will force food producers to become more efficient and raise quality standards.
“The state-owned enterprises have the most to lose,” noted Ross Jaax, country representative for the non-profit organization Acdi/Voca. “They won't be as protected as they were before.”
However farmers and primary export producers should benefit from a better negotiating position under WTO membership when it comes to fighting anti-dumping tariffs.
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Source: AP-Food Technology
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