Foreign trade and international economic integration

Over the years of Doi Moi process, Vietnam's export growth has averaged 20%. From around US$ half a million before the introduction of Doi Moi policy, the total export volume of Vietnam reached US$ 26 billion in 2004 and US$32.23 billion in 2005.

The structure of exports has also seen a positive change. During the 1991-1995 period, major exports of Vietnam were crude oil, fisheries products, rice, textiles, coffee, forestry products, rubber, peanuts and cashew nuts. In 2005, Vietnam was mainly exporting crude oil, garment and textile, footwear, seafood, woodwork, electronics appliances and rice. This structure reflects the rise in processing and manufactured products and decline in unprocessed products, including agricultural, fisheries, forestry products and minerals. Despite this shift, unprocessed export products still make up a large proportion. Therefore, greater efforts are needed to rapidly raise the proportion of industrial exports.

The policy of "multilateralization and diversification" of international relations has helped Vietnam integrate more deeply into the world and regional economy. Before 1990, Vietnam had trade relations with only 40 partners. Now with the foreign policy of openness, which is to befriend and cooperate with all countries in the world on the basis of equality and mutual benefit, Vietnam has established diplomatic relations with 170 countries, and has signed multilateral and bilateral trade agreements with over 80 nations. The country has MFN status with more than 70 countries and territories, including countries and regions with large capital resources, high technologies and vast markets, such as the United States, Japan, the EU and newly industrialized economies in East Asia.

Following the introduction of Doi Moi, Vietnam signed an economic and trade cooperation agreement with the EU in 1992, joined ASEAN in 1995, AFTA in 2001 and APEC in 1998. Vietnam also signed the Bilateral Trade Agreement with the United States in 2000. Vietnam started negotiations for WTO accession in 1995 and is now ready to become the 150th member of the WTO.

Copyright: Ministry of Foreign Affairs