Lac Hong Private University held a seminar called “challenges and opportunities for both domestic and foreign invested enterprises”

 In recent economic forums, a large number of foreign experts and investors were optimistic about Vietnam early admission to WTO. They considered these occasions as a big opportunity to expand cooperation and investment. On Wednesday, the Lac Hong Private University in collaboration with the American Consulate General to Ho Chi Minh City hosted a seminar called “challenges and opportunities for both domestic and foreign invested companies at the edge of Vietnam’s admission to WTO. The seminar had the participation of Professor Banh Tien Long, deputy minister of Training and Education, Mr. Huynh Van Toi, Vice Chairman of provincial People’s Committee, representatives from provincial functional agencies, domestic and foreign invested companies together with lectures and students of Lac Hong Private University.

The seminar aims to help both domestic and foreign invested companies to exchange experiences in business management and learn more information on WTO to improve awareness on challenges and opportunities in the process to join WTO. Most ideas raised at the seminar certify to the fact that WTO admission requires efforts of all individuals and businesses and is accompanied by both opportunities and challenges. The opportunities increase financial sources, technology, intellect as well as open and comprehensive chances to take part in trading activities, services, intellectual property right to promote potential of both Vietnam and Vietnamese people. Additionally, on joining WTO Vietnam will face major challenges in term of old-fashion technologies and poor business competences. As a matter of fact, the business circle should realize those challenges and opportunities to build up suitable strategies.

“Vietnamese businesses should feel more confident in embracing globalization, joining the WTO will have a positive impact on the entire Vietnamese economy. There are going to be many greater opportunities from challenges that WTO membership offers for individual countries”, Said U.S. legal experts at the seminar.

U.S legal experts also emphasized the need for Vietnam to speed up the process of legislative reform. They noted that among the many reforms Vietnam will undertake, legal reform is of crucial importance. They said that Vietnam should apply new mechanisms and policies to create a fair investment and business environment compatible with international practices.

(Source Dong Nai Radio and Television Station)