“Vietnam enters the WTO” – What could this mean for Your Company?

· Vietnam has the fastest growing economy in Southeast Asia, with a recorded growth of 8.4% in 2005 and a GDP growth of almost 50% over the last 5 years. The opening of the Vietnamese economy will create extensive opportunities for US companies.
· WTO accession requires the Vietnamese government to promote transparency and eliminate corrupt practices in its effort to participate in the global rules-based system – effectively reducing your investment risk.
· Vietnam has finalized intellectual property regulations and legislation that is concurrent with the TRIPs (Trade and Related aspects of Intellectual Property Rights) agreement administered by the WTO – safeguarding foreign companies from IP violations
· US companies will be able to pursue their rights through WTO dispute settlement and other WTO operations – promoting accountability and efficient dispute resolution process.
These are only some of the implications of Vietnam's accession to the WTO that could tremendously benefit your organization.

Written by Yeukayi Nenjerama - Facilitator of Sales and Marketing in Asian Cultures for Study Aboard.

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The Department of Export Promotion (DEP)

As a creation of the (Thai) Ministry of Commerce, the DEP plays an essential role in the promotion of international trade with Thailand. The DEP seeks to boost exports in an effort to grow the national economy and eventually overcome Thailand's trade deficit. To achieve its goals, the DEP is focused on developing the country's core competencies to add value to locally produced goods and services. Additionally, the application of new approaches to international trade including the DEP's 53 Overseas Trade Promotion Offices, have facilitated the growth of Thailand's international trading network.

What could the DEP's strategy mean for your company?
· Employing superior technology in manufacturing will increase product quality.
· Global sourcing for raw materials, machinery, and other inputs will allow the maintenance of competitive production costs.
· Thai manufacturers will receive assistance from the DEP to raise product quality to international standards.
· The elimination of trade barriers through numerous free trade agreements, streamlining business activities.

These are just few of the benefits arising from trade in Thailand.

Written by Yeukayi Nenjerama - Facilitator of Sales and Marketing in Asian Cultures for Study Aboard Cruises

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