No new WTO target date for Vietnam

No new WTO target date for Vietnam

HANOI: Vietnam, which has failed to clinch accords to enter
the World Trade Organization (WTO) by its self-imposed deadline
of December, will not set a new target date, a top leader was
quoted on Saturday as saying.

"Now we think that we will not set a date. When we meet
appropriate conditions, we will join as soon as possible," Deputy
Prime Minister Vu Khoan said in remarks carried by several
Vietnamese language newspapers.

Vietnam is under no formal pressure to join the WTO by the
time the global trade body holds its next ministerial meeting in
Hong Kong in December but Hanoi had until recently held that date
as target.

The communist nation has unfinished business in the form of
bilateral agreements which it must sign with all WTO members who
want them. Some trading partners, including the United States,
have yet to put pen to paper.

"If we cannot join this year, it's not our fault. We exert
maximum efforts but are not prepared to accept just any price,"
Khoan said. "We cannot accept things that may break our economy."

The United States notably wants Vietnam to take action on
certain import taxes, safeguard intellectual property rights and
give foreign companies larger access to markets from telecoms to
tourism, insurance and banking.

Washington is also concerned that Vietnam has failed fully to
implement the U.S.-Vietnam bilateral trade agreement struck five
years ago.

"The government has ordered a more improved offer to better
approach the U.S. requirements," Khoan said. "Of course the
negotiation process depends on the partner, but we are determined
to push it forwards."

Vietnam formally applied for membership in 1995. Its progress
has since been hindered by infighting within the ruling communist
party, the 1997 Asian financial crisis and rampant corruption.

Actual negotiations started only in 2002. -- AFP