Vietnam continues to support WTO’s role in facilitating an open and transparent multilateral trade system that is based on international law, removal of tariffs, and countering protectionism.

Deputy Prime Minister Le Minh Khai and WTO Deputy Director-General Zhang Xiangchen. Source: VGP

Deputy Prime Minister Le Minh Khai stressed the view in a meeting with WTO Deputy Director-General Zhang Xiangchen on May 25 (local time) in Geneva.

“The WTO should further realize its coordinating position in promoting global trade toward inclusivity and fairness for economic recovery in the world,” Khai said.

According to the deputy prime minister, 15 years since joining the WTO, Vietnam has made great gains in socio-economic development and realizing sustainable development goals.

In 2021, Vietnam became one of the world’s top 20 countries in terms of trade turnover.

Delegates at the meeting.

Khai said any WTO reform should ensure fairness in benefits and obligations for all members while taking into consideration the development level and capabilities of developing countries.

For his part, Zhang Xiangchen highlighted the active contribution of Vietnam to the global economy.

Amid the complicated global economic and political situation, Zhang expected Vietnam to be active in the upcoming discussion at the 12th WTO ministers’ meeting in June to facilitate global trade, especially on the issue of government subsidies for aquaculture and agriculture.

Deputy PM Khai noted Vietnam is committed to further contributing to the global food security through suggestions made at the WEF Davos 2022 from May 23-24 and would do so at the upcoming WTO meeting.

Last year, Vietnam's trade turnover reached an all-time high of $668.55 billion amid the severe Covid-19 impacts, representing a staggering increase of over $100 billion from the previous record of $545 billion in 2020.

The Government targets exports to further expand by 6-8% in 2022 along with a positive trade balance, which helps ensure Vietnam’s GDP growth would rebound to 6-6.5% this year.