Viet Nam's total trade value last year reached US$228.31 billion after six years of participation in the World Trade Organisation (WTO), double what it was when the country joined in 2007.—  Photo AFP

HA NOI (Biz Hub)— Viet Nam's total trade value last year reached US$228.31 billion after six years of participation in the World Trade Organisation (WTO), double what it was when the country joined in 2007, according to the General Department of Customs.

The figure shows that the country's total import-export value in 2007 surged 31.3 per cent, or $26.52 billion compared to 2006, the highest growth rate in the period of 2003-12. In 2011, its total import-export value was $200 billion.

Viet Nam's foreign trade growth was also reflected in its world ranking. The WTO ranked the country 50th and 42nd in terms of export and import revenue in 2003. However, Viet Nam moved up 13 positions to 37th in exports while its imports jumped 18 positions to 34th.

Nguyen Minh, head of the Ha Noi Institute for Socio-Economic Development's Economic Research Division, said the WTO accession had positively impacted the macroeconomy and businesses.

He said enterprises should comprehend this integration more thoroughly and accurately in order to plan development, map out practical investment plans, avoid risks, diversify businesses and delve into professional research. — VNS