Vietnam-the 150th WTO member with great potential and diversified types of services exports-is set to achieve US$12 billion services revenue in 2010 with average annual growth rate of 16.3 per cent in the 2007-2010; however, there will remain many things to do, experts and state media said.
Not like other developed countries with average proportion of around 40 per cent of their GDP, Vietnam’s services sectors reached US$21,824 billion, accounting for only 10.8 per cent of the country’s GDP in the 2001-2005 period despite the recent growth rates, which proves that great potential and promising land for local and foreign investors.
Currently, 70 different types of services are found in Vietnam, of which only ten are fully surveyed with statistic figures, Dau Tu Chung Khoan Online said.
However, services products in Vietnam remain weak, low-competitive and lack professionalization due to the incomplete and unsynchronized legal framework to support, cultural practices and concepts on the “services products” [which are normally referred to entertainment services], undeveloped infrastructure and adequate management expertise, commercial specialists noted.
Great chances are to be created since the country became the official member of the World Trade Organization as it is set to open door to welcome leading service providers to enter.
To finalize the set target and raise the sector’s competitive edge, Vietnam should focus on completing the legal frameworks from tax, investment procedures, create incentives to mobilize sources invest in and building national trademarks, experts said.
In-dept investments, beautification and professionalization of services products and install correct and civilized cultures will be necessary things to be done.
Trade promotion campaigns should be launched in addition to developing marketing staffs and expanding outlet systems and high-quality human resource training, they concluded. (Securities Investment)
Vietnamese
