16 Pages


After China, Vietnam was another major socialist country to join the World Trade Organization (WTO). Vietnam concluded its accession negotiations in 2006 and formally became the 150th WTO member on 11 January 2007. Like China did from the late 1970s, Vietnam had also been pursuing a policy of economic liberalization sine 1986 while maintaining a socialist political system.1 As part of her endeavour to integrate the Vietnamese economy into the world economy, membership of the WTO became a major objective for the country. The events leading up to the agreement of the WTO to Vietnam’s accession, especially the accession negotiations and the content of the final deal reached with WTO members by Vietnam, have had a profound impact on Vietnam as a nation in general and its economy and the legal system in particular. On the road to WTO membership, Vietnam accepted many new obligations heralding a fundamental shift in its economic policy and legal framework. Consequently, the country is going through a period of breathtaking changes in not only transforming the economy but also the legal landscape.2