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Kolkata , Dec. 23

THE Socialist Republic of Vietnam has completed official negotiations to join the World Trade Organisation by 2005, according to Mr D. Nhu Dinh, Vietnam's Vice-Minister of Trade.

Once a believer of the state-controlled economy, the Government of Vietnam has decided to open up its economy to enhance the growth of its gross domestic product (GDP) which has crossed 7 per cent, the highest in South Asian countries after China with 10 per cent GDP.

Speaking at the buyers'-sellers' meet on `doing business with Vietnam', organised here recently at the 17 India Trade Fair, Mr Dinh said that Vitenam had set a target to modernise all industries by 2020. The country exported $20 billion worth of items during the year under review, while it imported $24 billion worth of machinery and equipment to make the country self-reliant in consumer goods.

Since Vietnam allowed foreign direct investment (FDI) in 1987, over $22 billion had been invested in various manufacturing operations to create jobs. He said that in view of unprecedented economic growth, the country had been able to sign trade agreement with 170 countries, notwithstanding joining as a full member in ASEAN since 1990.

Mr Dinh, however, lamented that in spite of very good political understanding between India and Vietnam, economic cooperation was yet to gain momentum. The volume of trade remained confined to about $400 million. As on October this year, export from India to Vietnam was $372 million as against India's import of only $30 million. He felt that the trade deficit had to be narrowed down.

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