Vietnam should capitalize on opportunities offered by its WTO accession last year, especially by addressing challenges in areas like antidumping and finance, economists have said.

It should grab the opportunities thrown up by the accession to the trading body, such as the increase in trade and foreign direct investment, deputy director of the Vietnam Institute of Economics, Tran Dinh Thien, told Thanh Nien Daily.

He was speaking on the sidelines of a two-day international seminar on the issues related to the country’s WTO accession that ended Friday.

It is necessary to focus on antidumping lawsuits and hurdles to industrial development, he said.

“We should have measures to cope with the risk of antidumping lawsuits based on the specific situations in each sector,” he said, adding that market reforms should be quicker and more comprehensive.

Dr Adam McCarty of Mekong Economics, a consulting company, told the seminar that the country, 10 of whose export items — including foodstuff, footwear and woodwork — might face antidumping lawsuits after the WTO entry, should focus on better defense.

It should have more and better trade experts, raise businesses’ awareness of the issues, make the defense system more efficient and implement long-term research and lobbying strategies, he said.

It is also necessary to have programs to support the defense of market economy status for industries “at risk” and strengthen awareness among business associations about antidumping investigation, he said.

He suggested Vietnam should implement measures for reasonable trade protection for its goods in conformity with WTO regulations, and improve public relations to ensure protection for Vietnamese goods in the US and E.U.

It should also develop relations with some important partners like the E.U., US and China, and promote its role in regional and international organizations.

Former deputy head of the Vietnam Chamber of Commerce and Industry, Pham Chi Lan, advised local firms to join industry associations and keep close relations with foreign counterparts.

Vietnam should have measures to tackle potential antidumping lawsuits sectors like textiles and shoes.

This would help them have a better understanding of the situation, reducing the threat of antidumping lawsuits, he said.

Delegates also urged Vietnam to reform its banking industry, mainly by relinquishing government shareholding, encouraging private investment, reforming governance of state-owned commercial banks and selling non-performing loans.

The sector should develop a microfinance plan and credit ratings system for individuals and small businesses to reduce the need for excessive collateral, the seminar heard.

They called for specific training for banking staff in microfinance and assistance to small firms to improve accounting transparency and governance and make business plans.

On the issue of agriculture, they said Vietnam should bolster safety and quality systems, analyze market movements and label agricultural products.

It should also prioritize development of major service industries like finance, telecom, transport and logistics to support economic development, they said.

It is necessary to open up the banking sector to enhance technology transfer and improve banks’ governance capacity, they added.