Washington D.C. (VNA) – The US administration welcomed Viet Nam ’s entry into the World Trade Organisation (WTO), according to a statement released by US Commerce Secretary Carlos M. Gutierrez on Jan. 11.

"This is a significant step forward for our relationship with Viet Nam . Viet Nam 's integration into the global economy will open the doors of opportunity for people from both countries to develop closer trade ties and will help American businesses increase exports," the statement said.

The US administration will, however, continue to work with all stakeholders to set up a textile and apparel watchdog system to monitor unfair trade practices, according to the statement.

The same day, US Trade Representative Susan Schwab said that this event marked the beginning of a new era in the political and economic relationship between the US and Viet Nam.

The Urgent 24 online newspaper of Argentina forecast that Viet Nam , which reached an economic growth rate of 8.5 percent last year, could probably achieve a higher growth rate in 2007 after the country officially became a full member of the WTO on Jan. 11.

However, the newspaper warned that the Vietnamese economy will face new challenges, including the opening of its market to foreign firms in the banking, insurance and distribution sectors.

Meanwhile, Thailand ’s media on Jan. 12 carried articles saying that Viet Nam ’s WTO accession opened the door to a new era of trade and investment in one of Asia 's fastest-growing economies.

With the WTO membership, Viet Nam will have more access to the global market, have cooperation with major economic partners and enjoy a fairer playing-field, the media reported.-Enditem