Vietnam's WTO Bid Will Bring Corporate Market

As the small South Asian country prepares to enter the World Trade Organization, economists predict a drastic change of pace in the locally-driven economy as corporate retail is bound to take over.

2 minute read

June 19, 2006, 5:00 AM PDT

By Nate Berg


Economists are preparing for the possible results of Vietnam's desire to join the World Trade Organization, cautiioning against a hasty decision before considering the long-term effects of the drastic market change. One of the country's major cities, Hanoi, is mainly composed of small, local retail and an atypically moderate pace for an urban center. Membership in the WTO is sure to bring the corporate interests of such chains as Starbucks and McDonalds, two giants currently foreign to Hanoi.

"Hanoi is an Asian city that has elegantly accepted its European heritage. And yet it remains a place where foreign retail giants, fast food restaurants and land speculators have yet to reach. Still, that is likely to change soon, with Vietnam pressing for entry into the World Trade Organization (WTO). The country wants to participate in the rat race of globalization. However, in its rush to find profits, the country may be running blind to the costs involved."

"Hanoi is striving for a post-socialist 'capitalism with a human face.' But the heralds of the new age are faceless: functionalist architecture scattered randomly on the outskirts of the city, arterial roads already dominated by cars and not by bicycles and mopeds. Outside Hanoi's city center, you'll find the first supermarkets and a retail store the size of a train station, filled with international goods that compete unnecessarily with local products. Frozen chicken from Brazil, which has travelled halfway around the world to reach a country with 8 million small chicken farmers, lies stacked on a refrigerated shelf. But how many of those farmers will be left tomorrow?"

Friday, June 16, 2006 in Der Spiegel

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

June 11, 2025 - Diana Ionescu

Rendering of Shirley Chisholm Village four-story housing development with person biking in front.

San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning

SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.

June 8, 2025 - Fast Company

Yellow single-seat Japanese electric vehicle drivign down road.

The Tiny, Adorable $7,000 Car Turning Japan Onto EVs

The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.

June 6, 2025 - PC Magazine

People riding bicycles on separated bike trail.

With Protected Lanes, 460% More People Commute by Bike

For those needing more ammo, more data proving what we already knew is here.

2 hours ago - UNM News

Bird's eye view of half-circle suburban street with large homes.

In More Metros Than You’d Think, Suburbs are Now More Expensive Than the City

If you're moving to the burbs to save on square footage, data shows you should think again.

4 hours ago - Investopedia

Color-coded map of labor & delivery departments and losses in United States.

The States Losing Rural Delivery Rooms at an Alarming Pace

In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and "harrowing" close calls are a growing reality.

June 15 - Maine Morning Star