Shift in Vietnam's Economic Policy
- Vietnam has transitioned towards an open economy and committed to market liberalization.
- The country seeks integration into the global market economy, reflecting significant economic reforms.
Vietnam's International Membership and Accession Efforts
- Vietnam is a member of ASEAN (Association of Southeast Asian Nations).
- Vietnam is also part of APEC (Asia-Pacific Economic Cooperation).
- The country is in the process of accession to the World Trade Organization (WTO).
Philippine Government Policy on Vietnam
- The Philippine Government aims to develop and strengthen trade relations with Vietnam.
- Maintaining Vietnam’s categorization under the older socialist classification hampers trade facilitation.
Decision and Directive
- Continued inclusion of Vietnam under Letter of Instructions No. 444 is inconsistent with the Philippines' national interest.
- Trade between the two countries should not be encumbered by routing through the Philippine International Trading Corporation.
- Executive Order 275 directs the Committee on Scientific and Technical Cooperation with Socialist Countries to remove Vietnam from the list of countries under Letter of Instructions No. 444.
Legal Authority and Effectivity
- The order was issued by President Joseph Ejercito Estrada under his vested legal powers.
- The directive was formalized and executed on August 30, 2000, in Manila.
Administrative Details
- The Executive Secretary at the time, Ronaldo B. Zamora, authenticated the order.
- The order serves to align Philippine trade policy with current geopolitical and economic realities involving Vietnam.