Road has been paved finally for Vietnam to become the member of World Trade Organization after a 12 year long wait. With the inclusion of Vietnam the total numbers of members will reach 150. Vietnam since long was trying to succeed in gaining WTO membership amidst growing concern for its economic growth and greater access in global market for its products. WTO membership will provide Vietnam greater access to overseas markets. However, Vietnam would be required to cut its import tariffs which have been higher than desired level of WTO. On the other hand, opinions in Vietnam are divided over the issue of joining WTO. Those who support the move say WTO membership will definitely encourage exports in the area of food and textile industries and would attract significant foreign investment. While critics argue that this would trigger fierce competition in the local market and it would inflict considerable damage to local firms and other domestic producers. As the WTO membership was become imminent in recently, overseas firms had already started their presence felt anticipating opening of the economy in Vietnam. The foreign direct investment is already reached $10 billion mark in the year 2006. Vietnam, at present is one of the growing economies in South East Asia and it received approval from WTO in November last year. However, the membership is required to be passed by Vietnam’s communist dominated national assembly.