Mar 31, 2013

Vietnam - TPP opens up for Vietnam’s global economic integration

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The Trans-Pacific Partnership (TPP) agreement will be an opportunity for Vietnam to continue deeply integrating into the global economy, said Mary Beth, Economic Counsellor at the US Embassy in Vietnam.

Vietnam, a member to TPP negotiations, has advantages on human resources and economic potential, she said at a workshop on TTP and its impacts to Vietnam ’s economy held by the Ministry of Industry and Trade and the US Agency of International Development (USAID) on March 26 in Hanoi.

The agreement will open up a huge market for Vietnam to export more to TPP members, said Prof. Peter A.Petri from Brandeis University.

The country has to take part in negotiations on thorny issues such as origin norms, social matters relating to labour and environment, he added.

However, Vietnam will be the nation to enjoy the most benefits compared with others in terms of export-import performance, foreign direct investment flows and closer ties with international production chains, the professor stressed.

Ngo Chung Khanh, Deputy Head of the Ministry’s Multilateral Trade Policy Department, said the involved parties have conducted 16 official rounds of negotiations, adding that Vietnam has been actively participating in discussions on matters of multilateral concerns.

The Vietnam Garment and Textile Group said the country’s garment and textile exports to the US is expected to increase 12 to 13 percent from the current level of 7 percent, bringing home 30 billion USD a year when negotiations of the Trans-Pacific Partnership (TPP) are successfully concluded.

If the TPP is put into place, the US market will make up 55 percent of Vietnam’s total exports of garment and textiles instead of the current level of 49 percent, offering an opportunity in attracting investment to the apparel industry.

A representative of the Vietnam Chamber of Industry and Commerce said that Vietnamese enterprises hope to increase their exports, access to goods and materials at low prices and enhance the competitiveness of domestic service market.

There are currently 11 TPP members including Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

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