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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