Home Economy

TPP opens up for Vietnam’s global economic integration

Mar 27th at 22:31
27-03-2013 22:31:32+07:00

TPP opens up for Vietnam’s global economic integration

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

tuoitrenews

MOST READ

NEWS SAME CATEGORY

Vietnam posts modest GDP growth in Q1
ECONOMY Mar 27th at 13:20

Vietnam posts modest GDP growth in Q1

It is estimated that Vietnam’s Gross Domestic Product (GDP) rose 4.89 percent in the first quarter of this year compared to the same period in 2012, the Ministry of...

TPG scopes out "emergent" Vietnam companies to invest
ECONOMY Mar 25th at 16:38

TPG scopes out "emergent" Vietnam companies to invest

TPG Capital, the private-equity firm run by David Bonderman and James Coulter, is seeking its first Vietnam investment in almost four years as the country’s growing...

Trade deficit returns on lift in domestic import demand
ECONOMY Mar 25th at 13:17

Trade deficit returns on lift in domestic import demand

Imports exceeded exports in March by US$300 million, marking the return of the trade deficit in Viet Nam after the country experienced a trade surplus in the first...

CPI in March stays on downward trend
ECONOMY Mar 25th at 13:11

CPI in March stays on downward trend

The country's CPI growth rate has maintained its downward tendency in March with a decrease of 0.19 per cent compared with last year, according to the General...

Vietnamese firms eye overseas investment
ECONOMY Mar 23rd at 14:43

Vietnamese firms eye overseas investment

Vietnamese enterprises are increasingly investing overseas, especially in Myanmar, Laos and Cambodia, it has been announced.

Ha Noi to foster production growth
ECONOMY Mar 23rd at 14:41

Ha Noi to foster production growth

Ha Noi is setting up a new group that will include representatives from local business associations in a bid to remove obstacles to business development and foster...

Trade surplus reaches $700m
ECONOMY Mar 22nd at 13:09

Trade surplus reaches $700m

The nation's trade surplus so far this year reached US$700 million by March 15, according to statistics from the General Department of Customs.

WB backs $250 mln credit for VN economic reform
ECONOMY Mar 21st at 21:58

WB backs $250 mln credit for VN economic reform

The World Bank Board of Directors has approved a credit package to help Vietnam with economic management reforms, the WB Vietnam said on Tuesday.

Vietnam, Myanmar seek ways to increase business ties
ECONOMY Mar 21st at 13:21

Vietnam, Myanmar seek ways to increase business ties

Vice President of Myanmar U Nyan Tun met with the Association of Vietnamese investors in Myanmar on March 20, to discuss how to accelerate trade and investment ties...

Trade with Brazil nears $2 billion
ECONOMY Mar 20th at 13:07

Trade with Brazil nears $2 billion

Trade between Viet Nam and Brazil could hit US$2 billion this year, the Viet Nam Trade Office in Sao Paulo has forecast.

Read More

MOST READ

Back To Top