At the seminar, Deputy Minister of Industry and Trade Tran Quoc Khanh briefed participants on the contents of the Trans-Pacific Partnership (TPP) and the FTA between Vietnam and the European Union (EU), including import-export duties, service and investment, intellectual property protection and e-trade.
The deputy minister also mentioned the opportunities and challenges brought by the FTAs.
He said those deals will help boost trade between Vietnam and the EU and the TPP participating member nations, adding they will also open up a new chapter in improving economic growth, creating more jobs and raising income, he added.
However, Khanh recommended localities update information, grasp international commitments, speed up administrative procedure reform and promote competitiveness.
The trade deals will allow Vietnam to boost its Gross Domestic Products (GDP) by US$23 billion in 2020 and over US$33 billion in 2025 while the country also expects to add approximately US$70 billion into its export revenue.
Vietnam is likely to be the biggest winner of the TPP as the reduced custom duties will trigger more exports of Vietnamese products, particularly garment & textile, footwear, seafood, farming and forestry products.