The Trans-Pacific Partnership (TPP) agreement, once realised, will help push forward Vietnam’s market reform, modernisation and integration, said participants at a July 17 seminar on the TPP’s impacts.
Addressing the seminar, Ray Nayler from the US Consulate General in Ho Chi Minh City said the TPP would create many favourable conditions for Vietnamese exports to penetrate the markets of the US, Australia and other TPP members. At the same time, it will help increase the flow of foreign investment into Vietnam.
According to Nayler, besides the increase of export staples such as garment and textiles, seafood, and wood products, Vietnam will also access more markets for its new products such as auto parts and processed seafood, as well as expand trade partnership.
At the same time, participants noted that each TPP member can benefit from the agreement only when they also allow other members to access their domestic markets, as TPP is a reciprocal arrangement.
Ho Chi Minh City Department of Customs said it has adopted electronic customs procedures, which is a practical tool in helping businesses improve competitiveness when Vietnam joins the free trade markets.
The seminar was held by Ho Chi Minh City Business Association, in partnership with Vietnam Union of Friendship Organisation and the American Chamber of Commerce in Vietnam (AmCham Vietnam).
The 18th round of TPP negotiations is taking place in Malaysia from July 15–25.
Negotiations have ended on five of the 29 planned chapters including trade facilitation, telecommunications, small and medium-sized enterprises and have effectively been completed on nine others.