TPP facilitates Vietnam’s global integration

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

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 of 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 concern.

The Vietnam Garment and Textile Group said the country’s garment exports to the US are expected to increase 12 to 13 percent from current 7 percent, bringing home US$30 billion 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 for 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.