Aquatic product processing for export (Source: VNA)

Hanoi (VNA) - The Trans-Pacific Partnership (TPP) agreement will open up huge markets for Vietnamese vegetable and aquatic products, according to Nguyen Do Anh Tuan, Director of the Institute of Policy and Strategy for Agriculture and Rural Development.

Tuan made the remark during the 2015 International Support Group (ISG) Plenary Meeting, themed “Vietnam’s accession to TPP Agreement: Prospects and Solutions for Agriculture”. It was held in Hanoi on November 6.

He said the agreement will also bring advantages in several other farm exports, including rice, coffee, rubber and cashew nuts, but some disadvantages in the cattle-breeding sector.

According to Minister of Agriculture and Rural Develoment (MARD) Cao Duc Phat, the TPP deal offers up a great driving force for transnational investment in line with advanced science-technology and labour force quality, creating favourable conditions to improve production scale and promote the restructuring of the agricultural sector.

However, he added, the sector will face challenges due to imported goods’ competitiveness.

Otherwise, countries party to the TPP agreement can reduce their taxes, but will make non-tariff taxes more stringent. Other standards are strict, including those on copyrights, labour, product origins and environmental protection.

In order to minimise challenges, there is a need to improve businesses’ competitiveness and the product quality, said Tran Kim Long, head of International Cooperation under MARD.

The sector needs to strengthen labour reinforcement and productivity, speed up the process of restructuring, improve value and reduce dependence on imported materials.

The sector should continue popularising TPP details, according to experts at the event.-VNA