The participation of Vietnam in the Trans-Pacific Partnership (TPP)agreement will improve Vietnam ’s position on economy and policy inthe region and world, Minister of Industry and Trade Vu Huy Hoang hassaid.
He added that with the consistent policy ofthe Party and State on international economic integration after joiningthe World Trade Organisation (WTO), Vietnam has continued negotiationsfor a free trade area (FTA) as the TPP with 12 participating countrieswhich account for 40 percent of the world’s GDP and 30 percent of itsimport-export value.
The TPP agreement will helpboost export development and increase foreign direct investment (FDI) inVietnam , the Minister said.
Furthermore, theagreement will offer Vietnam a great opportunity to accelerate therestructuring process in association with the innovation of economicgrowth model in Vietnam .
However, it willinevitably create drawbacks that need to be anticipated and avoided,particularly in business competitiveness.
Accordingto Hoang, the agricultural sector will be the most vulnerable becauseVietnam is basically an agricultural country with small-scalemanufacturing, low labour productivity and high costs.
Therefore, during the negotiations with the US and other members,Vietnam has asked to consider the difference in development betweenmember countries.
Vietnam has asked for asuitable roadmap to implement TPP commitments for slow developingcountries like Vietnam in some fields such as tax reduction andexemption.
On the other hand, Vietnam ’sagricultural businesses need to take time to deploy the roadmap toovercome its shortcomings and to improve product competiveness.-VNA
He added that with the consistent policy ofthe Party and State on international economic integration after joiningthe World Trade Organisation (WTO), Vietnam has continued negotiationsfor a free trade area (FTA) as the TPP with 12 participating countrieswhich account for 40 percent of the world’s GDP and 30 percent of itsimport-export value.
The TPP agreement will helpboost export development and increase foreign direct investment (FDI) inVietnam , the Minister said.
Furthermore, theagreement will offer Vietnam a great opportunity to accelerate therestructuring process in association with the innovation of economicgrowth model in Vietnam .
However, it willinevitably create drawbacks that need to be anticipated and avoided,particularly in business competitiveness.
Accordingto Hoang, the agricultural sector will be the most vulnerable becauseVietnam is basically an agricultural country with small-scalemanufacturing, low labour productivity and high costs.
Therefore, during the negotiations with the US and other members,Vietnam has asked to consider the difference in development betweenmember countries.
Vietnam has asked for asuitable roadmap to implement TPP commitments for slow developingcountries like Vietnam in some fields such as tax reduction andexemption.
On the other hand, Vietnam ’sagricultural businesses need to take time to deploy the roadmap toovercome its shortcomings and to improve product competiveness.-VNA
