Illustrative image (Source :VNA)
HCM City (VNA) – A conference on promoting linkage among the business community in the Trans Pacific Partnership (TPP) zone was held in the southern city of Ho Chi Minh on April 1.

Participating experts at the event stressed that besides tariff exemption, enterprises should focus on market penetration opportunities, particularly SMEs.

According to economic expert Minh Pham from the Managing Board of Nocndeal e-commerce transaction website, many Vietnamese enterprises are incapable of expanding into new markets due to a lack of understanding of other countries’ laws and administrative procedures.

However, once the TPP agreement becomes effective, it will create more favourable conditions for enterprises to enter such markets as the trade deal will have specific supporting regulations for small and medium firms, he added.

Deputy Chairman of the city’s Business Association Pham Ngoc Hung said enterprises should increase quality management capacity and ensure goods standards as well as stable supply.

According to Hung, the TPP not only deals with trade and investment but also affects policies and laws. Member governments have to develop and adjust suitable political mechanisms in order to attract more investment, utilise their competitive advantages and protect their domestic markets through technical barriers.

He said the association will assist local businesses in making use of TPP and other free trade agreements by introduce their quality products to e-commerce transaction sites, both domestically and internationally, so that they can reach potential customers while cutting down on market survey costs.-VNA