Vietnam’s authorities at all levels, enterprises, social organisations and people should join efforts to take advantage of opportunities the Trans-Pacific Partnership (TPP) agreement will create and overcome challenges brought on from the agreement to promote the country’s economic growth, a senior government official has said.

Minister of Industry and Trade Vu Huy Hoang told a recent conference in Hanoi that integration should be part of the reform and restructuring of the economy and the change of economic growth model of Vietnam now. Therefore, sectors and enterprises should prepare thoroughly in order to integrate successfully.

Instead of enhancing price competition, the enterprises should pay more attention to promoting non-price competition through improving quality, design and service of products, while applying advanced technologies and using skilled workers in their production and business activities.

According to Deputy Minister of Industry and Trade Tran Quoc Khanh, TPP member countries have participated in 19 official rounds of negotiations, the last one taking place in August this year. The negotiations are expected to wrap up by the end of this year.

Khanh affirmed that when the TPP is put into place, Vietnam will benefit from its position as a TPP member, especially the country’s export sector as 100 percent of import tax will be removed.

In addition, Vietnam will have the chance to participate in global production chains, which will pave the way for the country to further promote the restructuring of its economy and growth model reform, thus increasing job opportunities and improving the business environment to attract more investment.

To overcome the challenges that will face the country once the TPP is realised, it is necessary to take measures to support small and medium-sized enterprises, while implementing effectively specific target programmes and perfecting its social welfare system, said Vo Tri Thanh, deputy head of the Central Institute for Economic Management.

There are currently 12 TPP members including Canada, the United States, Japan, Australia, New Zealand, Singapore, Mexico, Peru, Malaysia, Brunei, Chile and Vietnam. They account for 40 percent of global GDP and 30 percent of world trade.-VNA