A rice field in the harvest season (Photo: VNA)

Buenos Aires (VNA) – Vietnam’s agriculture sector is likely to benefit greatly from the Trans-Pacific Partnership (TPP), Argentina’s Clarin newspaper reported.

An article entitled “Vietnamese agriculture seeking investment” says the country will attract millions of USD of investment and see a boom in food production.

The TPP could help Vietnam’s rice shipments to Asian markets multiply by six, which could also pose environmental challenges due to the practice of growing multiple crops a year and heavy use of pesticides and fertilisers.

The article suggests that the most viable alternative would be industrialising food production on the basis of foreign investment.

The TPP, which includes 12 Pacific Rim countries, will help attract more foreign investment to Vietnam, especially from the US and Japan. For the first time, Vietnam can draw foreign investment into the agriculture sector.

The article notes that the country’s economy could grow by 6.7 percent this year. When the TPP goes into effect, GDP could grow by 11 percent while export turnover could increase by 12 percent or more in the next 10 years.

The TPP was signed by economic ministers from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam in New Zealand on February 4, 2016.

The TPP is now undergoing a two-year ratification period in which at least six countries – which account for 85 percent of the 12 nations’ combined gross domestic production – must approve the final text for the deal to be implemented.-VNA