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VietNamNews

Conference focuses on TPP challenges

Update: December, 19/2014 - 07:59

Officials note that it is a necessary preparation for Viet Nam to evaluate opportunities and challenges when joining TPP, as well as analyse the impacts of the agreement to the country's market. Therefore, enterprises and the nation'seconomy could utilise such advantages effectively. — Photo ndh

HCM CITY (VNS) — A meeting to review opportunities and challenges of the Trans-Pacific Partnership (TPP) to the national economy was held in HCM City yesterday.

Representatives of the southern regions' business community highlighted the need for information support and legal guidelines to utilise investment and business opportunities in the context of the country's further integration into the world economy and Viet Nam's participation in TPP.

TPP's member countries are potential markets for Viet Nam, accounting for 40 per cent of GDP and 30 per cent of the total export–import revenue worldwide.

National Institute for Finance head Vu Nhu Thang said that, in the first 10 months of this year, Viet Nam's imports from these countries reached US$27,921 million, equivalent to 23 per cent of its total import value. It exported $48,368 million to these countries, amounting to 39 per cent of export value.

Further, in terms of investment, eleven member countries account for nearly 32 per cent of the foreign direct investment (FDI) in Viet Nam.

Officials note that it is a necessary preparation for Viet Nam to evaluate opportunities and challenges when joining TPP, as well as analyse the impacts of the agreement to the country's market. Therefore, enterprises and the nation'seconomy could utilise such advantages effectively.

Ngo Chung Khanh, deputy head of the Ministry's Multilateral Trade Policy Department, said opportunities for Viet Nam include export – import market mechanism improvement, regional and global production chains, institutional environmental improvements, production capacity creation and job creation.

However, the TPP agreement also creates competitive pressure and social impacts upon the country. Therefore,Viet Nam needs to make efforts to adjust its legal systemand management capacity, he added.

The TPP has been discussed at more than 20 official negotiation sessions and is expected to be signed next year.

The conference was organised by the National Institute for Finance and The US Agency for International Development (USAID). — VNS



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