Vietnam is considered to be the biggest beneficiary country of the 12 countries participating in the TPP.
The fact that countries which have large markets like the US, Japan and Canada reducing import tax to 0% for Vietnam goods will create tremendous boost to export of Vietnam. Particularly the textile industry, turnover could increase significantly.
The textile and footwear industries, the agricultural, forestry and fishery goods of Vietnam will have the opportunity to increase export significantly.
Joining TPP will also help Vietnam and other countries to have new opportunities from new supply chain, which will be formed after TPP takes effect. TPP countries currently account for 40% of global GDP and 30% of global trade. Moreover, it includes major markets such as USA, Japan which will certainly open up many opportunities when the new supply chain formed.
Accordingly, a number of corporations and large companies in the world have considered investing in Vietnam with the goal of making Vietnam become one of the important bases in their production chain. Joining TPP will help this trend grow stronger, which is an important condition for Vietnam to step on stage to develop new industries with higher technological contents.
The commitments in TPP in service and investment are also expected to have a positive effect in improving the investment environment, contribute to attracting foreign investment. Many studies confirm that foreign investment will increase as TPP takes effect.
The Ministry of Industry and Trade said that Vietnam enterprises will also can join into the public procurement market in the United States, Japan, Canada… According to the data from the US, the market for public procurement of this country is about 10-12 billion USD each year. This is an attractive distribution channel for export goods from Vietnam.
The completion and strengthening the protection of intellectual property rights will open opportunities to attract investment in sectors with high knowledge content, such as pharmaceutical manufacturing, including bio-medicine and especially vaccine.
TPP will create condition for enhancing growth, creating job and increasing income, contributing to poverty alleviation, improving the quality of human resources and health care for the community.