Vietnam Completed Bilateral Negotiations in The TPP

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Last weekend, the 5th session of the Ministerial Conference of TPP was ended. The TPP member countries have achieved significant progress, leaving only a handful of issues that need more consultation time in the country. In addition, 12 countries pledged to continue to maintain the momentum of negotiations to resolve these outstanding issues.

The considerable progress achieved in this Ministerial Conference expressed strong commitment of TPP countries in creating an ambitious, comprehensive and high standards FTA, contributing to create more jobs and promote economic growth in the Asia-Pacific region.

Also at the conference, Vietnam has completed all bilateral negotiations with the involved countries, after the Minister of Industry and Trade Mr. Vu Huy Hoang negotiates and exchanges with the Representative of US Trade, the Minister in charge of TPP negotiation of Japan – the two largest countries in the TPP, the leaders of Malaysia, Mexico, Singapore, Canada.

Although problems remain in some points, the experts said that if the negotiation complete, Vietnam will gain enormous benefits. According to a report, Vietnam’s GDP will increase up to 2% if joining this economic community, in while the change of the remaining countries were below 1%. Social investment will rise the most impressive in the country, up to 30%. Regarding absolute values, Vietnam will have nearly 13 billion USD investment capitals, approximately the rate of Japan and nearly twice the rate of Australia, Malaysia and the US. It is clear that the increase of investment in Vietnam is most striking when compared with other countries. TPP will stimulate the formation of fixed capital in Vietnam.

Economic structure of Vietnam was reshaped by TPP. The disadvantage industries or advantages are declining as pork, chicken, dairy, forestry, timber, mining … will narrow; on the other hand, there is an expansion in output and employment in the sector that has advantages, such as textiles, footwear, construction and public services.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

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