TPP Agreement: The “Kick” to the Vietnam Economy.
Bộ trưởng Vũ Huy Hoàng. Ảnh VGP
5 October 2015 after 5 years of negotiations. TPP agreement will bring many benefits for Vietnam not only on economy field but also society and Political institutions. Especially, TPP will give a kick on the export and import area. Some major export areas such as textile and garment, footwear, seafood have many opportunities to growth significantly.
Preparation for the signing
In due time, the Minister of the Ministry of Industry and Trade, Vu Huy Hoang said that, after ending the conservation, the countries will start to review the legislation to prepare for the signing. This process usually takes 18 months at least for the preparing necessary conditions in performing agreement effectively.
In terms of Vietnam, based on agreement reached between the countries, the Ministry of Industry and Trade and Government Negotiator cooperate with other related Ministries and branches start to review and ratify agreement based on the implementation of the international treaties.
Benefits of different angles
TPP will help the GDP rate of Vietnam gets a raise of 23.5 billion USD in 2020 and 33.5 billion USD in 2025. The export rate goes up by 68 billion USD in 2025. Especially, the huge market such as American, Japan and Canada cut the import tariff to 0% which gets a “high kick” to the Vietnam’s export and import area.
The major export areas such as textile, footwear, seafood have many opportunities to growth dramatically in total exporting.
Moreover, Taking part in TPP, Vietnam will have more opportunities from new supply chains which are contributed after the success of TPP agreement. The members of TPP account for 40% of GDP and 30% of international trade, which included huge market such as American, Japan absolutely will open many opportunities. Besides, Implementation of Commitments in Services and expecting Investment will have a positive effect on improving the investing environment, making a contribution on attracting more foreign capital.
In Political institutions terms, like taking part in WTO, being a member of TPP is a chance to improve Political institutions, supporting the pattern of the growth and Vietnam will have more opportunities to complete the business environment in the more effective direction. Therefore, there are a lot of opportunities opened to attract capital in the field which has knowledge-based sectors, for example, Pharmaceutical product, Vaccine.
Moreover, TPP agreement has superior standards in transparent implementation of Machinery of government, supporting the complement of Machinery in clean and strong political foundations, preventing corruption and prodigality.
In the social terms, taking part in TPP will bring many opportunities in raising the GDP growth rate, supporting our goal of creating jobs, raising living standards, improving welfare and promoting sustainable growth in our countries.
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