Minister of Industry and Trade: 'Vietnam will have new opportunities when joining TPP'

by Vu Huy Hoang07 October 2015 Last updated at 08:39 AM

Minister of Industry and Trade Vu Huy Hoang (Photo: VNA)
Minister of Industry and Trade Vu Huy Hoang (Photo: VNA) - The Trans-Pacific Partnership (TPP) agreement will benefit Vietnam in not only economic but also institutional and social terms, claimed Minister of Industry and Trade Vu Huy Hoang.

In an interview with the Vietnam News Agency on October 5 following the conclusion of the TPP talks in Atlanta, the US, on the same day, Minister Hoang said the pact could help raise the country’s gross domestic product by an additional 23.5 billion USD in 2020 and 33.5 billion USD in 2025.

Correspondent: Now that negotiations are finished, could you please tell us about Vietnam’s implementation of the agreement in the coming time?

Minister Vu Huy Hoang: Member countries have agreed that after the conclusion of talks, the involved parties will have to then go through their own internal processes. It means they have to review the legal terms of the agreement to see whether they are relevant to own regulations. Secondly, it’s necessary for the parliaments of TPP countries to ratify the document. For Vietnam, before that step we’ll publicise the deal’s details, especially our commitments.

Due to the importance of the agreement, the Vietnamese delegation including representatives of the Ministry of Industry and Trade and the government will make a report to the prime minister who will then report to the Party Central Committee on the agreement for guidance and to the National Assembly for approval. As stated, the time for ratification is also time for us to prepare the necessary work. This process is different in each country, but at least one year and a half or two years.

Correspondent: Could you tell us about the impact of the TPP for Vietnam? What benefits could Vietnam receive from the agreement and which areas are cause for concern?

Minister Vu Huy Hoang: The country’s key export sectors such as garments and textiles, footwear and fisheries are bound to see breakthroughs in the concerned markets. Vietnam will also have new opportunities afforded by the supply chain formed after the trade deal is put in place.

Joining the trade deal will help Vietnam complete its institutions, including market economic institutions – one of the three strategic breakthroughs set by the party, while assisting with amend the economy’s growth model and restructuring. At the same time, Vietnam will have the chance to improve the country’s business climate in a more open, transparent and foreseeable manner, boosting both domestic and foreign investment.

TPP trade talks extended as minister struggle for deal TPP trade talks extended as minister struggle for deal - Trade officials from 12 countries have extended to the third day negotiations in attempts to kick-start the world’s largest free trade pacts, the Trans-Pacific Partnership.

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