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Vietnam will be beneficial regardless of whether TPP

US President-elect Donald Trump has recently announced its withdrawal from the Agreement of Economic Trans-Pacific Strategic (TPP). However, even if the US has to go or in the free trade agreement, the TPP agreement this also has and will make Vietnam's economy have changed.

 

The Government of Vietnam is trying to accelerate the adoption of 30 bills including labor law, business and commercial ... to meet the requirements of the TPP. Since 2013, policy makers Vietnam has passed 100 bills, a scale unprecedented reforms from the 80s.

 

 

 

Vietnam has long been seen as the economy gained the most benefit from the TPP agreement to access mass market from clothing to electronics and footwear. In addition, the agreement also contributes to tightening Vietnam-US relations.

 

Despite Trump's presidential election will affect how to TPP, the agreement has a large contribution in the process of reforming the country's development of Vietnam, 90 million population market with growth forecasts 6 % this year and is also one of the highest growth rates in Asia.

Earlier, when Vietnam implement plans equitized state-owned enterprises since 2011, the process was fairly slow.

Good prepare

 

Chairman of the 2nd largest pharmaceutical company in Vietnam on the stock market Traphaco, Ms. Vu Thi Thuan said: "We will be prepared with or without the TPP. We still have to ensure competitive with foreign rivals when Vietnam is increasingly integrated with the global economy. "

Ba Thuan said the company has invested 22 million USD for the construction of the plant in order to prepare for the next wave of foreign drugs into Vietnam if the TPP is adopted.

 

Besides, Deputy Director of Legal Services Pham Trong Nghia parliament also identified a range of industries such as Vietnam exports footwear, seafood, furniture, textiles ... also actively investing to deal with the possibility TPP effect.

 

"Preparation for this investment to help increase the efficiency of the competitive domestic enterprises whether or not the effective TPP. We can say the period 2011-2016 was the period in which many of Vietnam's most reforms since the launch of economic reform program "Innovation" and TPP is one of the key elements of this process " Mr. Nghia said.

 

Reform momentum

 

He also said the agreement means TPP has contributed to raising awareness of the key components of the economy, such as office workers, business owners, workers and the general public about the impact of free trade dirty. Moreover, Vietnam's leaders also maintain the momentum of reform which is contributing to by the TPP.

 

Specialist Alan Pham, chief economist of VinaCapital said TPP as a direction for Vietnam to further integration into the global economy.

"Whether or not there TPP, Vietnam will still have to reform. This agreement has helped the government and the business community Vietnam understand the steps required to become part of global trade, "Pham said.

 

Last month, the government of Vietnam has adopted a resolution on international economic integration, thereby confirming the commitment to continue to open markets. The Finance Ministry has also proposed policies to support the startup of Vietnam as income tax cuts for businesses small and medium sized companies from the current 20% to 15%.

 

No TPP is still RCEP and other agreements

 

TPP comprises 12 countries including Japan, the US, Vietnam ... but without China and will represent 40% of global GDP, the equivalent of 30 trillion dollars. World Bank World Bank predicts members added TPP agreement will average 1.1% of GDP in 2030 thanks to this agreement.

While TPP agreement will still unclear how the Chinese are promoting a new trade agreement is the Regional Comprehensive Economic Partnership (RCEP) consists of 10 member countries of Southeast Asia and Japan, Korea.

 

Prime Minister Nguyen Xuan Phuc in Vietnam said last month that will be pursued international economic integration through the 12 free trade agreements were signed another whether TPP failure.

 

"There are also very good to participate but did not join the TPP, we continue to integrate with the world, which is a program that we have done in recent years", said Prime Minister Nguyen Xuan Phuc.

 

In its recommendations to the investors of the Company Saigon Securities Inc. (SSI) said the trade agreement with the European Union such as China or the economy is enough to Vietnam with a total nominal GDP nearly 200 billion capture the growth opportunities in the future.

 

Chief Representative in Vietnam Business Council US-ASEAN, Mr. Vu Tu Thanh also said that the failure of the TPP is not good but not too bad by the Southeast Asian economies will have more time to prepare been dealing for international competitors.

 

"TPP is a game for big corporations while Vietnam has many small and medium-sized enterprises. TPP is only part of the reform. Without TPP, process innovation will be held in Vietnam, "Thanh said.