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TPP - Positive outlook for Vietnam economy

Wed, 22 Oct 2014. Last updated Thu, 25 Jun 2015 08:53

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According to WTO, Vietnam will have a series of advantages from joining the TPP, EU FTA, and AEC 2015... By dint of this, Vietnam economy will be developed in a new phase, contributing to the comprehensive national growth.

WTO Center in Vietnam has announced and made ​​many comments about Vietnam advantages and preparations of Vietnam businesses for joining the TPP, EU-Vietnam Free Trade Agreement (EU FTA), ASEAN economic Community 2015 (AEC 2015)... Ms. Nguyen Thi Thu Trang, Director of WTO center in Vietnam confirmed, as joining TPP, Vietnam export in 2025 is estimated to increase 28.4% compared to the standard level without TPP. It is expected that exports will reach US$239 billion without TPP, and US$ 307 billion with TPP. In textile industry, footwear with TPP support will increase from US $113 billion to US$ 165 billion. Accordingly, Vietnam GDP is estimated to increase by 35.7% in 2025 compared to the basic level without TPP.

 

Walmart Supermarket

 

Ms. Trang explained the reason for such a large increase is higher processing goods export (34%), while consumer and processing goods import increased by 27%. Vietnam will attract more FDI by the optimism from investors, the stronger connection of international supply chain. The country also increases productivity due to competition, reform momentum boosting growth and creating opportunities. To do so, trading conditions should be facilitated more. First, Vietnam needs simplify import and export procedures and customs, accelerate fixed supply chains, reduce cost from 5-15%, and reduce corruption. In particular, small and medium enterprises in Vietnam and other developing countries are encouraged to engage in international trade. 

WTO Center also offers assessment and conditions when becoming TPP suppliers. Businesses need to become a standard level supplier for American businesses, participate in American industrial and trade fairs. In addition, the enterprises must have information about the business, DUNS number; Electronic Data Interface (EDI), testing and certificating quality and safety; stable labor resources and environment development; liability insurance of product unit, protection and shipping. Logistics, security, border customs management and the company website security should be ensured. According to Ms. Trang, Vietnam enterprises have to define potential customers, know handbook of suppliers, and set up profile to register to become a supplier. For instance, Walmart stores chain on the website has 245 million customers accessing per week. It has 11 representatives in 27 countries. It also has 71 different names and websites in 10 countries. The annual venue is US $473 billion in 2014. Following the supermarket chain, there are about 2.2 billion of supporting units. 

 

Mr. George Joseph Ghorra, representative of IFC in Vietnam

 

In terms of government, Ms. Trang affirmed that results of TPP, EU Vietnam Free Trade Agreement, and ASEAN Economic Community 2015 depend on the success of actions conducted by Vietnam in the near future. However, to implement TPPs well, Vietnam will have to face many challenges. It lacks uniform in policies, creating instability for investors and business. Facilitating international trade is not a focal strategic target of global competition plans in Vietnam. According to a study by the World Bank in 2013, Vietnam does not lack policies, plans and projects, but these parts are not interconnected. Advice from experts and non-governmental individuals has not received adequate attention. "Vietnam should have a national action plan. The committee of facilitating national trade should be established soon by the government and coordinate with related parties of business and commerce in an effective way. The effort of Vietnam can only be successful if there is a mechanism set up in frequent and effective consultation with business. This is the goal of the alliance facilitating commercial Vietnam economy. Working closely together is the key factor for the national team of Vietnam in the new rules," Ms. Trang said about the challenge of Vietnam when joining the TPP.

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