Panels discussed a number of obstacles facing local businesses, especially small- and medium-sized enterprises, when joining the Trans-Pacific Partnership (TPP) agreement.
A garment textile factory in Vietnam (Illustrative image. Source: VNA)
Hanoi (VNA) – Panels discussed a numb🍌er of obstacles facing local businesses, especially small- and medium-sized enterprises, when joining the Trans-Pacific Partne💃rship (TPP) agreement, during a workshop in Hanoi on June 17.
They said in addition to fierce competition from foreign enterprises, non-tariff barriers such as technology and the origin of goods pose a big challenge to local exporters.
Deputy Director of the Central Institute for Economic Management Le Xuan Sang said such local staples as farm produce, garment-textile, footwear, seafood and timber products will be exempted from import duties when entering Japanese, Canadian and US markets.
However, Vietnam is encountering setbacks in changing and reforming State policies in accordance with TPP regulations.
He noted that the most important information for exporters is the origin of products, followed by the market information and the tariff reduction.
Therefore, it is essential for businesses to get updated on the markets to compete in both domestic and international arenas.
The TPP started out as P-4 with Chile, New Zealand , Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal now brings together 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
The completion of the world’s largest free trade pact on October 5 in Atlanta, the US, elicited positive responses from many countries.
The TPP will become a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy. The pact will help expand Vietnam's GDP by 23.5 billion USD by 2020 and 33.5 billion USD by 2025.-VNA
The Trans-Pacific Partnership (TPP) agreement will benefit Vietnam in not only economic but also institutional and social terms, said Minister of Industry and Trade Vu Huy Hoang.
Domestic manufacturing firms and exporters need to enhance their competitiveness and increase the presence of Vietnamese goods in the global market ahead of TPP opportunities.
A panorama on the new-generation Trans-Pacific Partnership (TPP) Agreement was spotlighted at a conference that opened in the northern province of Vinh Phuc on March 4.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
A garment textile factory in Vietnam (Illustrative image. Source: VNA)
