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'TPP to benefit Vietnam in long term'
13
Oct '15
Vietnam's Deputy Minister of Industry and Trade Tran Quoc Khanh, who is also the head of the government's negotiation delegation on international trade and economic issues, has said the opportunity to access the goods market would increase as the tariffs would gradually be reduced to zero under the Trans pacific partnership (TPP).

"In recent years, Viet Nam has continuously seen trade deficit. The country's goods structure tends to complement that of other countries, thus resulting in more exports than imports," Khanh said at a press conference in Hanoi.

His statement was in line with that of former trade minister Truong Dinh Tuyen who said Vietnam could experience increasing trade deficit in the initial stage of joining the TPP due to higher foreign direct investment. He said the country's exports are expected to be higher after production stabilises, thus narrowing the difference in the trade balance.

Tuyen said the trade deficit would not be bad for the economy as FDI into Vietnam had increased several times in 2007 in comparison with 2006 after the country's admission to the World Trade Organisation (WTO).

Khanh said the TPP would expand Vietnam's GDP by $23.5 billion in 2020 and $33.5 billion in 2025. The nation's exports will increase by $68 billion in 2025. In particular, the zero import tariffs in large markets like the US, Japan, and Canada would create a huge advantage for Vietnamese exports.

According to the trade ministry, the garment and textile industry would benefit most from the TPP. In the first half of the year, exports of garments and textiles to TPP member countries accounted for 70 per cent of the sector's total value. It is expected that the market share would be double when Vietnam formally joins the TPP. In addition, export turnover of garment and textile would create jobs for around 250,000 people.

The report from the ministry also revealed that apart from garments and textiles, shoes, agriculture, forestry and seafood would see major opportunities to increase their exports. (SH)

Fibre2Fashion News Desk – India

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