Vietnam hopes to conclude TPP negotiations with US soon

17 Jul '15

1 min read

Vietnam is hoping to soon conclude the ongoing Trans-Pacific Partnership (TPP) negotiations with the US, Vietnamese government website reported.

Speaking to the press on Communist Party general secretary Nguyen Phu Trong’s recent visit to the US, minister of industry and trade Vu Huy Hoang said issues related to the TPP negotiations were among the topics discussed by Trong during his meetings with President Obama, officials of some US agencies, organisations and the business community.

Both Vietnam and the US agreed to undertake reforms to meet high standards and comprehensiveness of the TPP, which includes implementation of requisite measures to meet the commitments of the ILO Declaration on Fundamental Principles and Rights at Work 1998.

Hoang said Trong’s visit has taken relations between the two countries to a higher level and he was hopeful that both sides will create forces to soon conclude TPP negotiations.

In 2014, bilateral trade between Vietnam and the US crossed $36 billion, with textiles and apparel contributing a major share. The US was also the seventh-largest investor in Vietnam last year.

Already, in anticipation of TPP, investors from several countries are making a bee-line to set up their manufacturing units in the textile-apparel value chain in Vietnam. (RKS)

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