Home / Knowledge / News / Textiles / TPP to boost Vietnamese economy, say experts
TPP to boost Vietnamese economy, say experts
19
Jan '16
As Vietnam prepares to sign the 12-nation Trans-Pacific Partnership (TPP) agreement, economists in the Southeast Asian country have said that signing free trade agreements with big partners including the US, Japan, the European Union would help Vietnam to expand its trade relations across the globe, boost exports and enhance its participation regional value chains and service development.

Addressing a seminar on Vietnam's Socio economy in 2015 and Opportunity – Challenges in Hanoi recently, Nguyen Quynh Nga, Deputy Head of the Multilateral Trade Policy Department under the Ministry of Industry and Trade said, the Trans-Pacific Partnership (TPP) was expected to be signed on February 4, 2016, in New Zealand, and Vietnamese agencies concerned were preparing a document for the occasion, the Voice of Vietnam has reported.

Although Vietnam has renewed its economic mechanism, boosted renovation and improved the business climate with a view to attracting more foreign investors, Nga said challenges such as huge import bills and competition from foreign service and goods, and poor high-tech quality remained.

All sectors such as textiles, fisheries, infrastructure, and logistics, apart from real estate, steel and timber products, and drugs would benefit from the TPP, noted.

Can Van Luc, Director of BIDV Training School at the Bank for Investment and Development of Vietnam (BIDV) said adding that Vietnam would enjoy many benefits from the TPP once it comes into effect after two years. He said Vietnam and neighbouring Cambodia stood to gain as the largest beneficiaries after the establishment of ASEAN Economic Community (AEC) in 2015. Vietnam's GDP could grow a further 3.5 per cent thanks to the AEC while the World Bank has forecast 10 per cent economic growth after it joins the TPP.

Projecting a brighter economic outlook for 2016, Trung Thanh, Associate Professor of the National Economic University said Vietnam's economy will continue to recover as the world economy bounces back stronger than before in which foreign direct investment (FDI) plays an important role.

With the world economic growth showing signs of improvement, especially in the US, Vietnam will be able participate better in the global value chain and receive numerous opportunities from the free trade agreements to increase exports and attract more investment capital, Thanh said.

He, however, pointed out that, Vietnam lacked a long-term motivation for growth, and it needed to renew its growth model and restructure the economy by focussing on important industries. (SH)

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search