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TPP to give Vietnam unique advantages: WB
16
Dec '15
As the country with the lowest per capita GDP among Trans Pacific Partnership Agreement (TPP) signatories, Vietnam will enjoy comparative and unique advantages such as labor-intensive manufacturing and fewer tariffs when TPP comes into effect, the Vietnamese media said quoting the World Bank.

At the Taking Stock report, the international lender published a special section on the TPP Agreement, in which it argues that the TPP is expected to generate considerable benefits for Vietnam.

According to the report, the TPP could add as much as 8 per cent to Vietnam's GDP, 17 per cent to its real exports, and 12 per cent to its capital stock over the next 20 years.

Despite various implementation challenges, the impact of the TPP on Vietnam is expected to be positive. The simulations suggested that the TPP would boost Vietnam's real GDP to over 8 per cent by 2030 thanks to fewer tariffs on its exports especially garments and textiles. So far, the US still applies 17 per cent import tariffs.

The TPP is expected to pave the way for Vietnam to penetrate and expand its export markets. As almost all tariffs and non-tariffs on industrial and agricultural products will be eliminated or gradually reduced, both export and import activities will strengthen thanks to fewer trade costs, the report said.

TPP would boost trade growth towards trade liberalization.

The TPP would diversify Vietnam's exports towards export-oriented manufacturing. The Southeast Asian country has transformed export structure from reducing raw materials and raising manufactured products.

According to the World Bank, the density of manufactured products is accounting for around 58 per cent of total export turnover, but would rise additional 30 per cent while other sectors like agriculture, petroleum, mining, and services would experience slightly decreases.

The World Bank also projected that the TTP would help Vietnam deeply integrate into the global chain; create conditions on economic restructuring; encourage investment; and nurture a more competitive and creative economy. (SH)

Fibre2Fashion News Desk – India

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