Econ
TPP - Great opportunity for Vietnam
On February 4, in New Zealand, leaders of the 12 member nations signed the TPP. This is considered the first step opening great opportunities for this multinational trade pact become a reality.
After this agreement was established with the participation of 12 countries which account for 40% of world GDP, Vietnam is considered one of the countries that will benefit most to the GDP growth.
Leading enterprises from Vietnam and New Zealand have gathered for a trade and industry forum in New Zealand to learn firsthand about business and investment opportunities afforded by the Trans-Pacific Partnership (TPP).
The forum was co-oganised by the Ministry of Industry and Trade (MoIT), the Vietnamese Embassy in New Zealand and the ASEAN – New Zealand Business Council (ANZBC) at Stamford Plaza in Auckland to help enterprises take full advantage of the incentives the deal offers.
Present at the event were Minister of Industry and Trade Vu Huy Hoang, who is in New Zealand to sign the historic trade deal TPP, Vietnamese Ambassador Nguyen Viet Dung, New Zealand Minister of Trade Todd Michael McClay and ANZBC President Alister Lawrence.
During the forum, Minister Vu Huy Hoang briefed attendees on Vietnam’s economic development and the efforts the country is making to integrate regionally and globally. Hoang highlighted the opportunities the TPP will bring to the two nations. New Zealand is expected to increase purchases of Vietnam’s garments, footwear, woodwork, agricultural products and seafood, while Vietnam has high demand for milk, textile and garment materials, metal, chemicals and equipment, he said.
Le Hoang Oanh, head of the MoIT’s Asia-Pacific Market Department, also updated local firms on the business climate and investment opportunities in Vietnam, followed by a discussion between officials and companies from both sides.
An agreement and two memorandums of understanding between the MoIT and partners from New Zealand were inked during the event in an attempt to boost bilateral trade relations and facilitate business activities between the two sides. Bilateral relations have made significant progress since the visit of Prime Minister Nguyen Tan Dung to New Zealand in March, 2015 and of New Zealand Prime Minister John Key to Vietnam in July.
Two-way trade rose from USD 295 million in 2009 to USD 707 million last year. The two countries have together joined the ASEAN-Australia-New Zealand Free Trade Area and the Asia-Pacific Economic Cooperation (APEC) and the negotiations of the Regional Comprehensive Economic Partnership. Air New Zealand plans to open a direct flight from Auckland to Ho Chi Minh City this year.
Participation in the TPP will open many opportunities for Vietnam, especially the textile, footwear and furniture, create a push to boost exports. Vietnam goods will have greater access to TPP member countries' markets, and investment from these countries into Vietnam will continue to be promoted. President Truong Tan Sang affirmed that TPP completed with the introduction of the ASEAN Community is the milestone with great significance, creating new momentum for growth, regional integration, contributing to the trend of peace, cooperation, cohesion and sustainable growth, covering APEC and Asia - Pacific.
However, New Zealand Prime Minister John Key has said that the TPP is still "just a piece of paper" and the member states should make efforts to help domestic TPP is approved until it takes effect.
Leading enterprises from Vietnam and New Zealand have gathered for a trade and industry forum in New Zealand to learn firsthand about business and investment opportunities afforded by the Trans-Pacific Partnership (TPP).
The forum was co-oganised by the Ministry of Industry and Trade (MoIT), the Vietnamese Embassy in New Zealand and the ASEAN – New Zealand Business Council (ANZBC) at Stamford Plaza in Auckland to help enterprises take full advantage of the incentives the deal offers.
Present at the event were Minister of Industry and Trade Vu Huy Hoang, who is in New Zealand to sign the historic trade deal TPP, Vietnamese Ambassador Nguyen Viet Dung, New Zealand Minister of Trade Todd Michael McClay and ANZBC President Alister Lawrence.
During the forum, Minister Vu Huy Hoang briefed attendees on Vietnam’s economic development and the efforts the country is making to integrate regionally and globally. Hoang highlighted the opportunities the TPP will bring to the two nations. New Zealand is expected to increase purchases of Vietnam’s garments, footwear, woodwork, agricultural products and seafood, while Vietnam has high demand for milk, textile and garment materials, metal, chemicals and equipment, he said.
Le Hoang Oanh, head of the MoIT’s Asia-Pacific Market Department, also updated local firms on the business climate and investment opportunities in Vietnam, followed by a discussion between officials and companies from both sides.
An agreement and two memorandums of understanding between the MoIT and partners from New Zealand were inked during the event in an attempt to boost bilateral trade relations and facilitate business activities between the two sides. Bilateral relations have made significant progress since the visit of Prime Minister Nguyen Tan Dung to New Zealand in March, 2015 and of New Zealand Prime Minister John Key to Vietnam in July.
Two-way trade rose from USD 295 million in 2009 to USD 707 million last year. The two countries have together joined the ASEAN-Australia-New Zealand Free Trade Area and the Asia-Pacific Economic Cooperation (APEC) and the negotiations of the Regional Comprehensive Economic Partnership. Air New Zealand plans to open a direct flight from Auckland to Ho Chi Minh City this year.
Participation in the TPP will open many opportunities for Vietnam, especially the textile, footwear and furniture, create a push to boost exports. Vietnam goods will have greater access to TPP member countries' markets, and investment from these countries into Vietnam will continue to be promoted. President Truong Tan Sang affirmed that TPP completed with the introduction of the ASEAN Community is the milestone with great significance, creating new momentum for growth, regional integration, contributing to the trend of peace, cooperation, cohesion and sustainable growth, covering APEC and Asia - Pacific.
However, New Zealand Prime Minister John Key has said that the TPP is still "just a piece of paper" and the member states should make efforts to help domestic TPP is approved until it takes effect.
