The conference was organised by the World Trade Organisation Centre and the Vietnam Chamber of Commerce and Industry (VCCI). Vietnamese companies, especially small and medium-sized ones, should thoroughly learn about the country’s commitments under the Trans-Pacific Partnership, especially about the opening up of certain sectors to foreign investors, to seize opportunities and overcome challenges.
Ngo Chung Khanh, deputy head of the Government’s Multilateral Trade Policy Department, said enterprises are learning little about the commitments. Vietnam’s TPP negotiation delegation has urged businesses to send in inquiries related to the TPP, “but we have not received any question in the last four months.”
The TPP would offer businesses the opportunity to boost exports and take part in the global supply chain, and the country’s investment and business environment would surely improve, facilitating businesses’ operations, he said.
Khanh said retail is among the sectors that would face intense competition in the coming years since the country has to open its doors wide to foreign investors and scrap the “economic needs test” requirements five years after the TPP takes effect.
Speaking at the event, Deputy Director of the VCCI Tran Ngoc Liem said it is the first TPP handbook in Vietnam which summarises the main contents of the TPP with clear guidance for businesses. It was developed by the VCCI in close consultation with the TPP Negotiation Delegation of Vietnam.
The next two years are important for the government and enterprises to prepare for TPP which may take effect in 2018, he noted, adding that the VCCI will help domestic businesses understand the trade deal and utilise its benefits through various activities. Consul General of Australia Karen Lanyon highlighted the positive impacts of TPP, saying it will give a boost to the economy and create more employment opportunities.
According to Lanyon, the Australian government has been assisting the development of small and medium-sized enterprises (SMEs) in ASEAN, including Vietnam. It pledged to provide the best support for the country’s businesses in stimulating economic growth as well as in global integration.
