Vietnam and other member countries of Trans-Pacific Partnership (TPP) agreement will officially sign the agreement on February 4 in Auckland, New Zealand, according to the Vietnamese Ministry of Industry and Trade.
Representatives from the Vietnamese Ministry of Industry and Trade and the government's negotiation team will participate in the signing ceremony.
The TPP will take effect from 2018 after they face ratification by the parliaments of the potential TPP countries.
Experts said that the commitments outlined in the TPP would make competition tougher for Vietnamese companies, especially those in agriculture, and that many companies, especially those that are behind in terms of technology, may die.
Vietnam will have to change some laws and regulations governing trade, customs, investment, public procurement, intellectual property and labour.
One of the concerns regarding Vietnam’s joining the agreement is that the elimination of tariffs, and as a consequence, increased competition from foreign companies. This would mean difficulties for domestic enterprises, as Vietnam’s capacity to apply technical barriers is low.
However, the TPP may offer opportunities for Vietnam to possibly raise its GDP by 8-10% by 2030 and attract more foreign investment.
