Stronger connectivity to capitalise on TPP opportunities
Stronger connectivity in the industrial sector are vital for optimising opportunities created by the Trans-Pacific Partnership (TPP), said participants at a forum in Hanoi on March 1.
Hanoi (VNA) – Stronger connectivity in the industrial sector▨ are vital for optimising opportunities created by the Trans-Pacific Partnership (TPP), said participants at a forum in Hanoi on March 1.
Vice Chairman of the Vietnam Steel Association Nguyen Van Sua pointed out that a majority of industrial manufacturing companies are small-and medium-sized and lack financial strength, high technology and management experience.
As Vietnam will soon fully integrate into the TPP region, which is a vast market with stringent rules on origin and quality, businesses themselves must improve their product quality and establish connections to form a strong community able to compete with foreign rivals, he said.
He also asked authorised agencies to assist domestic enterprises by giving support relating to trade remedies and quality control regulations, and providing detailed information about TPP member nations.
The Ministry of Industry and Trade’s Heavy Industry Department also urged for close coordination between State agencies and businesses to expand operation and export and minimise adverse impacts of market opening.
State agencies need to assess the TPP’s possible impacts on local goods, investment and services areas so as to fine-tune policies designed for TPP-benefiting industries.
Meanwhile, companies should also acquire an in-depth knowledge of free trade agreements to grasp opportunities, the department added.
Deputy Minister of Industry and Trade Tran Quoc Khanh warned that many small industrial players will be out of the TPP game and urged them to promote their personnel’s capacity and adapt their operation plans to the TPP.
TPP is a free trade agreement between 12 countries - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. It aims to break down trade and investment barriers between these countries of 800 million people, which constitute 30 percent of global trade and about 40 percent of the world’s economy.
It was signed by economic ministers from the member nations in New Zealand on February 4.
The pact will now undergo a two-year ratification period in which at least six countries - that account for 85 percent of the 12 nations’ combined gross domestic production - must approve the final text for the deal to be implemented.-VNA
Economic experts have forecast that Vietnam’s aquatic export to the US, Japan and other Trans-Pacific Partnership (TPP) members will increase after the deal was officially signed on February 4.
The Trans-Pacific Partnership (TPP) deal is set to facilitate trade and investment, bringing more benefits to production, business, workers and consumers.
Vietnamese exporters should restructure their production to improve profit and enjoy preferential of the Trans-Pacific Partnership agreement (TPP), Tran Tuan Anh, Deputy Minister of Industry and Trade
Vietnam is set to become the biggest beneficiaries of the Trans-Pacific Partnership (TPP) trade deal out of the four Southeast Asian participants, the other three being Brunei, Malaysia and Singapore.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Participants at the forum (Source :VNA)
