Vietnam stands to gain the most among 12 countries concluding the Trans-Pacific Partnership (TPP) deal’s negotiation early this week, said the Los Angeles Times on October 8.
The garment sector is likely to boom once the Trans-Pacific Partnership (TPP) is effective. (Photo: VNA)
Vietnam stands to gain the most among 12 countries concluding the Trans-Pacific Partnership (TPP) deal’s negotiation early this week, said the Los Angeles Times on October 8.
The US-based daily newspaper quoted the Peterson Institute of International Economics as saying that Vietnam’s textile-garment and footwear sectors are very likely to boom once the TPP is effective. The pact will let the country ship many products tariff-free to a market where members together constitute two-fifths of the global trade.
The nation is also improving its tax and investment policies, developing infrastructure and pursuing other trade pacts to entice more investments, the newspaper noted.
Investment bank Goldman Sachs forecast that Vietnam’s economy will jump from the 55th largest in the world to the 17th by 2025 with the gross domestic products (GDP) of 450 billion USD, up from 186 billion USD currently.
The economy grew 6 percent last year and is expected to maintain the same growth rate this year. Since Vietnam opened its door to foreign investment, the country has experienced the growth rate of 5-10 percent annually.
Sandeep Mahajan, the World Bank’s Lead Economist for Vietnam, believed Vietnam is among “the more competitive destinations” for overseas investors in the region.
The Southeast Asian nation looks to sign a free trade agreement with the European Union by 2018 that has tariffs on many goods to its major markets drop considerably.-VNA
The Trans-Pacific Partnership (TPP) agreement whose negotiations recently concluded in Atlanta, the US, will provide a springboard for Vietnam’s agricultural development.
The US, Singapore, Peru, Mexico and Australia have raised optimistic voices over the recently completed Trans-Pacific Partnership (TPP) agreement, to which they are members.
Once ratified by member country parliaments, the newly-reached Trans-Pacific Partnership agreement will open up a new road to the future of cooperation and integration in the region.
The Trans-Pacific Partnership deal (TPP) will offer more business opportunities for local small- and medium-sized enterprises (SMEs) though many challenges still remain, experts said.
With the successful conclusion of the Trans-Pacific Partnership (TPP), the United States and Vietnam are poised to become partners in a trading block that represents nearly 40 percent of global GDP.
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.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
Despite global economic uncertainties, Binh Duong has maintained strong momentum in both exports and industrial production during the first half of 2025.
The garment sector is likely to boom once the Trans-Pacific Partnership (TPP) is effective. (Photo: VNA)
