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Vietnam Today

Vietnam still supports TPP

Released at: 10:22, 05/05/2017

Vietnam still supports TPP

Foreign Ministry Spokesperson Le Thi Thu Hang (Source: VTC News)

TPP framework an effective tool for Vietnam's development, MoFA spokesperson tells media.

by Long Van

Vietnam will work with other member states of the TPP agreement to reach a consensus on future orientations, Ministry of Foreign Affairs spokesperson Le Thi Thu Hang was quoted by the Vietnam News Agency as telling a regular press conference in Hanoi on May 4.

“Vietnam considers its entry into the TPP and free trade agreements as one of the steps in executing its policy of active and proactive integration into the global economy,” she said.

The country sees fine-tuning the legal system and market economy institutions as providing new momentum for development and contributing to regional economic integration and connectivity.

“Vietnam continues its renovation and stepping up preparations to ensure the effective delivery of commitments to the free trade agreements it has signed and will sign,” she added.

Negotiators from eleven member countries of the TPP, including Vietnam, gathered together for a meeting in Toronto, Canada, on May 2 to explore the possibility of putting the trade pact into force without the US.

The TPP was signed in February 2016 by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the US, and covers around 40 per cent of the global economy. 

The withdrawal of the US is an obstacle to the deal taking effect because it represents over 60 per cent of the trade bloc’s GDP.

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