Opportunities and challenges when Vietnam joins TPP

On September 7, provincial Party Committee’s Commission for Propaganda-Education, Police Agency and Labor Union jointly held a conference on “Opportunities and challenges when Vietnam joins the Trans-Pacific Strategic Economic Partnership Agreement (TPP)”, which was presented by Major General Nguyen Hong Linh, Director of the Security Department of the Monetary Financial Investment under the Ministry of Public Security.

Delegates at the conference

The TTP was signed for approval by 12 member states on October 5, 2015 in Atlanta city in the U.S. It is expected to take effect in 2018, opening up great opportunities for Vietnamese goods to penetrate into the market of the TTP bloc with tax tariff gradually reduced to 0%. This will contribute to creating jobs for domestic laborers, improving the lives of people and labor productivity thanks to regulations on environment, standards on technical safety …

Compared to other member states of the TPP, Vietnam has low development with high tariff at 8.4%. If management work is not realized well, Vietnam’s development of industrial parks with a large number of laborers plus the regulation on the establishment of independent trade unions when the TPP takes effect will easily lead to disputes, adversely affecting social order.

Reported by Duy Chi-Translated by K.T