PM highlights TPP opportunities and challenges

08:54 | 16/02/2016 Cooperation

The Trans-Pacific Partnership (TPP) deal is set to facilitate trade and investment, bringing more benefits to production, business, workers and consumers, Prime Minister Nguyen Tan Dung said in a recent article.

PM highlights TPP opportunities and challenges

Illustrative image (Photo:VNA)

In the article, titled “The TPP, opportunities and challenges – Our action”, Prime Minister Dung wrote that the TPP is a comprehensive market access deal that ensures more free movement of commodities, services, capital and technology through commitments to removing export-import tariffs and non-tariff barriers and creating a fair and indiscriminatory business environment.

The Government leader added that the TPP, alongside a free trade agreement with the EU, will provide advantages and also create new challenges for Vietnam.

The PM said fierce competition will pose challenges. Under the pressure of competition, enterprises with poor performances in transformation and restructuring may stand on the verge of dispersal or bankruptcy.

Also, a segment of labourers will face unemployment, he added, noting that agriculture and farmers will be the most vulnerable. The income gap will be widened if the rapid, sustainable development strategy produces no effective results and people do not benefit from growth outcomes, the leader warned.

Another obstacle lies with the process of effectuation, from completing the legal system to personnel training and improving the capacity of officials, as well as technical and legal experts.

He suggested the business sector be courageous and partake in the competition while taking the initiative in employing synchronous and drastic measures to raise the competitiveness of its goods and services.

However, businesses must operate within the institutional framework and business climate that have been set by the State, he noted.

According to PM Nguyen Tan Dung, a national administration institution is decisive to the macro competitiveness and the development of an economy. This has been proven through research and in reality.

The institutional quality determines the growth and sustainability of the economy, he said, adding that institution plays a decisive role to the effectiveness and competitiveness of businesses.

To have a high-quality institution, the Government leader stressed the need to soundly define the relationship between the State, the market, society and enterprises.

To ensure success in international integration and the efficient implementation of FTAs – especially the TPP and Vietnam-EU FTA – it is essential to have resolutions from the Party and National Assembly, and specific action plans from the Government, ministries and business community.

The PM also emphasised the importance of doing communication work effectively in order to create a consensus in consciousness and unity in action as well as making efforts to increase national competitiveness so as to develop the economy quickly and sustainably./.


Source: VNA