Central Committee approves Trans-Pacific Partnership

By Pham Van   February 24, 2016 | 05:48 pm GMT+7

The most powerful administrative body in Vietnam gave the government the green light to sign the Trans-Pacific Partnership (TPP) trade deal at its 14th conference in early February ­2016.

Possessing the power to veto the decision, the Central Committee of the Communist Party of Vietnam agreed the TPP is in the country's best interests.

Among the TTP participants, Vietnam offers the second most added value to the U.S thanks to its population of about 93 million people, 15 years of a golden population ahead, high demand for consumption goods and a revitalized industrialization and modernization process.

The Trans-Pacific Partnership is designed to boost commerce among member nations that already account for about 40 percent of global economic output, and will benefit many sectors in Vietnam such as textiles and fisheries. However, many industries will face difficulties posed by foreign companies taking advantage of the removal of tariff barriers. 

Tags: TPP Vietnam