Saigoneer

BackSociety » Development » TPP Deal Could Add 30% to Vietnam’s GDP

TPP Deal Could Add 30% to Vietnam’s GDP

At a conference in Saigon last week, Charles H. Rivkin, the US Assistant Secretary of State for Economic and Business Affairs, said that if passed, the Trans Pacific Partnership (TPP) trade agreement is expected to add 30% to Vietnam’s GDP over the next 10 years.


Related Articles:

EuroCham: Vietnam’s GDP Could Reach 21% With EU Trade Deal

Why The TPP Agreement Could Be Huge For Vietnam

Vietnam Set To Become SE Asia's Economic Powerhouse: Bloomberg


Rivkin said that though Vietnam has the smallest economy of the 12 nations involved in the free trade deal, it stands to reap huge economic benefits as it would be integrated into global supply chains, adding that US President Barack Obama and US Secretary of State John Kerry would like to enact the TPP before they leave office in 2016, reports Vietnam Plus.

"I cannot give specific times on signing this agreement but negotiations have made positive and significant progress, and we hope it will be finished by the end of the year," he said. 

The passing of the TPP hinges upon congressional approval of the Trade Promotion Authority (TPA), according to Rivkin. 

Vietnam-US bilateral trade has soared from US$450 million to US$40 billion over the past 20 years.

"Let's imagine what would happen after the TPP is concluded," said Rivkin.

"There will be a wave of investment hitting Vietnam, and increased market access for foreign investors in Vietnam."

"US businesses have invested in Vietnam and now want to expand to take advantage of opportunities from the TPP agreement. Vietnam also has the advantages of a young, hard-working labor force.” 

The TPP, however, is not without its critics.

Nobel Prize-winning economist, Joseph Stiglitz, has taken issue with the increased powers given to corporations under the agreement, saying: “Even people who are arbitrators say the whole system is corrupt, that it’s a very expensive system, that therefore creates an un-even playing field with big corporations with big, deep pockets can get access to have recourse, whereas smaller firms can’t.”

MIT professor, Noam Chomsky, has widely panned the deal, stating that it is “designed to carry forward the neoliberal project to maximize profit and domination, and to set the working people in the world in competition with one another so as to lower wages to increase insecurity.”

[Photo via Ship Management International]

Related Articles

in Development

$2bn Thu Thiem Eco Smart City Set to Break Ground This Year

A week after the city unveiled Thu Thiem Empire City, a project that will include Vietnam’s tallest building, a group of Asian developers have announced that they will break ground on its neighbor, th...

in Development

'Cable Car' Tourism Developer FLC Group Wants to Build a Mega-Resort in Quang Ngai

Experts and locals have voiced concerns over the impact a proposed mega-resort on the coast in Quang Ngai Province may have on the environment and the local community.

in Development

'House for Trees' in Tan Binh District

Vo Trong Nghia Architects, winners of ArchDaily’s ‘House of the Year’ award, is undoubtedly Vietnam’s leading sustainable/green design firm. One of their latest projects, ‘House for Trees’ was complet...

in Development

15 Projects That Will Change Saigon Forever: Part 1

The area between Bến Thành Market and the Saigon Opera House is undeniably the epicenter of changes to the city’s urban fabric with the construction of pedestrian promenades, subway stations, a n...

in Development

15 Projects That Will Change Saigon Forever: Part 2

The area between Bến Thành Market and the Saigon Opera House is undeniably the epicenter of changes to the city’s urban fabric with the construction of pedestrian promenades, subway stations, a new ad...

in Development

15 Projects That Will Change Saigon Forever: Part 3

The area between Bến Thành Market and the Saigon Opera House is undeniably the epicenter of changes to the city’s urban fabric with the construction of pedestrian promenades, subway stations, a new ad...

Partner Content