TPP to make Vietnam economy more competitive: HSBC CEO

Minh Tam

11:40 06/10/2015

BizLIVE - The Trans-Pacific Partnership agreement or TPP will exert positive pressure on Vietnam for faster reform to transform the country Vietnam into a more competitive and efficient economy, said Pham Hong Hai, CEO of HSBC Vietnam.

TPP to make Vietnam economy more competitive: HSBC CEO

Trade ministers of 12 TPP countries on October 5 announced they had reached a final deal on the TPP after five-year negotiations. (Source: Internet)

“This is a really huge step forward towards global economic integration in a world that is becoming not only more inter-connected but also more interdependent. As a pro-trade policy bank, HSBC welcomes the TPP agreement which will boost trade and investment flows across the Asia Pacific region”, Mr. Hai said in a press release.
“Vietnam is expected to emerge as a big winner from TPP, seeing higher demand for its textiles, apparel and footwear products. The deal could raise Vietnam’s gross national income by 10% by 2020, according to HSBC Global Research. The rest is up to us to reap these benefits”.
Adam Sitkoff, executive director of the American Chamber of Commerce (AmCham) Vietnam, was quoted by the VnExpress.net newswire as saying the conclusion of TPP negotiations was good news for U.S. and Vietnamese citizens in general and for investors, workers, farmers and consumers in particular.
The TPP is a crucial agreement for bilateral economic relations, including the U.S.-Vietnam relations. TPP will change Vietnam’s business environment, offer new opportunities to help Vietnam realize its industrialization, modernization and globalization strategies, Mr. Sitkoff said.
Trade ministers of 12 TPP countries namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam on October 5 announced they had reached a final deal on the TPP after five-year negotiations.

MINH TAM

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Từ khóa: TPP, HSBC, AmCham

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