Vietnamese and US entrepreneurs met in Hanoi on May 23 to discuss the Trans-Pacific Partnership (TPP).

Vietnamese and US entrepreneurs meets in Hanoi on May 23 on the occasion of US President Obama’s official visit to Vietnam

The event took place on the occasion of US President Barack Obama’s official visit to Vietnam. It was held by the American Chamber of Commerce (AmCham) and the Vietnam Chamber of Commerce and Industry (VCCI).

Adam Sitkoff, Executive Director of AmCham Vietnam, said the TPP will bring numerous benefits and opportunities for companies, investors, workers, farmers and consumers in both Vietnam and the US.

Once fully implemented, the TPP will pave the way for a digital economy, strengthen creative industries and help ensure fair competition.

The trade deal, signed by the economic ministers of 12 countries in New Zealand on February 4, will play an important role in improving the local business climate and open up many opportunities for Vietnam to speed up industrialisation, modernisation and globalisation, he added.

US Trade Representative Michael Froman said Vietnam is now in a transitional period and should focus on enhancing its competitiveness. The most important issues include vocational training, carrying out agreements with labourers, and tackling pollution.

He noted it is necessary to remove all barriers and obstacles that hamper the growth of businesses, especially small- and medium-sized ones. All enterprises must be treated equally to compete under transparent regulations.

The private economy should receive more opportunities to access big markets. Vietnam should also stimulate competition, attract foreign investment and develop supply chains, Michael Froman added.

At the event, Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh said Vietnam uses free trade agreements like TPP or the EU – Vietnam Free Trade Agreement because it wants to help its products make inroads into global markets.

By reducing import tariffs for many regional and global countries to zero, Vietnam will be more attractive to domestic and foreign investors, Khanh noted.

VNA