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Vietnam has a back-up plan if TPP does not work out

Whether or not TPP becomes a reality, Vietnam will pursue other free trade agreements and create opportunities for its companies to fuel economic growth. It is possible that the US, after the elections, will put an end to the Trans Pacific Partnership. If the TPP agreement is implemented, it will bring benefits many sectors in Vietnam. The country’s key export products like textiles, garments, footwear, and seafood would gain a breakthrough in export value to the US, Japan and Canada. On the other hand, if the TPP is not approved, Vietnam still has other export markets.

Vietnam has concluded FTAs with the European Union and the Eurasia Economic Union. Vietnam and other Asean nations are working toward the Regional Comprehensive Economic Partnership. In addition, members of the Asia Pacific Economic Cooperation forum are negotiating a free trade agreement in the region.

In all 10 FTAs along with Vietnam as a signatory have come into force. So with or without TPP, Vietnam’s economic policy toward international integration will remain unchanged. In fact, before negotiating the TPP, Vietnam had taken part in multilateral organisations such as the World Trade Organisation. The domestic business environment has been improved and the nation has stepped up investment restructuring, encouraging the private sector and strengthening the management of public debt to pursue sustainable growth.