TPP expected to continue despite US withdrawal: VCCI

The Trans-Pacific Partnership (TPP) agreement, whose fate seems uncertain after the US’ withdrawal, will certainly continue in another form, the Vietnam Chamber of Commerce and Industry (VCCI) has said.

“We believe that TPP member countries, even the US, don’t want to waste the six years of negotiation and the large opportunities the trade deal would bring,” Vu Tien Loc, chairman of VCCI, told reporters last week.

“The TPP will certainly continue. It could be a bilateral or multilateral trade deal,” he said, adding that it, however, may come into effect at a later date than previously scheduled, which was 2018.

Vietnam has a lot of expectations from the TPP and the European Union-Vietnam Free Trade Agreement (EVFTA) as they open large markets and create significant opportunities for trade growth and for improving domestic economic institutions.

The fate of the TPP became uncertain in January after US President Donald Trump signed an executive order formally withdrawing the US from the 12-nation trade deal on his fourth day in office.

In 2016, the US was Vietnam’s largest export market, bringing in revenue of US$38.5 billion, a 15% rise over the same period last year, customs statistics showed. The US has maintained this position in the first two months of 2017, with the turnover rising by 18.9% compared to the same period last year, to US$6 billion.

With the TPP on shaky legs, Vietnam is now looking more towards the EVFTA, which is expected to come into force in 2018.

Vietnam should focus on three measures to grasp opportunities from the EVFTA, which include hastening the signing and approval of the EVFTA, continuing institutional reforms, and improving its competitiveness and business environment, Loc said.

The trade deal will help connect the Southeast Asian country of nearly 90 million people to the European Union (EU), which has an estimated population of 500 million. The market size would be nearly 1 billion if the ASEAN markets are included.

Vietnam’s export to the EU in the first two months of 2017 reached US$5.4 billion, up 13.2%, while import from these markets rose by 24.6% to US$1.7 billion.

To date, Vietnam has signed 12 bilateral and multilateral trade deals, 10 of which have already come into force. Four other Free Trade Agreements (FTAs) are under negotiation, including the Regional Comprehensive Economic Partnership, ASEAN-Hong Kong FTA, FTA with Israel and with European Free Trade Association.

VNA

Other News

Data-driven land valuation to curb speculation: Experts

Data-driven land valuation to curb speculation: Experts

From a property-market perspective, Do Thi Thu Giang, National Director of Valuation and Advisory at Savills Vietnam, said the orientations under Resolution No. 21-NQ/TW could make the market more transparent and efficient, with property values increasingly tied to actual development and use potential.

Resolution No. 19-NQ/TW sets new growth drivers for Vietnam

Resolution No. 19-NQ/TW sets new growth drivers for Vietnam

Science and technology, innovation, digital transformation and AI must be translated into higher productivity rather than pursued as ends in themselves. At the same time, people should be placed at the centre of development, not merely viewed as a resource but as the ultimate objective of development policies.

Expo to open door for Vietnamese suppliers to enter US market

Expo to open door for Vietnamese suppliers to enter US market

US retail giant Target is seeking Vietnamese suppliers of household goods, home textiles, children’s products, personal care and beauty products, with a focus on companies capable of manufacturing and developing products that meet requirements on quality, design and supply chain management.

2026 Banking Sector Digital Transformation to open in Hanoi

2026 Banking Sector Digital Transformation to open in Hanoi

The annual event, which will be held on August 18-19, 2026, at the ICE International Exhibition Centre, 91 Tran Hung Dao Street, Hanoi, is expected to attract around 324 delegates and feature 21 booths representing credit institutions, payment intermediary service providers, and technology companies.

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam has built a solid semiconductor and electronics industry before joining ITSI, attracting major US semiconductor companies. Intel Products Vietnam is one of Intel's largest assembly and testing facilities worldwide, while chip design companies such as Synopsys, Cadence, Marvell and Qualcomm have established engineering and research centres in the Southeast Asian country.

Vietnam targets higher-quality FDI under Resolution 10

Vietnam targets higher-quality FDI under Resolution 10

During the first seven months of 2026, Vietnam attracted more than 38 billion USD in registered FDI, up nearly 58% year-on-year. More importantly, the increase was driven by large-scale, high-tech projects rather than a surge in the number of new investments, signalling a significant improvement in the quality of capital inflows.

Manufacturing, engineering drive hiring growth in H1: report

Manufacturing, engineering drive hiring growth in H1: report

Manufacturing and engineering posted the strongest recruitment growth, with hiring demand surging 70% year-on-year, driven by production expansion, supply chain restructuring and sustained investment inflows in high-tech manufacturing.

Government proposes special mechanisms to unblock APEC 2027 projects in Phu Quoc

Government proposes special mechanisms to unblock APEC 2027 projects in Phu Quoc

The projects in Phu Quoc have been implemented under tight deadlines. Since May 2025, the Prime Minister has directed preparations for APEC 2027, including accelerated infrastructure development on the special zone. An Giang province and investors have subsequently launched a number of major projects involving complex technical requirements and demanding construction schedules.

Financial market reform plan targets high, sustained growth through 2045

Financial market reform plan targets high, sustained growth through 2045

The plan seeks to develop a balanced and modern financial market that is closely integrated with regional and global markets, strengthens the mobilisation and allocation of domestic and foreign capital, and enhances the market’s role as a key provider of medium- and long-term capital for the economy and as a major driver of sustained high economic growth.

An Giang aims to become leading maritime economic hub

An Giang aims to become leading maritime economic hub

Under the province's master plan for 2021–2030 with a vision to 2050, An Giang will prioritise investment in five strategic sectors: strategic infrastructure; processing industries and clean energy; trade, services, logistics and border-gate economy; high-quality tourism; and high-tech agriculture, ecological development and the circular economy.