Representatives from 12 TPP member nations. (Photo: EPA)
Auckland (VNA) – Economic ministers from 12 member nations signed the Trans-Paci♔fic Partnership (TPP) agreement in Auckland, New Zealand on the morning of February 4.
At the signing ceremony, New Zealand Prime Minister John Key said his country was proud to be the host and an active member throughout the negotiation process.
The TPP will help liberalise trade across the region and bring benefits to all members, he said.
US President Barack Obama also welcomed the signing of the pact.
Member states now have two years to complete domestic work for TPP ratification. The pact will take effect when ratified by parliaments of least six signatory countries, who comprise a minimum of 85 percent of all members’ overall GDP. This means that the two biggest economies – the US and Japan – must be among these six members.
The TPP started out as P-4 with Chile, New Zealand, Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal now brings together 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
The pact aims to break down trade and investment barriers between these countries of 800 million people , which constitute 30 percent of global trade and about 40 percent of the world’s economy .
TPP negotiations began in March 2010 and concluded in October 2015 after 19 rounds. The full-text of the deal was released a month later. Most contents of the agreement have remained unchanged by members apart from some technical aspects.
Vietnam is expected to gain significant benefit from the TPP as the pact is projected to help expand the country’s GDP by 23.5 billion USD by 2020 and 33.5 billion USD by 2025. Domestic sectors producing apparel, footwear and timber will be among the beneficiaries. However, challenges stemming from local economic scale and quality compared to other members are likely to pose a problem.-VNA
The Ministry of Justice is co-ordinating with relevant ministries and sectors to review domestic legal regulations for necessary revision and supplementation in accordance with stipulations in TPP.
Vietnam and the other 11 members of the Trans-Pacific Partnership (TPP) agreement released the full text of the pact in English on November 5 (Hanoi time).
Countries of the Trans-Pacific Partnership (TPP), including Vietnam, will remove tariff on new cars in the 13th year after the agreement comes into effect, a finance ministry official said.
Vietnamese Ambassador to the US Pham Quang Vinh said the freshly-concluded Trans-Pacific Partnership (TPP) agreement is strategically and economically important to Vietnam and other member countries.
The TPP agreement will provide economic impetus predominantly to Vietnam, Japan and Malaysia among other parties to the deal by 2030, according to a Global Economic Prospect report released by WBG.
Vietnam is considered the country to reap the most benefit in apparel, footwear, agro-forestry and seafood exports from the Trans-Pacific Partnership (TPP) agreement.
Vietnamese and Australian businesses explored trade and investment opportunities that will be created by the Trans-Pacific Partnership (TPP) Agreement during a forum held in Sydney on February 1.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Representatives from 12 TPP member nations. (Photo: EPA)
