Pausing TPP offers opportunity for Vietnamese agriculture, garment, textile: economist

The pause of the Trans-Pacific Partnership (TPP) will offer an opportunity for Vietnamese agriculture to restructure and the garment-textile to be more proactive in input sources, said Tran Hoang Ngan, a Vietnamese economist on Wednesday.

Speaking to local Tien Phong (Pioneer) online newspaper on the sidelines of the ongoing second session of Vietnam's 14th National Assembly (NA), Ngan, who also serves as an NA deputy, said in case of stopping or pausing the TPP, Vietnam will have time to increase its domestic competitiveness.

TPP can bring advantages to some sectors while bringing disadvantages to others, said Ngan, citing that the country's agriculture will make use of the time to restructure and transit toward massive and professional production.

Meanwhile, the garment-textile, the sector Vietnam will enjoy the greatest advantage while joining TPP, may face some impacts. However, the pause is an opportunity for the sector to be more proactive in its material sources, said the expert.

While addressing to NA deputy's concern over the future of the Pacific trade deal after the U.S. presidential election on Thursday, Vietnamese Prime Minister Nguyen Xuan Phuc said "Vietnam has prepared adequate conditions to join the 12-nation TPP. However, as the United States has announced to stop the deal, so Vietnam has not had enough basis to submit TPP participation to the NA." Endit