Forum discusses TPP trade opportunities for Vietnam and Australia

A forum on Trans-Pacific Partnership (TPP) trade and investment opportunities for Vietnam and Australia was held by the Vietnam's Ministry of Industry and Trade in co-ordination with the Australian Trade Commission (Austrade) in Sydney on February 1.

Minister Vu Huy Hoang speaks at the forum (photo: VNA)
Minister Vu Huy Hoang speaks at the forum (photo: VNA)

The forum was held as part of the working visits to Australia and New Zealand by Vietnamese Minister of Industry and Trade Vu Huy Hoang from January 31 to February 5 which will include the official signing of TPP in New Zealand on February 4.

Addressing the event, Minister Hoang said the TPP plays a very important role in the trade relations between Australia and Vietnam as the TPP will supplement the current ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Agreement, enabling the two countries open their markets to Vietnamese goods.

Within the TPP framework, Australia pledged to eliminate 94% of import tariffs on Vietnamese goods, equivalent to 95% of Vietnam's export revenue to Australia in 2014 and vice versa, Vietnam also committed to open its market to Australian goods.

Hoang hoped that the upcoming signing and effectiveness of the TPP would raise trade and investment opportunities between the two countries, particularly in the areas of Australia's strength including mining, oil and gas, coal supply, liquefied gas and services.

The Minister cited that Vietnam will also have more opportunities to boost export of apparels, footwear, and agricultural and aquatic products. He expected more support from the Australian government and enterprises in the fields that Vietnam has large demand such as the long-term supply of thermal coal and liquefied gas.

According to Austrade CEO Bruce Gosper, Vietnam and Australia have had close economic co-operation and the TPP will create more opportunities for the two countries to strengthen bilateral relations through the implementation of TPP commitments. He noted that the two countries will have a good chance to exchange goods and services as well as assisting other TPP member countries to effectively integrate into the global economy.

Bruce Gosper said that it is a big challenge for both Vietnam and Australia to utilise TPP advantages, adding that Australia is willing to assist Vietnam in human resource training to better take advantage of TPP opportunities.