Vietnam to benefit mostly from TPP by 2030: WBG report
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.
Hanoi (VNA)🦩 - The Trans-Pacific Partnership (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 Prospects report recently released by the World Bank Group (WBG).
The report said Vietnam will receive the biggest boost, nearly 10 percent, which is attributed to preferential access of its textiles and apparel industry to the US and other key markets.
Malaysia’s economy would get an 8-percent hike, since its exporters would obtain an advantage over its regional rivals not participating in the world’s largest trade deal, including Thailand, the Philippines and Indonesia, the report stated.
Meanwhile, Japan would acquire a 2.7-percent surplus in economic growth by 2030, the research paper forecasted.
A 12-nation TPP pact, the wording of which was agreed between the United States, Japan, Australia, New Zealand and other Pacific Rim nations in October 2015, intends to deregulate trade among its signatories, which together make up 40 percent of the world economy.
The details of the controversial free trade agreement have been revealed to the public after almost seven years of discussions.
The World Bank Group (WBG) consists of five financial organisations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Financial Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID).-VNA
Vietnam’s GDP growth is likely to reach 6.5 percent this year as the country’s economy has weathered the recent turbulence in the external environment fairly well.
The engagement in the Trans-Pacific Partnership (TPP) agreement is expected to help Malaysia increase competitiveness and promote trade and investment in the upcoming decades.
Vietnam is expected to attract more foreign investment next year and in the future due to the opportunities and advantages resulting from free trade agreements (FTAs), according to experts.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Illustrative image (Source: VNA)
