HUBA signs an MoU to support HCM City's companies which have a weak understanding of TPP with more information and acess to the agreement. — Photo fica.vn

HCM CITY – The HCM City Union of Business Associations  on April 27 signed a memorandum of understanding (MoU) with foreign business associations to support enterprises when the country becomes a member of the Trans-Pacific Partnership (TPP) agreement.

The MoU was signed between the association and Hepza Business Association (HBA), the Italian Chamber of Commerce in Việt Nam and the Canadian Chamber of Commerce in Việt Nam.

Under the MoU, the signatories pledged to create the best conditions to support companies in HCM City so they can have more opportunities to co-operate with foreign companies and seek investment opportunities.

This decision was one of many steps that the union has taken in an effort to assist its 8,000 members in developing businesses in the future.

Currently, companies in Việt Nam in general and in HCM City in particular, especially small- and medium-sized enterprises (SMEs), are facing challenges like poor knowledge about the TPP.

According to a survey conducted by the Việt Nam Chamber of Commerce and Industry (VCCI), awareness of companies in HCM City was limited.

By the end of last year, 91 per cent of HCM City's companies reportedly had a weak understanding of TPP. Of these, 20 per cent had never heard about the agreement. Forty-five per cent had heard about it, but did not understand it well, and 26 per cent had never studied the TPP.

Only 9 per cent of the companies had studied the agreement and knew its content well.

The survey results were seen as a wake-up call. Companies must carefully study the TPP, and if not, they will fail in the domestic market, the union warned.

After the signing, the union heard companies' concerns about difficulties they are facing. The ideas will be collected and submitted to the Government, the union said.

The union also said that co-operation with other organisations and business associations would be enhanced to help their members more easily find credit sources and guarantee resolutions to their difficulties. — VNS