Vietnamese Government has authorised Industry and Trade Minister Vu Huy Hoang to sign the TPP agreement in New Zealand in February 4. — Photo daily-sun.com

HA NOI (Biz Hub) — The Vietnamese government issued Resolution 09/NQ-CP on February 2, approving the signing of the Trans-Pacific Partnership agreement.

The government has authorised the industry and trade minister to sign the agreement.

Required procedures would be completed by the foreign affairs ministry, the resolution said.

The signing of the TPP is slated for February 4 in New Zealand.

The TPP negotiations started in 2005 and concluded in late October last year. The 12 members of the agreement are Australia, Brunei, Canada and Chile, besides Japan, Malaysia, Mexico and New Zealand, as well as Peru, Singapore, the United States and Viet Nam.

Once it takes effect, the agreement will establish a free trade zone that represents nearly 40 per cent of the global GDP.

Viet Nam was expected to benefit the maximum from the pact, especially in the trade of goods, investment and services, Minister of Industry and Trade Vu Huy Hoang said during an insightful interview with the Vietnam News Agency.

He, however, said this depended on how the country would work to take advantage of the TPP and deal with any possible challenges. — VNS