VN firms see positive impact from CPTPP

Monday, Mar 12, 2018 17:47

Winfield Wong, country head of Wholesale Banking, HSBC Viet Nam. — Photo courtesy of HSBC

Sixty three per cent of businesses in Viet Nam believe the newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement will have a positive impact on their operations, according to an HSBC Group survey.

The survey, conducted between December 2017 and January 2018 by market research group Kantar TNS on behalf of HSBC of key decision makers at 6,033 eligible companies, sampled 26 markets around the globe, including six member countries of the CPTPP - Australia, Canada, Malaysia, Mexico, Singapore and Viet Nam.

Of around 1,000 firms based in these six markets, including 200 firms in Viet Nam, 46 per cent anticipate positive benefits from the trade agreement.

Winfield Wong, country head of Wholesale Banking, HSBC Viet Nam, said CPTPP is a big, ambitious deal for Viet Nam and it will greatly impact future growth, jobs and living standards.

“Now is the time for both firms and the Government to focus on implementing the agreement to achieve its full potential. It’s encouraging that many businesses are already expecting to see benefits.”

The revised version of the Trans-Pacific Partnership trade agreement was signed on March 8 in Chile without the US after President Donald Trump withdrew from the deal in November 2017.

The pact now includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam.

Across the 11 economies involved, recent estimates from the Peterson Institute for International Economics (PIIE) suggest trade flows will be boosted by 6 per cent to 2030, with members enjoying total real income gains of US$157 billion every year, HSBC noted. — VNS

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