Vietnamese and US entrepreneurs at the meeting in Ha Noi on May 23. — VNA Photo

HA NOI (Biz Hub) — Vietnamese and US entrepreneurs met in Ha Noi on May 23 to discuss the Trans-Pacific Partnership (TPP).

The event took place on the occasion of US President Barack Obama's official visit to Viet Nam. It was held by the American Chamber of Commerce (AmCham) and the Vietnam Chamber of Commerce and Industry (VCCI).

Adam Sitkoff, Executive Director of AmCham Vietnam, said the TPP would bring numerous benefits and opportunities for companies, investors, workers, farmers and consumers in both Viet Nam and the US.

Once fully implemented, the TPP will pave the way for a digital economy, strengthen creative industries and help ensure fair competition.

The trade deal, signed by the economic ministers of 12 countries in New Zealand on February 4, will play an important role in improving the local business climate and open up many opportunities for Viet Nam to speed up industrialisation, modernisation and globalisation, he added.

US Trade Representative Michael Froman said Viet Nam was now in a transitional period and should focus on enhancing its competitiveness. The most important issues include vocational training, carrying out agreements with labourers, and tackling pollution.

He noted it is necessary to remove all barriers and obstacles that hamper the growth of businesses, especially small- and medium-sized ones. All enterprises must be treated equally to compete under transparent regulations.

The private economy should receive more opportunities to access big markets. Viet Nam should also stimulate competition, attract foreign investment and develop supply chains, Michael Froman added.

At the event, Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh said Viet Nam used free trade agreements like TPP or the EU – Vietnam Free Trade Agreement because it wants to help its products make inroads into global markets.

By reducing import tariffs for many regional and global countries to zero, Viet Nam will be more attractive to domestic and foreign investors, Khanh noted. — VNS