Trump, who opposes the TPP trade pact, has won the US presidential election, and several experts believe that the Republican victory would put an end to this trade agreement.

The minister told the press on the sidelines of the ongoing National Assembly that Vietnam was consistent with its point of view and policy in the international integration. The TPP was one of the free trade deals that Vietnam had agreed to participate in, but it would proceed with other free trade agreements (FTAs) to create opportunities for companies to fuel economic growth.

The minister said it was too early to forecast the future of TPP, and the country was ready for integration with or without it.

If the TPP agreement continued to be implemented favorably, it would bring several benefits to Vietnam in various sectors. The country’s key export products, such as textile, garment, footwear, and seafood, would likely gain breakthroughs in export value to the US, Japan and Canada. On the other hand, if the TPP was not approved, Vietnam still had other export markets, Anh added.

Deputy Prime Minister and Foreign Minister Pham Binh Minh stated at the Vietnam Summit 2016 in Ho Chi Minh City early this month that with Vietnam signing the TPP agreement, the country hoped to intensify trade ties with Asia-Pacific countries and create more business opportunities for Vietnam and the other TPP members.

Therefore, Vietnam looks forwards to the ratification of the trade deal by all member countries, including the US.

He said if the TPP was not passed due to any reasons, it would be considered a setback, as countries spent much time and effort on the negotiation process. He, however, also noted that besides the TPP, Vietnam had concluded FTAs with several other partners, such as the European Union and the Eurasia Economic Union.

Vietnam and other ASEAN nations are preparing the Regional Comprehensive Economic Partnership FTAs. In addition, members of the Asia Pacific Economic Cooperation forum are negotiating an FTA in the region.

Moreover, Deputy Minister of Industry and Trade Do Thang Hai stated at the summit that 10 FTAs, including Vietnam as a signatory, had come into force. One FTA will come into effect soon, and several others are on the negotiating table.

Hai stressed that with or without the trade deal, Vietnam’s economic policy towards international integration would remain unchanged.

Hai said before negotiating the TPP, Vietnam had taken part in multilateral organizations, such as the World Trade Organization (WTO). The domestic business environment has been improved, and the nation has stepped up investment restructuring, encouraged the private sector and strengthened management of public debt to pursue sustainable growth.

According to economist Ngo Tri Long, in the global trend, no country can stand alone. Vietnam should prepare the best plan to deal with worst possible scenarios and should not totally depend on the TPP.

In another development, Japan’s lower house of parliament on Thursday passed the contentious free trade deal.

President Barack Obama championed the 12-nation, deal saying it would enable the US to set the global trade agenda in the face of the increasing Chinese economic clout. 

Besides Japan and the US, the TPP includes 10 other countries: Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. If it were to come into full force, it would account for an enormous 40 percent of the global economy.

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