Seminar analyzes TPP, AEC impacts on Vietnam economy

Studies have showed that the country’s economy would be most benefited in 12 nations attending TPP and suffer low impacts from AEC, said the Vietnam Institute for Economic and Policy Research at a seminar on free trade agreements yesterday.

TPP will bring garment and textile industry many advantages (Photo: SGGP)

Experts talked about impacts of the Trans-Pacific Partnership (TPP) and ASEAN Economic Community (AEC) to Vietnam’s economy at the seminar hosted in Hanoi by the Institute and the Japan International Corporation Agency.

However Institute’s head Dr. Nguyen Duc Thanh warned that the country should not sell-satisfy with signing such promising free trade agreements because of inexperienced monetary management policy, large dependence on foreign investors, long-lasting influences from the world economic crisis and many other inherent weaknesses.
Integration affects would be various to different fields, he said.

Vietnam’s economic structure will see a narrowness of fields with low comparative advantages such as pork, chicken, milk, forestry and wooden products, mining and industry, he analyzed.
Those having comparative advantages will see an extension in both output and labors such as garment and textile, footwear, public service and construction, he added.

There will be a clear movement of production resources from the narrowed to broadened fields.
Experts have proposed the Government to have explicit policies to assist development of advantageous fields and restructuring of disadvantaged industries to minimize losses from trade liberalization.

By Anh Phuong – Translated by Hai Mien

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