(VOVworld) – Joining the Trans Pacific Partnership negotiations with 12 other countries is of great importance to Vietnam as it will help Vietnam further integrate internationally, Minister of Industry and Trade Vu Huy Hoang said at a recent Q&A session between ministers and citizens. Minister Hoang said: "Signing this treaty will enable us to boost exports and attract more foreign direct investment. It will also speed up Vietnam’s economic restructuring, together with many other countries in the world, some of which are major economic powers. Politically, it will elevate Vietnam’s position in the region and the world."

Minister Vu Huy Hoang was speaking at the Q&A session with citizens. Photo: internet

Minister Hoang said that once Vietnam joins the TPP, businesses, especially those operating in the agricultural and food sectors, and farmers, will be required to increase their competitiveness, grasp opportunities, and deal with challenges. After 19 rounds of negotiations, the decisive round of TPP negotiations will end today/Tuesday in Singapore. Experts agree that this round is of great importance as this is the last chance for countries joining the TPP to decide whether to end the negotiations to meet the objective of signing the Treaty by the end of the year.  Once approved, the TPP will become one of the world’s largest trade areas with more than 792 million people, contributing 40% of the world’s GDP and 1/3 of the global trade turnover.