Vietnam to continue reforms despite US exit from TPP

Hanoi, Jan 25 (IANS) Vietnam will continue its economic reforms despite the US’s decision to pull out of the Trans-Pacific Partnership (TPP), according to a statement from its Foreign Ministry released on Wednesday.

Vietnamese Foreign Ministry spokesman Le Hai Binh confirmed that Vietnam will take the necessary steps to “ensure the effective implementation of its commitments” under the existing and future free trade agreements, Efe news reported.

“TPP, if implemented, would benefit all member countries. The deal would not only create a new driving force for economic and trade relations but also help bring about stability and prosperity in Asia-Pacific,” Bihn was quoted as saying.

He stressed that the signing of the free trade agreement is a step towards greater economic integration in the region.

Vietnam, with a strong manufacturing industry, especially in the textile sector, sees the agreement as an opportunity to attract foreign investment and increase its exports to member countries.

–IANS

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