US and Vietnam forge stronger ties for TPP ahead

The dialogue was also a chance for US partners to comment on how localities can improve their investment and business climate.

“This meeting is especially important as Vietnam and the US have just signed the TPP and we are expecting to welcome President Obama in Vietnam,” said Nguyen Duc Chung, Chairman of the Hanoi People’s Committee.

Le Hoai Trung, Deputy Minister of Foreign Affairs, said that globalisation and economic integration present the two countries with huge opportunities to promote bilateral cooperation and contribute to the development of the region.

“Vietnam is committed to raising the competitiveness of its economy by improving the institutions of market economy, developing quality workforce, and building an integrated infrastructure,” he said. “Vietnam will also devote efforts to improve its legal framework in line with its international commitments and create conditions more conducive to win-win cooperation between Vietnam and foreign partners, including the US,” said Le.

According to John Hill, economic counsellor at the US Embassy, by joining the Trans-Pacific Partnership, Vietnam is not only signalling the world that it is serious about international economic integration, there is another message included which cannot be overlooked.

“Vietnam is sending another important signal. It is different from other developing countries. While Vietnam is not unique in its challenges, as many countries have state-owned enterprises and are trying to move from a centrally-planned economy to one that is more flexible, more market-oriented, more open to the outside world. However, by signing the TPP, Vietnam is showing that it is serious about addressing those challenges, about taking real action instead of just talking,” he said.

Hill also expressed excitement “to be here at a time when Vietnam and the United States are entering into a new phase in their relationship.”

The United States Agency for International Development (USAID), together with other US agencies, are providing technical assistance to the Vietnamese government on the implementation of the TPP, encompassing issues including labour, the environment, technical barriers to trade, customs administration and trade facilitation, and small and medium enterprises.