Hanoi (VNA) – Active integration will boost corporate competitivene🌌ss, said Nguyen Quynh Nga, a member of Vietnam’s delegation negotiating the Trans-Pacific Partne💟rship (TPP) deal, during a seminar concerning corporate knowledge about the pact, which was held in Hanoi on January 29.

According to her, difficulties are inevitable at first, thus enterprises ought to design their integration moves carefully. This deal and a range of new-generation free trade agreements (FTAs) will have a significant impact on the Vietnamese economy as a whole, stressed Vietnam Chamber of Commerce and Industry (VCCI) Chairman Vu Tien Loc. He continued by saying that domestic enterprises have capitalised on only a fragment of the benefits brought about by FTAs, while the foreign-invested sector, especially manufacturing for export are earning the most advantages. Nguyen Thi Thu Trang, Director of the World Trade Organisation and Integration Centre under the VCCI, noted updating information on when these pacts take effect and their road maps is key to whether a company succeeds or fails to integrate. Businessmen need to ready themselves for relevant trade defence measures as well as quality and copyright regulations, among others, added Trang. Dang Phuong Dung, Vice Chairwoman of the Vietnam Textile and Garment Association, said firms in her sector face obstacles in terms of materials and capital sources once the TPP agreement officially starts. Central Institute for Economic Management expert Vo Tri Thanh took note of domestic companies’ confidence in their comparative advantages, which will help them overcome difficulties and gain footholds internationally.-VNA