(VOVworld) – Minister of Industry and Trade Vu Huy Hoang has said TPP is expected to create a breakthrough for Vietnam’s exports and competitiveness improvements in the domestic market.

Vietnamese Minister of Trade and Industry

Hoang made the statement at an interview to a VOV’s correspondent when trade ministers of Vietnam and 11 other partners reached a final consensus on the Trans-pacific Partnership Agreement in Atlanta, the US on Monday.

Economists said Vietnam will be one of countries to benefit most from the global trade deal.

Economically, the agreement will help Vietnam’s GDP increase additional 23.5 billion USD by 2020 and 33.5 billion USD by 2050. Its exports are likely to fetch additional 68 billion USD by 2025. The results are attributed to the reduction of import duty to 0% by major markets including the US, Japan, and Canada.

Hoang added that TPP commitments on services and investment are said to positively influence Vietnam to improve its investment and foreign capital attraction.

He said that“TPP Ministers have agreed that as soon as the completion of the TPP deal, parties involved will implement their internal process. It means they have to review legal terms of the agreement to see whether they are relevant to own regulations. Secondly, it’s necessary for the parliaments of TPP countries to ratify the document. For Vietnam, before that step we’ll publicize the deal’s details, especially our commitments on the market. Due to the importance of the agreement, the Vietnamese negotiation delegation including representatives of the Ministry of Industry and Trade and the government will make a report to the Prime Minister who will then report to the Party Central Committee on the TPP agreement for guidance and to the National Assembly for approval.”