The Vietnamese National Assembly approved the CPTPP on November 12, making Vietnam the 7th country to endorse the pact.

Nguyen Van Nam, President of the Institute for Brand and Competitiveness Strategy, a co-organizer of the conference, said “Foreign analysts have indicated that Vietnam will benefit most from the pact relative to the 11 member countries. However, there are challenges which accompany these opportunities.

Challenges relate to matters of constitution, policy, and developmental structure. The government and businesses need to advance together. Businesses play an important role in economic integration and development. They must identify opportunities and challenges, maintain a flexible mindset, and act with intent to win.”

Professor Dinh Ngoc Thinh, a lecturer of the Academy of Finance, said Vietnamese businesses should enhance technological applications to raise productivity and overcome competitive obstacles.

He added “CPTPP will bring us many opportunities from countries with zero percent tax and those with less tax barriers. It will be easier for businesses to seek new material supplies and advanced equipment to improve their production.”

Delegates said the CPTPP will generate momentum for Vietnam to expand investment and trade ties with other countries.