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Economy

Vietnam privatizations hit wall as TPP arrives

Hanoi poised to miss 2020 goal of easing control of economy

Women work at a garment factory in Hai Duong province, outside Hanoi.
Women work at a garment factory in Hai Duong province, outside Hanoi.    © Reuters

HO CHI MINH CITY -- Vietnam is on pace to miss a five-year target for cutting state ownership of its economy by 2020, as the effort to attract more foreign investment loses steam amid turbulent market conditions.

Prime Minister Nguyen Xuan Phuc on Jan. 1 reiterated his determination to meet the goal, one of Hanoi's pledges as a member of the 11-nation Trans-Pacific Partnership. Shrinking the role of state-owned enterprises to promote competition is crucial under Asia's newest multilateral trade deal, which took effect in late December.

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