ArrowArtboardCreated with Sketch.Title ChevronCrossEye IconIcon FacebookIcon LinkedinShapeCreated with Sketch.Icon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Interview

Vietnam to approve TPP-11 by November, prime minister says

Hanoi's ratification would be fourth of six needed for trade deal to take effect

The Trans-Pacific Partnership can enter into effect once ratified by six members. Its 11 signatories hope to welcome new countries as soon as next year.   © AP

HANOI -- Vietnam will likely ratify the 11-member Trans-Pacific Partnership trade agreement in a parliamentary session ending in November, Prime Minister Nguyen Xuan Phuc told Nikkei and other outlets Saturday, in what would be a major step toward bringing the deal into force.

The pact will help "draw out the maximum possible latent economic and trade potential" of Vietnam, Phuc said in his office in the Vietnamese capital ahead of a visit to Tokyo for Tuesday's Mekong-Japan Summit.

At least six member states must ratify the so-called TPP-11 for it to take effect. Mexico, Japan and Singapore have already done so, meaning if Vietnam follows suit, only two more approvals will be needed.

The pact's other signatories are Australia, Brunei, Canada, Chile, Malaysia, New Zealand and Peru. The U.S. was originally part of the massive trade deal, but President Donald Trump pulled the country out shortly after taking office in January 2017, and the remaining 11 members forged a new agreement.

 

Vietnamese Prime Minister Nguyen Xuan Phuc

The members aim to begin approving other potential entrants to the pact as soon as next year, with countries like Thailand and Indonesia showing interest. Phuc said Vietnam's government "welcomes the addition of new members," adding that he hoped the current 11 can forge close bonds and then "put in the effort toward final ratification."

Phuc also called for restraint on all sides regarding Chinese military activity in the South China Sea, saying "action is needed to keep from further complicating the situation." The near collision of a Chinese warship with a U.S. Navy vessel on Sept. 30 has prompted some to warn of the risks of accidentally provoking a confrontation. Phuc called on Japan to "contribute actively" to maintaining peace in the Asia-Pacific region.

You have {{numberReadArticles}} FREE ARTICLE{{numberReadArticles-plural}} left this month

Subscribe to get unlimited access to all articles.

Get unlimited access
NAR site on phone, device, tablet

{{sentenceStarter}} {{numberReadArticles}} free article{{numberReadArticles-plural}} this month

Stay ahead with our exclusives on Asia; the most dynamic market in the world.

Benefit from in-depth journalism from trusted experts within Asia itself.

Try 3 months for $9

Offer ends September 30th

Your trial period has expired

You need a subscription to...

See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

See all offers
NAR on print phone, device, and tablet media