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Economy

Vietnam's reluctance to ratify the TPP is bad news for Washington

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Vietnam's garment industry stands to benefit from the TPP, if the trade deal ever gets off the ground.   © Reuters

TOKYO Vietnam's decision to hold off ratifying the Trans-Pacific Partnership is a further blow to the beleaguered trade pact and a setback for American economic ambitions in Asia.

The 12-nation TPP is aimed at liberalizing trade and investment in the Asia-Pacific region, and Vietnam has been hoping that its participation in the deal will lead to an increase in exports. But even in the U.S., which led negotiations for the pact, approval of the TPP is nowhere in sight. This apparently convinced Vietnam to proceed slowly as well.

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