HANOI—The Progressive Policy Institute (PPI) today released a new policy report highlighting how key reforms Vietnam would need to implement under the Trans Pacific Partnership (TPP) could ultimately provide important benefits for Vietnam itself. The report was made public at an American Chamber of Commerce event in Hanoi attended by influential U.S. and Vietnamese business leaders, as well as leading Vietnamese economic experts and proponents of economic reform.
“Vietnam is poised to benefit significantly from the Trans Pacific Partnership agreement,” said Ed Gerwin, PPI Senior Fellow for Trade and Global Opportunity and author of the report. “But TPP will also require Vietnam to undertake significant legal and regulatory changes in areas including transparency, the rule of law, labor and environmental rules, the digital economy, and rules for state-owned enterprises. These reforms in Vietnam will play a critical role in driving increased U.S. trade and commerce with a growing and vibrant Vietnamese economy.
“Those of us who believe strong trade agreements can promote inclusive growth and positive change need to continue to remind Vietnam that adopting these necessary reforms—and sticking to them—will also deliver tangible benefits for Vietnam and its people. PPI looks forward to continuing to be a constructive voice in this effort.”
In “TPP and the Benefits of Freer Trade for Vietnam: Some Lessons from U.S. Free Trade Agreements,” Gerwin uses the experience of past high-standard U.S. trade agreements to illustrate why undertaking these often-difficult reforms would also be in Vietnam’s self interest. Gerwin notes, “the adjustments required by high-standard [trade deals] can also promote foreign investment, technological advancement, innovation, broader participation in trade, and other key developments that—together with additional reforms—can drive stronger and more broadly shared economic development.”