Conference hears of benefits for Vietnamese businesses from agreement.
The TPP will have a positive impact on Vietnam’s stock market, Mr. Tran Dac Sinh, Chairman of the Board of Directors at the Ho Chi Minh City Stock Exchange (HoSE) told the “TPP Dialogue - Envisioned Growth Opportunities for Businesses in Vietnam” conference held by KPMG Vietnam with the Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch (VCCI HCMC), and HoSE.
As the economy develops the quality of listings will significantly improve, not only stocks of sectors certain to benefit from the agreement such as textiles, footwear, and fisheries but also support industries. “Indirect foreign investment to Vietnam will increase substantially, driving the stock market,” he added.
Mr. Warrick Cleine, Chairman and CEO of KPMG in Vietnam and Cambodia, said that 2016 will be a milestone for Vietnam’s economic landscape. “The TPP and other agreements such as the EU - Vietnam Free Trade Agreement and integration into the ASEAN Economic Community will create numerous benefits for businesses in Vietnam as they will have the opportunity to expand into other markets, including important markets like the US, Japan, and Australia,” he said.
“However, it also increases competition across all areas, from labor, capital, and funds to real estate and other resources,” he added. “Only those that are truly well-prepared are likely to be successful.”
The conference was attended by representatives from more than 30 local and international business associations, 200 foreign-invested enterprises, local businesses, and local authorities. Among the special guests was Deputy Minister of Industry and Trade and Head of Vietnam’s TPP Delegation, Mr. Tran Quoc Khanh, who was the keynote speaker.
Participants received a comprehensive overview of the TPP, the potential impacts it will have on the business environment, and the opportunities and challenges it presents for enterprises in Vietnam.