The World Bank Group (WBG) believed that the Trans-Pacific Partnership (TPP) agreement will provide a key impetus to economic growth in Viet Nam, Japan and Malaysia before 2030.
According to the latest report on global economic prospect, the Vietnamese economy may accelerated to 10%, the highest pace among 12 TPP members, buoyed by strong garment and textiles exports to the US and other key markets thanks to tariff elimination.
Last year, the World Bank also said Viet Nam withthe lowest per capita GDPamong TPP signatories, willenjoycomparativeand uniqueadvantagessuch aslabor-intensive manufacturingandfewertariffs when the agreement comes into effect.
The full text of the agreement was announced in November 2015 after nearly seven years of talks.
The World Bank Group (WBG) consists of five financial organizations: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Financial Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID)./.