Foreign enterprises take the lead in TPP

April 16, 2014 14:10

(Baonghean) -TPP is the Trans-Pacific Strategic Economic Partnership Agreement joined by many countries such as Australia, Brunei, Chile, New Zealand, Peru, Singapore, the United States and Vietnam... The nature of this Agreement is to cut most of the tax lines in a very short time and open up free trade in the participating countries.

In anticipation of this event, many foreign investors have set up projects to build factories in Nghe An to produce goods for export to countries participating in the Agreement. Frex Vinh Company is a typical example. This company invested in a factory in Do Luong, is a 100% foreign-owned enterprise, specializing in the production, processing and import and export of textiles and garments. In 2013, this company exported 14.5 million USD, the main markets are the US, Germany, Korea, Canada, Japan... Or Matrix Vinh Company, specializing in manufacturing toys, is now also producing quality toys for export to the US, UK, Korea, Poland... In addition, we can mention companies such as Haivina Kim Lien, MLB TENERGY Company Limited... also take advantage of cheap labor resources, preferential mechanisms in attracting investment in Nghe An to produce high-quality goods for export to the US, anticipating the TPP Agreement about to be signed.

Foreign-invested enterprises have quickly grasped the information and sought new business opportunities, while our provincial enterprises and many product lines are still in a daze or do not have the capacity to seize this opportunity. Many enterprises only know how to export to China - an unsustainable market. Some enterprises lack raw materials, lack funds to innovate technology, and lack quality products.

TPP is a great opportunity and more than ever businesses need to research the market, build brands, invest in technology, and produce high quality products to be able to penetrate the markets of 12 TPP participating countries, many of which have highly developed economies.

Pearl

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Foreign enterprises take the lead in TPP
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