• Nghe An Newspaper:
  • Nghe An Television:

Foreign businesses are anticipating the TPP.

• April 16, 2014 14:10

(Baonghean)The TPP is the Trans-Pacific Strategic Economic Partnership Agreement, which includes many countries such as Australia, Brunei, Chile, New Zealand, Peru, Singapore, the United States, and Vietnam. The nature of this agreement is to reduce most tariffs within a very short timeframe and open up free trade among participating countries.

Anticipating this event, many foreign investors have established projects to build factories in Nghe An to produce goods for export to countries participating in the Agreement. Frex Vinh Company is a prime example. This company invested in a factory in Do Luong, is a 100% foreign-owned enterprise specializing in the production, processing, and import/export of textiles and garments. In 2013, the company achieved exports of $14.5 million, mainly to the US, Germany, South Korea, Canada, Japan, etc. Similarly, Matrix Vinh Company, specializing in toy production, now produces toys of export quality to the US, UK, South Korea, Poland, etc. In addition, companies such as Haivina Kim Lien and MLB TENERGY Co., Ltd. also take advantage of the cheap labor and preferential investment incentives in Nghe An to produce high-quality goods for export to the US, anticipating the signing of the TPP Agreement.

Foreign-invested enterprises have quickly grasped information and sought new business opportunities, while enterprises in our province, and many industries in our province, are still vague or lack the capacity to seize these opportunities. Many businesses only know how to export to China – a market lacking sustainability. Some businesses also lack raw materials, funding for technological innovation, and quality products.

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

Pearl

0 0 0
Read more
Read more

See more about Economics

Read more

    x
    Economy
    Foreign businesses are anticipating the TPP.
    Google News

    Governing body: Nghe An Provincial Party Committee

    Director: Tran Minh Ngoc

    Electronic newspaper operating license number: 153/GP-BTTTT

    Issued by the Ministry of Information and Communications on March 24, 2022

    DMCA.com Protection Status

    Nghe An Newspaper and Radio & Television

    Headquarters: No. 01 Nguyen Thi Minh Khai Street - Thanh Vinh Ward - Nghe An Province

    Branch 2: 378 Lenin Street - Truong Vinh Ward - Nghe An Province

    Phone: 0856573737; Fax:(023)83.847898

    Contact us to submit articles:[email protected]

    Contact for advertising

    Phone: (023)88 600006
    E-mail: [email protected]

    Any form of reproduction of information or images requires written consent.
    © Copyright belongs to Nghe An Newspaper and Radio & Television

    POWERED BYFREECMS- A PRODUCT OFNEKO