WB: VN economy may expand 10% before 2030
16:26 | 09/01/2016

VGP – 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.

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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 with the lowest per capita GDP among TPP signatories, will enjoy comparative and unique advantages such as labor-intensive manufacturing and fewer tariffs 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).

By Thuy Dung

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