HANOI, Nov. 17 (Xinhua) -- "Vietnam has not had enough basis to submit the Trans-Pacific Partnership (TPP) participation to the National Assembly (NA)," said Vietnamese Prime Minister Nguyen Xuan Phuc on Thursday.
Phuc made the remarks at a question and answer session at the ongoing second gathering of Vietnam's 14th NA in capital Hanoi.
While addressing to NA deputy's concern over the future of the Pacific trade deal after the U.S. presidential election, Phuc said "Vietnam has prepared adequate conditions to join the 12-nation TPP. However, as the United States has announced to stop the deal, so Vietnam has not had enough basis to submit TPP participation to the NA."
The Vietnamese prime minister added that "whether to join TPP or not, Vietnamese economy will take part in extensive integration as it has done with the current 12 trade deals."
The TPP deal involves Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. It was formally signed by ministers from these 12 countries in February after more than five years' negotiation.
The TPP now undergoes a two-year ratification period in which at least six countries, which account for 85 percent of the combined gross domestic production of the 12 TPP countries, must approve the final text for the deal to be implemented.
If the United States, the largest economy among TPP participating countries, does not ratify the TPP, the Pacific trade deal cannot enter into force.
Regarding the Vietnam-U.S. relations after Donald Trump was elected the U.S. president, Phuc said Vietnam has established 10 cooperation mechanisms with the United States.
"The bilateral cooperation between Vietnam and the United States has been maintained in areas of education, healthcare, Mekong River and demining among others for the past 10 years," said Phuc, expressing his belief that the Vietnam-U.S. relations will get better in the coming time.
