One of President Obama legacy is the 12-nation Trans-Pacific Partnership (TPP), and one of the reason for Obama visit to Vietnam in May this year, and it was about to be signed and confirmed by the Vietnam legislature, before deferring it to after the U.S presidential election.
The future of the TPP looks blur after the shocking victory of the GOP nominee, Donald Trump, and a congress led by the Republican. During Donald Trump campaign, he had called the TPP a complete "Disaster", and will put a stop to it.
The TPP was suppose to be a big boom for Vietnam manufacturing and export industries, due to its cheap labour and relative stability.
Speaking to the National Assembly, Prime Minister Nguyen Xuan Phuc said;
The United States has announced it suspends the submission of TPP to the parliament so there are not sufficient conditions for Vietnam to submit its proposal for ratification
While country like Malaysia has decided it will stick with wrapping up a multi-nation trade pact led by China, Japan has said it will stick with the TPP and proceed to push its ratification.
The TPP was seen as a major factor to strengthen ties between the U.S and Vietnam,considering their past, and also the trouble with China over the South/East China/Vietnam Sea.
The prime minister said Vietnam is committed to opening up its economy to the world.