Direct impacts from the CPTPP agreement would not be significant, but means a more stable and predictable environment for logistics firms in Vietnam, according to an expert.

Experts believed that allowing foreign ownership at local petroleum firms will result in better services and boost competitiveness.

Vietnam remains steadfast on pursuing bilateral economic relations with the US towards harmonization and sustainability, according to the Ministry of Foreign Affairs.

Under the revised regulation, local oil and petrol traders are now allowed to transfer their stakes to foreign investors but foreign ownership should not exceed 35%.

Benefits from FTAs have not brought along breakthrough changes for Vietnam, as most partners have similar economic structure, or even directly compete with Vietnam.