Vietnamese Foreign Ministry spokesman Le Hai Binh said Vietnam will take the necessary steps to "ensure the effective implementation of its commitments" under the existing and future free trade agreements.

"TPP, if implemented, would benefit all member countries. The deal would not only create a new driving force for economic and trade relations but also help bring about stability and prosperity in Asia-Pacific," VnExpress quoted Bihn as saying.

The spokesman stressed that the signing of free trade agreements is a step towards greater economic integration in the region.

Vietnam, with country's strong manufacturing industry, especially in the textile sector, sees the agreement as an opportunity to attract foreign investment and increase its exports to member countries.

Meanwhile, Singapore says it will also pursue other trade agreements.

A spokesperson for the ministry of trade and industry told the media on Tuesday there are other trade agreements that are similar to the TPP such as the Regional Comprehensive Economic Partnership, to which Australia is a party.

Agencia EFE - January 25, 2017