CPTPP helps raise Vietnam’s exports to other member markets

In the recent three years after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, trade revenue between Vietnam and other member countries has seen two-digit growth every year, said Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade (MoIT) Luong Hoang Thai.
CPTPP helps raise Vietnam’s exports to member markets: official
Illustrative image (Photo: VNA)

Statistics show that in the first 10 months of 2022, total trade turnover between Vietnam and CPTPP members reached 88.1 billion USD, an increase of about 19.2% over the same period last year, with Vietnam’s exports hitting 45.1 billion USD, up 22.1% year on year, Thai said at a conference in Hanoi on December 26 to review three-year implementation of the deal.

Impressive growth has been recorded in the import-export revenue between Vietnam and CPTPP countries that have yet to sign a free trade agreement (FTA) with Vietnam, including Canada and Mexico, he noted.

Specifically, in the first 10 months of 2022, Vietnam earned about 6 billion USD from exporting goods to Canada, a year-on-year rise of 24.1%, while the figure was about 4.6 billion USD from the Mexican market, up 9.9% year on year.

However, Thai also pointed to a number of limitation during the exploitation of the deal, including a modest market share in the CPTPP markets, and unequal chances for domestic and FDI firms.

Bui Tuan Hoan, head of the American Market Division under the MoIT’s Department of European-American Markets held that despite positive growth in exports, domestic businesses have still faced many difficulties, especially in logistics cost, when exporting goods to CPTPP markets, particularly American markets due to large geographical distances.

High requirements on products’ quality and food safety in those markets have also been another challenge for Vietnamese exporters.

Hoan said that the MoIT will continue to work with ministries, sectors and localities to support domestic businesses in dealing with difficulties facing them during the exploitation of the deal, while assisting them in improving their competitiveness to ensure that they are on the same footing with FDI firms.

Participants at the event sought measures to make full use of the deal, and gave advice to exporters in how to optimise CPTPP advantages in the future.

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(Source: VNA)