|A worker trims a piece of cloth at a factory of the Viettien Garment Corporation. The CPTPP is expected to provide a boost to many industries in Vietnam, especially the textile and garment sector – Photo: Thanh Hoa
The plan details the main targets and tasks assigned to each agency in the trade ministry, along with requirements on their deadlines and outcomes.
The main tasks, including the prompt creation of regulatory documents on the execution of the trade pact, particularly in export and import management, traceability and competitiveness, will be carried out in two phases.
The first phase will start this year, while the second will be launched in the 2020-2025 period, with a vision toward 2035.
The ministry will step up communications about the trade pact across various media channels, to ensure the business community understands the agreement.
As such, local firms can determine how to make the most of the opportunities arising from the pact, as well as minimize its negative effects on them.
Meanwhile, agencies are urged to take measures aimed at improving the competitiveness of domestic firms through export market development programs and providing support for them in trade protectionism cases, to guarantee their rights and interests.
Further, the ministry will coordinate and engage in the activities of the CPTPP Commission and sub-committees, as well as other tasks within the framework of the agreement.
In a related development, the ministry has recently upgraded the CPTPP website to help residents and businesses gain a better insight into the deal.
The website at cptpp.moit.gov.vn provides an overview of the trade pact, its contents in both English and Vietnamese, the implementation plans of the Government, ministries, sectors and localities, along with regulatory documents revised or issued to carry out the pact.
It also explains Vietnam’s key commitments related to goods, services, investments, Government procurement, intellectual property, labor, and State-owned enterprises.
Other commitments by CPTPP members relating to the commodities Vietnam has an abundance of are also listed on the website.
Additionally, the website also posts references, including studies on the CPTPP conducted by various countries and international organizations, and some frequently asked questions.
The CPTPP, which took effect in Vietnam on January 14, has 11 member states: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh told the legislative National Assembly in November 2018 that the CPTPP bloc represents some 13.5% of the world’s gross domestic product (GDP), with Japan being the world's third largest economy. Therefore, participation in the pact is, in general, beneficial to Vietnam.
Minh cited the calculations of the Ministry of Planning and Investment as saying the pact would increase Vietnam’s GDP and exports by 1.32 and 4.04 percentage points, respectively, by 2035. The total revenue from imports will rise by 3.8 points, lower than the incremental growth of exports. As such, the overall impact on the trade balance will be favorable.
The CPTPP includes investment and service regulations across many fields, gradually abolishing 98% of tariffs on agricultural and industrial products, easing investment regulations and enhancing the protection of intellectual property.