|The Vietnam Chamber of Commerce and Industry organised a conference in Can Tho on November 27 to discuss the trade opportunities and challenges for Vietnam from the CPTPP. — VNA/VNS Photo Thanh Liem
Nguyen Thi Thu Trang, head of the Vietnam Chamber of Commerce and Industry (VCCI)’s WTO and Integration Centre, said Vietnamese firms have managed to grasp the opportunities brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement.
The trade deal has been ratified by six members – Canada, Mexico, Japan, Singapore, New Zealand and Australia – and took effect in December last year.
Vietnam became the seventh member, acceding to it in January this year.
Trang said Vietnam’s exports, especially to Canada, have risen significantly since the CPTPP came into effect.
She said relevant agencies such as the Ministry of Planning and Investment would have plans to deal with the impacts of the agreement.
“There have been good signs, especially in new markets.”
Nguyen Quoc Toan, head of the Ministry of Agriculture and Rural Development’s Department of Farm Produce Processing and Development, said the agreement has already impacted certain segments like vegetables and fruits, with their exports being worth US$3.5 billion this year.
Nguyen Thi Hong Thu, head of the Chanh Thu Fruit Import & Export Co. Ltd., said local firms have to standardise their production and processing facilities to take advantage of the lower tariffs.
Phung Thi Lan Phuong, head of the centre’s FTA division, said the CPTPP is viewed as a good option for Vietnam and the 10 other member countries.
At another seminar in Can Tho to help enterprises in the Mekong Delta seize opportunities from the CPTPP, Phuong had said the trade deal could help increase Vietnam’s GDP by 1.1 percentage points a year.
“Though this number is less than a sixth of the benefits expected from the TPP, the CPTPP could help boost the country’s institutional and economic reform.”
She was referring to the Trans-Pacific Partnership that collapsed after the US pulled out of it.