Impact of RCEP on Vietnamese economy under discussion

The event is part of the Government's action plan aimed at disseminating information on ASEAN, with the primary goal of introducing the country’s latest policies to implement the RCEP and see the positive impact of the trade deal on the national economy.

During the seminar,  reporters and editors heard the major contents of RCEP that businesses are required to learn about, forecasts on some of the impacts of the trade pact on Vietnamese enterprises, as well as regulations relating to the rules of origin of goods.

Furthermore, they were able to get full information on special preferential import tax, financial services, and customs procedures, all of which has accelerated Vietnamese trade facilitation to implement the RCEP.

RCEP is a free trade agreement (FTA) signed between 10 ASEAN countries, including Vietnam and five non-ASEAN economic partners such as Australia, the Republic of Korea, New Zealand, Japan, and China, that was signed on November 15, 2020.

It initially came into force early this year an was adopted by at least six ASEAN members states and three other signatory countries. Among its ASEAN members, only Indonesia, Myanmar, and the Philippines have yet to submit their RCEP ratification to the ASEAN Secretariat.

Vietnam has established a trade and investment relationship with RCEP signatories. In comparison with ASEAN's FTAs, the trade pact features a wide scope of commitments, a strong degree of liberalisation, and higher standards i multiple aspects.

Therefore, the implementation of RCEP is projected to have a strong impact on the national economy and local enterprises.