Business

Businesses have yet to pay due attention to CPTPP: forum

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) remains unfamiliar to and hasn’t received due attention from businesses as well as ministries, sectors and localities of Vietnam, heard a forum held in Hanoi on August 30.
Businesses have yet to pay due attention to CPTPP: forum ảnh 1The garment factory of the TNG Investment and Trading JSC in Thai Nguyen province (Photo: VNA)

Hanoi (VNA) – The Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) remains unfamiliar to andhasn’t received due attention from businesses as well as ministries, sectorsand localities of Vietnam, heard a forum held in Hanoi on August 30.

According to a survey conducted by the VietnamChamber of Commerce and Industry (VCCI), more than 70 percent of 8,600interviewed companies haven’t known clearly about the CPTPP.

Director of the VCCI’s WTO and Integration CentreNguyen Thi Thu Trang noted 84 percent of the businesses lack information aboutcommitments under the deal and ways to realise them.

She said state agencies have also not beenactive enough, adding that ministries, sectors and localities’ issuance oftheir action plans for the CPTPP implementation has been half a year behindschedule. 

Trang also pointed out the sluggishdissemination of the trade pact among civil servants and enterprises, alongwith cumbersome taxation and customs procedures which are hampering Vietnamesefirms from improving their competitiveness.

According to the official, localities andbusinesses, not the Government or ministries, play a main role in realising theCPTPP’s commitments. Businesses will be unable to make use of opportunitiesgenerated by the agreement if they do not understand the deal. Additionally,local civil servants should also be given more access to CPTPP-relatedinformation so that they won’t violate the deal’s commitments or obstructenterprises’ activities.

Echoing the view, Ngo Chung Khanh, DeputyDirector of the Multilateral Trade Policy Department under the Ministry ofIndustry and Trade, said since the CPTPP took effect, businesses’ attention tothe agreement has been limited to just 12 questions they sent to the ministry,which is too modest compared to the large business community of Vietnam.

Trang said state agencies need to take drasticactions to carry out the CPTPP while businesses should actively learn about andmake use of the deal and report the difficulties facing them to authorities.

The CPTPP – one of the largest trade deals inthe world – covers a combined GDP of more than 13.8 trillion USD and a marketof 500 million people. It gathers 11 countries, namely Australia, Brunei,Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore andVietnam.

It officially took effect in Vietnam on January14 this year.-VNA
VNA
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