Connectivity essential for businesses when joining CPTPP: seminar
Vietnamese enterprises will benefit little from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) if they lack connectivity, heard a seminar themed “CPTPP: Opportunities and Challenges for Vietnamese Businesses” held in Hanoi on November 28.
Overview of seminar themed “CPTPP: Opportunities and Challenges for Vietnamese Businesses” (Source: VNA)Hanoi (VNA) – Vietnamese enterprises will benefit little from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) if they lack connectivity, heard a seminar themed “CPTPP: Opportunities and Challenges for Vietnamese Businesses” held in Hanoi on November 28.
Associate Prof., Dr Dinh Trong Thinh from the Hanoi University of Finance said life would be more difficult for single enterprises if they don’t get connected by the time the CPTPP comes into effect.
Connecting firms in the same sector is crucial, Thinh said, noting that this is a weak point of Vietnamese companies as they often operate single-handedly.
According to him, the biggest challenge facing businesses is that they must acknowledge the agreement’s opportunities and challenges for firms on their own. Without full consciousness, enterprises won’t be able to reform themselves and have strategic vision and response measures.
Phan Thi Thanh Xuan, Secretary General of the Vietnam Leather, Footwear and Handbag Association (LEFASO) emphasised the need to help businesses, particularly those of small and medium size, to access information and intensify connectivity.
She also suggested State agencies consider upgrading infrastructure and logistics.
According to the Ministry of Industry and Trade, the CPTPP will become effective in the first countries ratifying the agreement on December 12, 2018, namely Mexico, Japan, Singapore, New Zealand, Canada and Australia.
Vietnam ratified the agreement on November 12, 2018 and informed New Zealand of the ratification on November 15. Therefore, the agreement will take effect in the Southeast Asian nation on January 14, 2019.
The CPTPP covers a market of about 490 million people and has a combined GDP of 10.1 trillion USD, 13.5 percent of the globe’s GDP, and average per capita income of more than 19,000 USD a year.
The deal is expected to bolster economic growth, create more jobs, alleviate poverty and improve the living quality in member states.
The accord is expected to increase Vietnam’s GDP by 2.01 percent by 2035, according to the Ministry of Planning and Investment.-VNA
You should also see
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
See more
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Noi Bai, Da Nang named in world’s top 100 airports
Hanoi capital’s Noi Bai International Airport and the Da Nang International Airport in the central city of the same name have been listed among the world’s top 100 airports in 2024 by the UK–based aviation consultancy Skytrax.
Business
Vietnam earns 1.43 billion USD from rice exports in Q1
ietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to $653.9 per tonne.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
