The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in Vietnam on Jan 14. The agreement is expected to open new opportunities for trade and create more motivation for Vietnam to reform its economic institutions and business environment.

The Viet Nam’s National Assembly passed a resolution approving the deal and related documents on November 12, 2018.

With comprehensive commitments, high standards and balances, the CPTPP will help strengthen mutually beneficial links among member economies and boost trade, investment and economic growth in Asia Pacific.

According to calculations by the National Centre for Socio-Economic Information and Forecasting under the Ministry of Planning and Investment, the CPTPP would boost Việt Nam’s GDP by US$1.7 billion and exports by more than $4 billion by 2035, up 1.32 per cent and 4.04 per cent respectively.

The 11-member CPTPP officially came into force on December 30, 2018. The trade deal was signed by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Việt Nam in Santiago in March 2018.-/.