Illustrative image (Source: VNA) Statistics show that in the first 10 months of 2022, total trade turnover between Vietnam and CPTPP members reached 88.1 billion USD, an increase of about 19.2% over thesame period last year, with Vietnam’s exports hitting 45.1 billion USD, up22.1% year on year, Thai said at a conference in Hanoi on December 26 to reviewthree-year implementation of the deal.
Impressive growth has been recorded in the import-export revenuebetween Vietnam and CPTPP countries that have yet to sign a free trade agreement(FTA) with Vietnam, including Canada and Mexico, he noted.
Specifically, in the first 10 months of 2022, Vietnam earnedabout 6 billion USD from exporting goods to Canada, a year-on-year rise of24.1%, while the figure was about 4.6 billion USD from the Mexican market, up9.9% year on year.
However, Thai also pointed to a number of limitation duringthe exploitation of the deal, including a modest market share in the CPTPPmarkets, and unequal chances for domestic and FDI firms.
Bui Tuan Hoan, head of the American Market Division underthe MoIT’s Department of European-American Markets held that despite positivegrowth in exports, domestic businesses have still faced many difficulties, especially in logistics cost, whenexporting goods to CPTPP markets, particularly American markets due to large geographical distances.
High requirements on products’ quality and food safety inthose markets have also been another challenge for Vietnamese exporters.
Hoan said that the MoIT will continue to work withministries, sectors and localities to support domestic businesses in dealingwith difficulties facing them during the exploitation of the deal, while assistingthem in improving their competitiveness to ensure that they are on the same footing with FDI firms.
Participants at the event sought measures to make full use of the deal, and gave advice toexporters in how to optimise CPTPP advantages in the future./.
VNA
