CPTPP opens up prospects for Vietnam’s exports to the Americas

Two years after it came into effect, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has helped Vietnam significantly boost its exports to other member nations and open the door to members in the Americas, which are bursting with potential, Deputy Minister of Industry and Trade Do Thang Hai told a seminar in Hanoi on April 27.

Tuesday, April 27, 2021 15:58

CPTPP opens up prospects for Vietnam’s exports to the Americas ảnh 1

Illustrative photo (Source: VNA)

Hanoi (VNA) - Twoyears after it came into effect, the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) has helped Vietnam significantly boost itsexports to other member nations and open the door to members in the Americas,which are bursting with potential, Deputy Minister of Industry and Trade DoThang Hai told a seminar in Hanoi on April 27.

With the theme “CPTPP - Opportunities forVietnam’s Exports to American Markets”, the deputy minister told the gathering thateconomic and trade ties between Vietnam and the Americas have grown robustly overrecent years.

Ratified on December 30, 2018, the CPTPPtook effect in Vietnam on January 14, 2019. In 2020, when COVID-19 first struck,trade between Vietnam and the Americas stood at 111.5 billion USD, up 16percent against 2019. Of this, Vietnam’s exports were worth 89.7 billion USD,accounting for 31.7 percent of its total and representing an annual growth rateof 21.7 percent.

In the first quarter of this year, Vietnamposted improved exports to many CPTPP member countries in the region. Notably,its value of shipments to Canada, Chile, Mexico, and Peru stood at 1.13 billionUSD, 321 million USD, 931 million USD, and 134 million USD, respectively, forincreases of 15 percent, 12 percent, 17 percent, and 35 percent.

Hai suggested Vietnamese firms study thepossibility of exploiting existing incentives, economic links, andinfrastructure in member countries to seek business opportunities and diversifyexport markets and products.

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At the seminar (Photo: VNA)

Vietnamese Trade Counsellor in Canada DoThi Thu Huong recommended that Vietnamese companies be active in studying theagreement, particularly regarding preferential tariffs and rules of origin, andto take advantage of e-commerce platforms to connect with their Canadian counterpartsamid COVID-19.

Participants also pointed to challengesfacing cooperation between Vietnam’s business community and other CPTPP members,including those from the Americas. They include geographical distance,different languages, and a lack of up-to-date market information.

Some Vietnamese enterprises also find it difficultto meet quality standards and rules of origin in target markets./.

VNA

#CPTPP #Do Thang Hai #American Markets #Americas #Vietnam’s Exports to American Markets #Vietnam and Americas #Vietnam #Vietnam News Agency #vietnamplus

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