The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to create opportunities for Vietnam to expand markets for major exports like wood and timber products and seafood.

 

It is forecast wood and timber products will benefit much from the deal as most CPTPP member countries have committed to removing tariffs on Vietnamese wood and timber products immediately after the agreement takes effect.

The deal will generate more opportunities than challenges for the industry.

Apart from big traditional markets like Japan, New Zealand, Australia and Singapore, Vietnam’s wood sector has widened its reach to new markets such as Canada, Peru and Chile.

Once the deal becomes effective, Vietnamese seafood enterprises will also find it easier to expand export, especially to new markets like Canada, Peru and Mexico.

However, some sectors such as husbandry are forecast to face fierce competition in the domestic market since breeding products from big markets like Canada and Australia will flood Vietnam after the deal comes into force.

To access and dominate big markets like Japan and Australia, Vietnamese major exports such as rice, coffee, pepper, cashew nuts and seafood need to surpass technical barriers and satisfy food safety and hygiene requirements.

Experts also stressed the need for Vietnam to step up trade and investment promotion with partners from the CPTPP members to form global value chains.-VNA