Domestic firms show strong capacity in making use of CPTPP

Over three years since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, Vietnam’s exports to member economies, especially Canada, Mexico and Peru have significantly increased, showing high adaptation capacity of domestic firms.

Saturday, September 10, 2022 09:48

Domestic firms show strong capacity in making use of CPTPP ảnh 1

Domestic firms has shown strong capacity in making use of CPTPP (Photo: VNA)

Hanoi (VNA) – Over three years since the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, Vietnam’s exports to member economies, especially Canada, Mexico and Peru have significantly increased, showing high adaptation capacity of domestic firms.

Statistics showed that last year, Vietnam enjoyed growth in exports to all CPTPP markets, including Singapore, Malaysia, Japan, Australia, Canada, Mexico and Chile.

In the first seven months of this year, the figure reached 31.47 billion USD, up 21.43% year on year, accounting for 14.48% of the country's total export revenue in the period.

According to To Hoai Nam, Vice President and Secretary-General of the Vietnam Association of Small and Medium Enterprises, over the past three years, Vietnamese firms have shown their strong capacity to adapt to the new normal situation and make full use of CPTPP to increase their exports.

However, he stressed the need for domestic businesses to be more active in thoroughly studying the market, consumers’ culture as well as the standards and technical barriers of the CPTPP economies, especially regulations on origin, while improving their products’ quality by investing more in production technologies.

Domestic firms show strong capacity in making use of CPTPP ảnh 2

Furniture processing for export (Photo: VNA)

Tran Thanh Hai, Deputy Director of the Import-Export Department under the Ministry of Industry and Trade, said that the ministry has launched a support programme to help businesses take advantage of free trade agreements, including the CPTPP.

In addition, the ministry will continue to popularise commitments as well as rules related to origin, he said.

Hai said that the ministry will also strengthen export promotion activities on the digital platform, while supporting enterprises to avoid the risk of being imposed trade remedies when exporting goods to CPTPP markets.

The CPTPP consists of 11 members, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It officially came into force on December 30, 2018./.

VNA

#Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) #exports #Import-Export Department #Vietnam #Vietnam news #Vietnam News Agency

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