Firms advised to take advantage of CPTPP to increase exports to Mexico
Despite continuous trade surplus with Mexico, Vietnam’s market share in this market is only 1.3 percent. Therefore, businesses should take advantage of incentives from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to expand the presence of Vietnamese goods in Mexico, experts said.
Illustrative image (Photo: VNA) Hanoi (VNA) - Despite continuous trade surplus with Mexico, Vietnam’s
market share in this market is only 1.3 percent. Therefore, businesses should
take advantage of incentives from the Comprehensive and Progressive Agreement
for Trans-Pacific Partnership (CPTPP) to expand the presence of Vietnamese
goods in Mexico, experts said.
According to the Department of European and American Markets under the Ministry of Industry and Trade, despite impact of the COVID-19 pandemic, import and export turnover between Vietnam and Mexico in 2020 achieved positive results.
Two-way turnover reached 3.68 billion USD last year, up 6.12 percent year-on-year. Of the total, Vietnam’s exports were valued at 3.16 billion USD, up 11.7 percent and imports 523 million USD, down 18.58 percent.
In the first eight months of this year, the trade turnover hit 3.24 billion USD, a year-on-year surge of 36.08 percent, making Mexico become Vietnam’s second largest trader in Latin America, and the fourth in America, after the US, Canada and Brazil.
Of the total, the export value of Vietnamese goods enjoyed a year-on-year jump of 43 percent to reach 2.92 percent. This is the highest growth rate among CPTPP markets.
However, according to the assessment by the Department of European and American Market, the market share of Vietnam’s exports in this market is only 1.3 percent. There is still large room for Vietnam to continue increasing the export of goods, especially when both Vietnam and Mexico are signatories of the CPTPP.
Notably, the agreement clearly states that Mexico commits to eliminate 77 percent of tariff lines from January 14, 2018, equivalent to 36.5 percent of import turnover from Vietnam, and 98 percent of tariff lines in the 10th year from the date when the agreement came into effective.
Enterprises are advised to study the Mexican market’s demand, understand more about the CPTPP to bring into full play opportunities it brings about, and step up trade promotions, especially e-commerce platforms./.
According to the Department of European and American Markets under the Ministry of Industry and Trade, despite impact of the COVID-19 pandemic, import and export turnover between Vietnam and Mexico in 2020 achieved positive results.
Two-way turnover reached 3.68 billion USD last year, up 6.12 percent year-on-year. Of the total, Vietnam’s exports were valued at 3.16 billion USD, up 11.7 percent and imports 523 million USD, down 18.58 percent.
In the first eight months of this year, the trade turnover hit 3.24 billion USD, a year-on-year surge of 36.08 percent, making Mexico become Vietnam’s second largest trader in Latin America, and the fourth in America, after the US, Canada and Brazil.
Of the total, the export value of Vietnamese goods enjoyed a year-on-year jump of 43 percent to reach 2.92 percent. This is the highest growth rate among CPTPP markets.
However, according to the assessment by the Department of European and American Market, the market share of Vietnam’s exports in this market is only 1.3 percent. There is still large room for Vietnam to continue increasing the export of goods, especially when both Vietnam and Mexico are signatories of the CPTPP.
Notably, the agreement clearly states that Mexico commits to eliminate 77 percent of tariff lines from January 14, 2018, equivalent to 36.5 percent of import turnover from Vietnam, and 98 percent of tariff lines in the 10th year from the date when the agreement came into effective.
Enterprises are advised to study the Mexican market’s demand, understand more about the CPTPP to bring into full play opportunities it brings about, and step up trade promotions, especially e-commerce platforms./.
You should also see
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
See more
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
Videos
Agro-forestry-fisheries products nearly double in Q1
Total export revenue from agro-forestry-fisheries products in the first three months of this year is estimated at over 13.5 billion USD, up nearly 22% over the same period last year, according to the Ministry of Agriculture and Rural Development.
Business
Beautycare Expo 2024 opens in Hanoi
The Beautycare Expo 2024 kicked off Hanoi on April 18, featuring over 250 booths from more than 15 countries and territories.
