Vietnam fully taps CPTPP to push agro-forestry-fishery exports
Hanoi (VNA) – Vietnam has recorded
tangible changes in agro-forestry-fishery exports thanks to preferential
tariffs in trade with member countries of the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP) after five years the trade pact
took effect.
According to the Vietnam
Association of Seafood Exporters and Producers (VASEP), the country’s export of
agro-forestry-aquatic products to CPTPP member nations has consistently increased
in recent years, hitting 2.9 billion in 2022 from 2.2 billion in 2019.
The CPTPP is the
second-fastest-growing seafood export market for Vietnam, following China. It accounted for 25% of Vietnam's seafood exports in 2018 and nearly 27% in 2023. The
most robust growth in exports is observed in Canada, Chile, Peru, Singapore,
Malaysia, and Australia.
For the Japanese market,
Vietnam has boosted its export of various agricultural products in recent
times, including fruits and vegetables. The Southeast Asian nation has emerged
as the 12th largest supplier of fruits and nuts to Japan.
The agreement has also made it easier
for Vietnam's agricultural products to access the Australian market. Notably, Vietnamese
shrimp products dominate this market with a share of over 70%, nearly
doubling from the figure recorded before the agreement was inked.
In addition to traditional markets,
Chile is also a potential one for Vietnam’s agricultural exports. According
to the Ministry of Industry and Trade, products prioritised as exports to Chile include pepper, cashew nuts, tea, coffee, honey, seafood, and
wood products.
The UK officially signed an agreement
to join the CPTPP in July last year, creating more opportunities for Vietnam's
agricultural sector to diversify its markets and increase its competitive
advantage.
Insiders said that to effectively capitalise on the opportunities brought by the pact, producers and exporters of agro-forestry-aquatic products need to pay
special attention to standards, consumer trends, and product designs; and improve production
processes and comply with labour and environmental standards as outlined in the
trade deal, and meet specific requirements of each market.
Furthermore, concerning Latin
American markets such as Mexico, Chile, and Peru, Vietnamese businesses
currently lack information about consumer preferences and demands, so the
export turnover to these markets remains limited.
Vietnamese authorities and
trade offices in these countries should provide more support to businesses in
trade promotion activities, they said./.