Vietnam gains benefits from EVFTA and CPTPP: Ministry
Hanoi (VNA) – Joining in new-generation agreements like the European Union-Vietnam Free Trade Agreements (EVFTA) and the Comprehensive and Progress Agreement for Trans-Pacific Partnership (CPTPP) has brought great economic benefits to Vietnam, according to the Ministry of Industry and Trade (MoIT).
Last year, export
turnover of Vietnamese goods to the European market and CPTPP member countries reached
more than 40 billion USD and 38.7 billion USD, respectively.
These figures were revealed by
the MoIT in a report on the implementation of the CPTPP and the EVFTA
which has been submitted to the Prime Minister, the Tuoi Tre (Youth) newspaper reported.
The ministry said that exports
to the European Union and CPTPP countries still achieved positive results
amidst the outbreak of the COVID-19 pandemic in 2020.
Accordingly, two-way trade between Vietnam and EU member countries obtained
55.4 billion USD, down 1.8 percent compared to that of 2019.
The country exported goods
worth 40.1 billion USD to the EU, while it imported 15.3 billion USD, leading
to a trade surplus of 24.8 billion USD last year with the bloc.
The biggest importers of Vietnamese goods among European countries include
Belgium (2.3 billion USD), Germany (6.6 billion USD), the Netherlands (6.9
billion USD), France (nearly 3.3 billion USD) and Italy (3.1 billion USD).
According to the MoIT, goods with great export value to the EU inlude footwear,
plastic products, rice, textiles and garment and farm produce.
Along with the export growth
thanks to the EVFTA, Vietnam's export turnover to CPTPP members also rose in
2020 compared to the previous year, it said.
Total import-export turnover
between Vietnam and other CPTPP member countries reached 79 billion USD last
year, an year-on year increase of 1.9 percent. Vietnam exported goods worth
38.7 billion USD to these countries and spent 40.3 billion USD on imports,
resulting in a trade deficit of 1.6 billion USD last year.
The country enjoyed a trade
surplus with some countries namely Canada and Mexico with a year-on-year rise
of 11.8 percent and 12.1 percent, respectively.
Key products for exports to the CPTPP member countries are aquatic products,
textile and garments, footwear, pepper, and wooden products.
Vietnam's participation in new-generation
trade agreements has helped the country attract more foreign direct
investment (FDI), the MoIT said.
In 2020, FDI investment from CPTPP member countries into the country hit 11.6 billion USD, up 23.4 percent compared to that in 2019 while investment
capital of EU enterprises into Vietnam stood at 1.4 billion USD, down 6.7
percent over the same period last year.
Despite the fact that Vietnamese businesses have initially taken opportunities
from EVFTA and CPTPP, there still much room to improve.
According to a survey by the
Vietnam Chamber of Commerce and Industry, only 29 percent of the enterprises
that exports goods to CPTPP member countries have enjoyed preferential tariffs
as regulated by the agreement.
Regarding to the EVFTA, only 38 out of 63 provinces and cities in Vietnam run import-export activities with EU countries.
Thus, it was necessary for
Vietnamse enterprises to make more efforts to exploit the advantage of the
new-generation trade agreements, the VCCI said./.