Business

Vietnamese businesses look to further optimise opportunities from CPTPP

After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders.
Vietnamese businesses look to further optimise opportunities from CPTPP ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNA) - After two years ofimplementing the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), the use of the deal to generate benefits for the economyand businesses has remained modest, according to insiders.

Among 14 free trade agreements (FTAs) Vietnam hassigned, the CPTPP is a new generation FTA with high standards and the highestlevel of facilitation. Vietnam has been forecast to be one of the members thatbenefits the most from the deal.

However, the country has experienced challenges inoptimising the FTA because of its modest level of development andcompetitiveness.

Due to US-China trade tensions and the impact of COVID-19,the global economy fell into crisis last year with interrupted supply chains.Vietnam also suffered an economic downturn. Therefore, after two years ofimplementation, the benefits from the CPTPP are still to be seen.

Vu Tien Loc, President of the Vietnam Chamber ofCommerce and Industry (VCCI), said that positive results in the two years of implementationinclude the reform of institutions and administrative procedures.

Explaining the modest benefits so far, Loc said majorreasons include the poor competitiveness of Vietnamese enterprises, market instability,and the low capacity of State agencies.

Meanwhile, Nguyen Cam Trang, Vice Director of theImport-Export Department at the Ministry of Industry and Trade, said the CPTPPhas helped promote Vietnam’s exports.

However, its market share and export growth to the sixpartners that have implemented the CPTPP have been low.

She noted that Vietnam’s market share is 3.1 percent inJapan, 1.9 percent in Australia, 1.6 percent in New Zealand, 1.3 percent inMexico, 1.1 percent in Canada, and 1 percent in Singapore.

Growth in exports to CPTPP markets was 12.2 percent in2018, 13 percent in 2019, and 12.02 percent in 2020, Trang added.

She said that, in the future, State agencies shouldenhance their capacity to implement the CPTPP while continuing to completelegal policies, strengthen communications regarding the deal, support macro,small, and medium-sized enterprises to improve their capacity, encourageinvestment in material production, and design measures to reduce logistics costs.

Businesses should also be more active in seekingopportunities from the deal, while changing their mindset and exploring demand inCPTPP markets to design suitable business strategies and plans, she added.

A survey by VCCI showed that about three-quarters ofbusinesses said they will adjust their business plans to optimise the opportunitiesfrom the CPTPP and other FTAs./.
VNA
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