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
#Comprehensive and Progressive Agreement for Trans-Pacific Partnership #CPTPP #free trade agreements #FTAs #US-China trade tensions #Vietnam #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Processing industry leads Q1 export growth

Processing industry leads Q1 export growth

Shipments of products from the processing industry brought in about 67.39 billion USD in the first quarter of this year, representing 87.13 percent of Vietnam’s total export value during the period.
Key export sectors the target of M&As by foreign investors

Key export sectors the target of M&As by foreign investors

Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.

See more

Minister of Foreign Affairs Le Hoai Trung (Photo published by VNA)

Vietnam, India set 25 billion USD trade goal

Vietnam and India agreed to make better use of complementary strengths, ease market access difficulties and facilitate business activities toward achieving the 25 billion USD bilateral trade target.

Delegates at the meeting between Vietnamese businesses operating in Cambodia and the Council for the Development of Cambodia (CDC) on September 14. (Photo: VNA)

Vietnamese businesses seek to expand investment in Cambodia

Vietnam currently has 223 investment projects in Cambodia with total registered capital of nearly 3.4 billion USD. Vietnamese companies operate in agriculture, particularly large-scale farming, finance and banking, telecommunications, aviation, processing, trade and services.

Children visit President Ho Chi Minh's hometown and learn about his childhood. (Photo: VNA)

Vietnam's tourism sector faces labour shortage

A 2026 survey by Hoteljob.vn found that nearly 90% of tourism businesses planned to recruit. In Ho Chi Minh City alone, 89.7% of businesses were hiring, while 71.8% said recruitment was difficult or very difficult. The biggest shortages were among frontline workers, particularly in housekeeping, engineering, food service, front-office operations, and kitchens.

Octopus processing for export at Huy Nam Company in An Giang province. (Photo: VNA)

New opportunities for Vietnam’s seafood exports

The Vietnam-EFTA Free Trade Agreement brings together two groups of highly complementary economies. EFTA members Switzerland, Norway, Iceland and Liechtenstein have strengths in technology, innovation, finance, clean energy and sustainable development, while Vietnam is one of Asia’s most dynamic economies and is emerging as a major regional manufacturing, trade and investment hub.

The saponin content of Lai Chau ginseng can reach as high as 23.85% in its natural state, a remarkably high level compared to many other ginseng species. (Photo: baolaichau.vn)

Lai Chau ginseng development gains momentum

Blessed with rare and distinctive ecological values, the northern mountainous province of Lai Chau is stepping up efforts to conserve and develop its native ginseng, with the medicinal plant expected to play a growing role in the forest-based economy and local livelihoods.

The Vietnamese delegation poses for a group photo at the third meeting of the Vietnam-Canada Joint Economic Committee (Photo: VNA)

Vietnam, Canada broaden economic cooperation beyond trade

Vietnam is currently Canada’s largest trading partner in ASEAN. Building on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the two countries are expanding bilateral economic ties into higher value-added areas such as clean energy, critical minerals, advanced technology, manufacturing and value-chain linkages.

The Index of Industrial Production (IIP) rises 14.4% in August and 11.9% in the first eight months compared to a year earlier. (Photo: VNA)

More momentum needed for economic growth in year-end race

To build momentum for the year-end race, one of the top priorities is to accelerate public investment disbursement, ensuring 100% of the allocated plan is disbursed without allowing funds to be concentrated in the final months of the year.

Vietnamese enterprises showcase products at the Vietnam Pavilion during the Foodist Istanbul 2026 fair. (Photo: Vietrade)

Vietnamese goods gain export opportunities in Türkiye, Spain

Vietrade said the programme helped businesses gain practical market information, identify potential products and partners, and better understand requirements on quality, pricing and distribution. Such direct connections are expected to help companies adapt their products and develop more effective export strategies.