VN needs to improve structural reform, competitiveness to tap CPTPP opportunities
Thursday, February 20,2020AsemconnectVietnam - Vietnam should improve structural reforms and businesses’ competitiveness to efficiently implement the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), heard a conference held by the Central Institute for Economic Management (CIEM) in Hanoi on February 19.
However, Minh said efficiency in implementing CPTPP and competence in taking advantage of opportunities provided by the trade deal was heavily dependent on institutional capacities, the competitiveness and domestic firms' ability to adapt.
According to Nguyen Anh Duong, head of the CIEM’s General Research Department, it is necessary for Vietnam to handle several institution-related problems to efficiently implement the CPTPP, including fully understanding the trade deal, enhancing coordination among ministries and agencies and timely issuing legal documents.
Duong added that the trade deal provides significant opportunities to businesses but firms must make more preparations to realise the opportunities. Firms are paying more attention to taxes and tariff liberalisation but must also fully understand origin rules, he said.
Duong said opportunities will come first from businesses’ efforts to change their thinking and improve their competitiveness, adding that room for businesses to take advantage of the trade deal remains large.
Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy, said that as the CPTPP will push structural reform, implementing the trade deal must follow the commitments then more importantly, go beyond commitments for efficiency.
Nguyen Thi Thu Trang, Director of WTO and Integration Centre under the Vietnam Chamber of Commerce and Industry, said the CPTPP set requirements and created pressure for structural reforms in Vietnam.
Together with the European Union – Vietnam Free Trade Agreement, the country has significant economic opportunities, Trang said, adding that it is critical to speed up institutional reforms.
Tariff incentives provided by the trade deal will provide opportunities to boost the development of the part-supply industry, Trang said.
Trade between Vietnam and CPTPP members reached 77.4 billion USD in 2019, a year-on-year rise of 3.9 percent, statistics of the Ministry of Industry and Trade revealed.
Source: vov.vn
Indian research intern: Vietnam’s clean energy transition accelerates
Nordic countries share green solutions for circular economy with Vietnam
Vietnam promotes negotiations of FTA with Mercosur
Vietnamese, Dutch localities step up cooperation
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance
Vietnam, Mexico see ample room for trade cooperation: workshop
Hoa Binh province exports first batch of fresh sugarcane to US
Aviation firms ready to welcome Chinese tourists
Vietnam, South Africa explore cooperation potential
Mong Cai int’l border gate facilitates Vietnam’s exports to China
Vietnam’s trade with top 11 Asian markets is set to grow significantly
Foreign direct investment projects go green
Vietnam has dual opportunity from offshore wind power: Danish Ambassador
Mini Thailand Week kicks off in Quang Ninh
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...