AsemconnectVietnam - After 5 years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnamese enterprises have effectively exploited the incentives from the agreement, contributing to increasing the import and export turnover of goods to CPTPP markets in the Americas by more than 56%.

On October 2, 2024, in Hanoi, the Ministry of Industry and Trade organized the Workshop "CPTPP: Strengthening economic and trade cooperation with American partners" to discuss and seek practical solutions to help businesses effectively utilize the Agreement, strengthen economic and trade connections with American partners.
Speaking at the workshop, Deputy Minister of Industry and Trade Nguyen Hoang Long said that economic and trade relations between Vietnam and the Americas have been constantly developing in recent years.
After 5 years since coming into effect in January of 2019, CPTPP has played an important role in promoting Vietnam's trade with markets in the Americas, especially member markets including Canada, Mexico, Chile, and Peru (in which Canada, Mexico and Peru are the markets that have FTA relations with Vietnam for the first time). According to statistics from the General Department of Customs, the total import and export turnover to CPTPP markets in America has increased by 56.3%, from 8.7 billion USD in 2018 to 13.6 billion USD in 2023, although this is a period with many challenges such as the global economic recession and the Covid-19 pandemic. Of which, Vietnam's exports to these markets nearly doubled, from 6.3 billion USD in 2018 to 11.7 billion USD in 2023.
The trade surplus in these markets also increased nearly 3 times, from 3.9 billion USD to 11.01 billion USD, contributing positively to Vietnam's macroeconomic stability in recent times. This result has significantly contributed to Vietnam's trade with the American region in general, with total import-export turnover in 2023 reaching 137.7 billion USD, of which Vietnam exported 114.5 billion USD.
In addition to the impressive figures mentioned above, joining the CPTPP has promoted Vietnam to reform its institutions and perfect its legal system towards greater transparency. This not only helps businesses operate more professionally but also contributes to enhancing Vietnam's international reputation, attracting more foreign investors. The relationship between Vietnam and the Americas has been strengthened through strategic commitments.
America is a large market and is closely linked together through interwoven free trade blocs such as the North American Free Trade Agreement (USMCA), the Pacific Alliance (PA), the Southern Common Market (MERCOSUR), etc.. Taking advantage of the advantages that the CPTPP Agreement brings, along with the favorable gateway locations of member countries in the region such as Canada, Mexico, Chile and Peru, businesses can consider exporting and investing in production in the above countries to expand and diversify export markets to this vibrant and potential market.
At the workshop, experts and speakers shared a lot of useful information, discussed and found solutions to help the Vietnamese and American business communities build effective business plans. Enterprises have more market information, seek new and effective logistics solutions, and increase the ability to take advantage of tariff incentives in CPTPP; strengthen connections for enterprises to participate deeply in the global supply chain, especially of CPTPP member countries.
CK
Source: VITIC/ haiquanonline.com.vn