Supporting SMEs to expand globally
According to a report by Multilateral Trade Policy Department of Ministry of Industry and Trade, in a period of 2021-2025, in line with proactive and positive orientation of deep and broad international integration, Ministry of Industry and Trade has made efforts to comprehensively implement solutions to effectively execute new generation FTAs of which Vietnam is a member, such as: EVFTA, UKVFTA, CPTPP and the traditional FTA RCEP.
Providing more detailed information on results of leveraging RCEP benefits to boost trade between Vietnam and its partners, Ms. Pham Quynh Mai, Deputy Director of Multilateral Trade Policy Department, said that since RCEP Agreement came into effect in 2022, Vietnam's export turnover to RCEP member countries has seen positive improvements.
Data from Customs Department and General Statistics Office shows that Vietnam's export turnover to RCEP participating countries in 2024 reached US$155.44 billion, an increase of 17.6% compared to 2021, before RCEP Agreement came into effect in 2022.
Of which, markets with the largest export turnover for Vietnam were China at US$61.2 billion, ASEAN at US$36.87 billion, South Korea at US$25.62 billion and Japan at US$24.6 billion, representing growth rates of 9.3%, 27.6%, 16.7% and 22.2% respectively compared to 2021 (before the RCEP Agreement came into effect).
Notably, in context of deep integration, Vietnam is aiming to help businesses, especially small and medium-sized enterprises (SMEs), expand into international markets. Ministry of Industry and Trade is currently developing the "Go Global" program to support businesses in expanding their global operations.
One way for SMEs to "go global" is to leverage benefits of FTAs, with RCEP agreement playing a prominent role. As the world's largest free trade agreement, RCEP opens up markets in 15 economies, helping Vietnamese SMEs benefit from reduced tariffs, simplified customs procedures, and diversified supply chains, thereby enhancing competitiveness, reducing costs and expanding regional exports.
In context of Vietnam's increasing integration with regional and international economy and with improving capabilities of Vietnamese businesses, goal of Vietnamese businesses expanding into the region is becoming increasingly evident and is receiving attention from the Government.
Currently, Ministry of Industry and Trade is developing the "Go Global" program for Vietnamese businesses to expand into international markets, aiming to submit it to the Government soon. This demonstrates the government's interest in this goal for Vietnamese businesses, including small and medium-sized enterprises (SMEs) and leveraging FTAs is one of ways for Vietnamese SMEs to expand into international markets.
RCEP, as the world's largest free trade agreement, led by ASEAN, will be one of important cooperation frameworks that Vietnamese SMEs need to pay attention to. Since Regional Comprehensive Economic Partnership (RCEP) officially came into effect, Vietnamese SMEs have had many new opportunities to develop and compete on a regional scale. As the world's largest free trade agreement, RCEP is removing trade barriers in the Asian region, helping Vietnamese businesses benefit from lower tariffs, faster customs procedures and a more diversified supply chain network.
The Biggest Benefiting Country from RCEP
When RCEP was implemented in 2022, the World Bank predicted that Vietnam would be the country that would reap the greatest economic benefits within the bloc. This prediction is becoming a reality, as by 2025, Vietnam's GDP is expected to grow by 6.6% (the Vietnamese government aims for a higher growth rate of 8%), the highest in ASEAN region.
RCEP agreement connects 15 economies, including 10 ASEAN countries along with Australia, China, Japan, South Korea and New Zealand, forming a trade network accounting for approximately 30% of global GDP and total trade turnover.
By the end of 2024, trade between Vietnam and RCEP countries will account for more than half of Vietnam's total trade turnover, thus demonstrating increasingly deep integration of our country into the regional value chain.
But beyond the numbers, RCEP brings tangible and long-term benefits to Vietnamese businesses, especially SMEs.
Firstly, tariff reductions enhance competitiveness.
For small businesses, high import and export tax costs have long been a major barrier to expanding into international markets. RCEP addresses this by eliminating or reducing tariffs on at least 92% of goods traded within the bloc, either immediately or within 20 years.
Thanks to lower trade costs, Vietnamese businesses can set more competitive prices when exporting to foreign markets. For example, a textile company can export goods to Japan or South Korea with lower tariffs, saving costs and reinvesting in production.
According to the World Bank, Vietnam is projected to have the highest export growth rate among RCEP countries in the period 2020–2035, reaching 11.4%. This strengthens Vietnam's role as a new export hub in the region and encourages SMEs to expand their operations globally.

Secondly, simplifying customs procedures: reducing customs clearance time.
Cross-border trade is often hampered by complex customs procedures, causing delays and increased costs. RCEP overcomes this by promoting the application of digital technology in customs declarations and inspections before goods arrive.
According to the agreement, member countries must ensure that express and perishable goods are cleared within 6 hours and regular shipments are processed within 48 hours of arrival. These reforms help Vietnamese businesses shorten delivery times, reduce warehousing costs and enhance reliability in supply chain.
For SMEs, fast and consistent delivery speeds are key factors in increasing credibility and attracting international customers.
Thirdly, supply chain diversification: reducing risks and costs.
Another major advantage of RCEP is its broad membership, including economies that supply important raw materials to Vietnam such as China, South Korea and Japan. Previously, if SMEs imported raw materials from many different countries, final product might not qualify for preferential tariffs when exporting to ASEAN.
Now, thanks to unified rules of origin across the bloc, businesses can import raw materials from any RCEP member country while still enjoying preferential tariffs when exporting. This helps SMEs expand their supply sources, save costs and build more flexible supply chains, a crucial factor in context of a volatile global economy.
Fourth, from policy to action, transforming RCEP benefits into real growth.
Although RCEP creates a favorable policy framework, effectively utilizing agreement depends on logistics and international transportation capabilities of businesses. An efficient supply chain is a decisive factor in converting advantages from trade policy into actual profits.
Recognizing this potential, international logistics corporations such as FedEx have expanded their operations in Vietnam. By 2025, FedEx will shift to a direct-serve model, providing faster international delivery services, modern digital tools, and optimal customs support for Vietnamese businesses.
Thanks to this, SMEs can manage import and export activities more efficiently, access global customers quickly and at lower costs.
Vietnam currently participates in many FTAs, demonstrating a strong commitment to global economic integration. However, the RCEP agreement stands out due to its enormous scale and its ability to reshape the position of Vietnamese SMEs in the regional value chain.
By leveraging tariff preferences, improving logistics capabilities, and undergoing digital transformation, Vietnamese businesses can rise from domestic scale to regional exporters. RCEP not only brings trade benefits but also serves as a strategic foundation to help Vietnamese SMEs strengthen their competitiveness, expand markets, and achieve sustainable development in the new era of globalization.

Source: Vitic/ congthuong.vn