Businesses need to enhance competitiveness in RCEP market
![]() |
As of January 1, Vietnam has officially taken on the role of ASEAN Chair 2020. With the new position, the country has set out a number of priorities, including the facilitation of the signing of the RCEP.
The RCEP is expected to be signed in February between the 10 ASEAN member states and six partners, although India has a number of issues which it is currently attempting to resolve.
Despite the absence of India from the trade pact, RCEP will serve to create the world’s largest free trade area with approximately 3.5 billion people, making up 30 per cent of global GDP.
The trade deal will also help unify six separate bilateral free trade agreements (FTAs) between ASEAN and each nation of the remaining six RCEP partners.
Moreover, once in effect, the RCEP is expected to create additional opportunities for market expansion for the country’s manufacturing industry.
Despite this, a number of domestic enterprises are concerned that partners among RCEP members have similar products to the ones produced in Vietnam, in addition to being more competitive.
Assoc. Prof. Dr. Dang Hoang Linh, Head of Economics Department under the Diplomatic Academy of Vietnam, pointed out that locals items such as agricultural products, processed goods, and garments enjoy competitive advantage over those that come from other regional nations such as China and Thailand.
Elsewhere, the country is forecast to face stiff competition from regional rivals in sectors such as human resources, finance, banking, and telecoms, according to Assoc. Prof. Dr Linh.
Experts have advised Vietnamese businesses to stay proactive in gaining insights into the agreement’s specific content that relates to their respective industry and strive to improve product quality as a means of enhancing their competitiveness in the RCEP market.
Related News
![Enhance the role of localities in developing supporting industries](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/16/3353-2553492d7dcc8792dedd20240830161318.jpg?rt=20240830161322?240902082736)
Enhance the role of localities in developing supporting industries
08:27 | 02/09/2024 Import-Export
![The key to opening new doors for agricultural enterprises](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/14/croped/152024082710414820240830143119.jpg?240905100212)
The key to opening new doors for agricultural enterprises
10:02 | 05/09/2024 Import-Export
![Seafood businesses face difficulties with S/C to export to Europe](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/14/croped/2438-16-khacphucthevang080920240830141535.jpg?240903093019)
Seafood businesses face difficulties with S/C to export to Europe
09:30 | 03/09/2024 Import-Export
![WB expert: It is not necessary to iment a loose fiscal policy](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/29/16/croped/anh-man-hinh-2024-08-26-luc-17192520240826172603-120240829163503.png?240901060248)
WB expert: It is not necessary to iment a loose fiscal policy
18:02 | 01/09/2024 Headlines
Latest News
![Vietnam’s aquatic product exports reel in positive forecasts to year end](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/shrimp-144620240907183436.4919100.jpeg?240907063502)
Vietnam’s aquatic product exports reel in positive forecasts to year end
18:35 | 07/09/2024 Import-Export
![Vietnam-Sweden Business Forum 2024 opens](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/hinh-anh-1-414720240907183241.8732450.jpg?240907063321)
Vietnam-Sweden Business Forum 2024 opens
18:33 | 07/09/2024 Import-Export
![Industrial real estate - "Magnet" attracting foreign capital](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/04/16/4-z5057864696649-9927657359836bc057d6000de04cc6f2202408161459212024082218451220240904160920.jpg?rt=20240904160923?240907090112)
Industrial real estate - "Magnet" attracting foreign capital
09:01 | 07/09/2024 Import-Export
![New markets help fruit exports grow to record revenues](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/qua-903020240906141844.6050400.jpg?240906021908)
New markets help fruit exports grow to record revenues
14:19 | 06/09/2024 Import-Export
More News
![Export-import through Mong Cai int’l border gate grows 24%](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/ming-cai-279320240906141603.6879800.jpg?240906021625)
Export-import through Mong Cai int’l border gate grows 24%
14:16 | 06/09/2024 Import-Export
![Seafood enterprises shift business and export](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/01/22/croped/62024082708484520240901223914.jpg?240906091136)
Seafood enterprises shift business and export
09:11 | 06/09/2024 Import-Export
![Centre of raw materials for textiles and footwear expected to be launched in 2025](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/05/16/croped/372356-raw20material20centre20120240905161522.1353050.jpg?240905041544)
Centre of raw materials for textiles and footwear expected to be launched in 2025
16:15 | 05/09/2024 Import-Export
![Binh Duong’s export revenue rises 11.3%](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/05/16/croped/binh-duong-exports-456520240905161355.6659760.jpg?240905041420)
Binh Duong’s export revenue rises 11.3%
16:14 | 05/09/2024 Import-Export
![Vietnamese vegetables, fruits promoted at Asia Fruit Logistica](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/05/16/croped/capture-195220240905161220.1649880.png?240905041241)
Vietnamese vegetables, fruits promoted at Asia Fruit Logistica
16:12 | 05/09/2024 Import-Export
![Note for businesses when converting green and digital](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/13/croped/142024082710321220240830135517.jpg?240905100039)
Note for businesses when converting green and digital
10:00 | 05/09/2024 Import-Export
![Việt Nam targets developing green steel products](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/04/14/croped/370578-steel20240904144042.jpg?240904024143)
Việt Nam targets developing green steel products
14:41 | 04/09/2024 Import-Export
![Rice exports top 6.1 million tonnes in eight months](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/04/14/croped/gia-gao-xuat-khau-giam-772027-200320240904142833.9542750.jpg?240904022853)
Rice exports top 6.1 million tonnes in eight months
14:28 | 04/09/2024 Import-Export
![Allocation of import sugar tariff quota via auction in 2024](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/082024/30/10/duong2024082814425120240830103744.jpg?rt=20240830103749?240904083053)
Allocation of import sugar tariff quota via auction in 2024
08:30 | 04/09/2024 Import-Export
Your care
![Vietnam’s aquatic product exports reel in positive forecasts to year end](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/medium/shrimp-144620240907183436.4919100.jpeg?240907063502)
Vietnam’s aquatic product exports reel in positive forecasts to year end
18:35 | 07/09/2024 Import-Export
![Vietnam-Sweden Business Forum 2024 opens](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/07/18/croped/medium/hinh-anh-1-414720240907183241.8732450.jpg?240907063321)
Vietnam-Sweden Business Forum 2024 opens
18:33 | 07/09/2024 Import-Export
![Industrial real estate - "Magnet" attracting foreign capital](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/04/16/medium/4-z5057864696649-9927657359836bc057d6000de04cc6f2202408161459212024082218451220240904160920.jpg?rt=20240904160923?240907090112)
Industrial real estate - "Magnet" attracting foreign capital
09:01 | 07/09/2024 Import-Export
![New markets help fruit exports grow to record revenues](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/medium/qua-903020240906141844.6050400.jpg?240906021908)
New markets help fruit exports grow to record revenues
14:19 | 06/09/2024 Import-Export
![Export-import through Mong Cai int’l border gate grows 24%](https://english.haiquanonline.com.vn/stores/news_dataimages/2024/092024/06/14/croped/medium/ming-cai-279320240906141603.6879800.jpg?240906021625)
Export-import through Mong Cai int’l border gate grows 24%
14:16 | 06/09/2024 Import-Export