CPTPP gives boost to Vietnamese exports

Illustrative photo (Source: VNA)

Hanoi (VNA) – The Vietnam Chamber of Commerce and Industry (VCCI) on April 7 held a workshop to review the two-year outcomes of Vietnam’s implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The trade pact was clinched in March 2018 by 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It came into effect Vietnam in January 2019.

Participant heard that Vietnam’s exports to all members of the trade deal have been on the rise, with an accumulated value amounting to 34.3 billion USD in 2019 and about 34 billion USD in 2020, when the COVID-19 took its toll in the world.

The value of shipments to the countries under the trade pact accounted for 12.02 percent of Vietnam’s total export value in 2018. The proportion rose to 13 percent in 2019 before returning back to 12.02 percent in 2020.

Footwear, garment-textile, wood and woodwork products recorded good growth over the reviewed years.

However, the rate of taking advantage from CPTPP-related preferential tariff treatment stayed at 1.67 percent in 2019, well below Vietnam’s average rate of 37.2 percent posted in the year./.

VNA