Business

CPTPP gives boost to Vietnamese exports

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).
CPTPP gives boost to Vietnamese exports ảnh 1Illustrative photo (Source: VNA)
 Hanoi (VNA) – The Vietnam Chamber of Commerce and Industry (VCCI) on April 7held a workshop to review the two-year outcomes of Vietnam’s implementation ofthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP).

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

Participantheard that Vietnam’s exports to all members of the trade deal have been on therise, with an accumulated value amounting to 34.3 billion USD in 2019 and about34 billion USD in 2020, when the COVID-19 took its toll in the world.

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

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

However,the rate of taking advantage from CPTPP-related preferential tariff treatment stayedat 1.67 percent in 2019, well below Vietnam’s average rate of 37.2 percentposted in the year./. 
VNA
#Vietnam Chamber of Commerce and Industry#VCCI#CPTPP#COVID-19#preferential tariff treatment#Vietnam#vietnam news agency#vietnamplus
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