Vietnam's exports to several CPTPP member countries have increased this year. (Source: vietnamexport.com)Hanoi (VNA) – Vietnam’s exports tomember countries of the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) are expected to increase strongly through2030, reaching 25 percent of the nation’s total exports, according to theMinistry of Industry and Trade (MOIT).
Shipments to Japan, the country’s largest exportmarket in the bloc followed by Canada and Mexico, have reached 2.9 billion USDso far this year, up from 2.6 billion USD from the same period last year.
As many as 269 certificates of origin have beenissued in the CPTPP since the pact took effect in January 2019.
These figures were unveiled by Ngo ChungKhanh, deputy director of the MoIT’s Multilateral Trade Policy Department,in a recent press meeting on industrial manufacturing and trade activities.
“Up to 219 of the 269 certificates of origin were issued to Canada,demonstrating that Vietnamese exporters were utilizing the CPTPP to penetrateCanada, one of the three countries that Vietnam has not signed free tradeagreement with,” Khanh said, adding that 14 certificates of origin had beenissued to Mexico and eight to Peru.
Vietnam has yet to sign free trade agreements (FTAs) with three of the 11 CPTPPmember countries - Canada, Mexico and Peru.
“In the medium and long term, Vietnam willbenefit more from the CPTPP when more countries join the agreement,” Khanhsaid.
The CPTPP is a trading bloc that represents nearly 500 million people with acombined 13.5 percent of the world’s gross domestic product (GDP).
The accord is an important milestone in Vietnam’s global integration as it willpromote export turnover, boost institutional reform and improve the businessenvironment.
Total import-export turnover between Vietnam and other CPTPP member countries reachednearly 74.5 billion USD in 2018, accounting for 15.5 percent of the country’stotal import-export value. Of which, exports reached 36.8 billion USD andimports were 37.7 billion USD, data from Vietnam’s General Department ofCustoms showed.
Vietnam enjoyed a trade surplus with Canada, Chile, Mexico, Australia and Peru,while suffering a trade deficit with Japan, Singapore, New Zealand, Malaysiaand Brunei.
The Ministry of Planning and Investment has revealed Vietnam’s exports to the CPTPPcountries would grow by 4.04 percent by 2035 and reach 80 billion USD through2030, making up 25 percent of its total exports.
With 75-95 percent of tariff lines being scrapped, export opportunities to thecountries Vietnam had yet sign FTAs as well as member it was suffering a tradedeficit like Japan and Australia were significant.
Khanh said extensive commitments in the trade, service and investment sectorswould open more opportunities for Vietnamese businesses to compete in a moretransparent and predictable business environment, expand and diversify importand export markets, especially for products and services.
In addition, new supply chains would be formed to raise the whole economy,increase labour productivity and enable businesses to participate in highervalue-added production chains.
He added that the MoIT working with the World Bank and The Australian Embassyin Vietnam to build a web portal for FTAs, with the core being the CPTPP.-VNA
VNA
