The evaluation by the Ministry of Industry and Trade shows that after 3 years of implementation of the CPTPP, Vietnamese companies have demonstrated their ability to rise up and adapt to the new normal to embrace and effectively use the agreement and export from Merchandise to boost markets, particularly new markets in America.

SEIZE OPPORTUNITIES FROM THE AGREEMENT

Notably, export turnover between Vietnam and CPTPP member countries reached US$41 billion in the first eight months of 2022, up 38.7% from the same period in 2021. In the opposite direction, Vietnam’s import turnover from this region reached US$35 billion, up 17.2% from the same period in 2021. The trade surplus after 8 months was recorded at US$6 billion, the highest level since the entry into force of this FTA , while in the first years of implementation of the CPTPP the two-way trade balance is fairly balanced.

In particular, exports to a number of CPTPP member countries with which Vietnam previously had no free trade agreement developed very positively in the first eight months of 2022. Exports to Canada reached $4.5 billion, up 32% from the same period in 2021; to Mexico reached USD 3.2 billion, up 9.2% over the same period in 2021. Compared with the export sales to this region of USD 45.4 billion achieved in the whole of 2021, after just 8 months, export exports were almost same as last year.

At the seminar “Levering CPTPP, Increasing Exports to the American Market”, Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration, Vietnam Confederation of Trade and Industry (VCCI), assessed CPTPP’s price is the first trade agreement how a major attack on the American market. Before that we had the Free Trade Agreement between Vietnam and Chile, but it was a traditional agreement and on a small scale. With the CPTPP, Vietnam has access to two markets in South America, Peru and Chile, and two markets in North America, Canada and Mexico for the first time. This creates a great opportunity for Vietnam to enter new markets with many potentials and of course challenges, because from its novelty…

The content of the article was published in Vietnam Economic Review No. 43, published on October 24, 2022. Welcome readers to read This:

https://postenp.phaha.vn/chi-tiet-toa-soan/27