Economic and trade ties between Vietnam and the Americas have grown robustly over recent years.
At the seminar (Photo: VNA)
Two years after it came into effect, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has helped Vietnam significantly boost its exports to other member nations and open the door to members in the Americas, which are bursting with potential, Deputy Minister of Industry and Trade Do Thang Hai told a seminar in Ha Noi on April 27.
With the theme “CPTPP - Opportunities for Vietnam’s Exports to American Markets”, the deputy minister told the gathering that economic and trade ties between Vietnam and the Americas have grown robustly over recent years.
Ratified on December 30, 2018, the CPTPP took effect in Vietnam on January 14, 2019. In 2020, when COVID-19 first struck, trade between Vietnam and the Americas stood at 111.5 billion USD, up 16 percent against 2019. Of this, Vietnam’s exports were worth 89.7 billion USD, accounting for 31.7 percent of its total and representing an annual growth rate of 21.7 percent.
In the first quarter of this year, Vietnam posted improved exports to many CPTPP member countries in the region. Notably, its value of shipments to Canada, Chile, Mexico, and Peru stood at 1.13 billion USD, 321 million USD, 931 million USD, and 134 million USD, respectively, for increases of 15 percent, 12 percent, 17 percent, and 35 percent.
Hai suggested Vietnamese firms study the possibility of exploiting existing incentives, economic links, and infrastructure in member countries to seek business opportunities and diversify export markets and products.
Vietnamese Trade Counsellor in Canada Do Thi Thu Huong recommended that Vietnamese companies be active in studying the agreement, particularly regarding preferential tariffs and rules of origin, and to take advantage of e-commerce platforms to connect with their Canadian counterparts amid COVID-19.
Participants also pointed to challenges facing cooperation between Vietnam’s business community and other CPTPP members, including those from the Americas. They include geographical distance, different languages, and a lack of up-to-date market information.
Some Vietnamese enterprises also find it difficult to meet quality standards and rules of origin in target markets.