CPTPP Agreement is effective for Vietnam from 14 January 2019
The CPTPP Agreement was passed by the National Assembly on 12 November, 2018 and is effective for Vietnam from 14 January, 2019. With CPTPP agreement, many opportunities as well as challenges are opened for businesses.
On 8 March 2018, Vietnam and 10 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru officially signed The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Chile. The CPTPP Agreement has been in effect since 30 December 2018 for the first 6 countries to complete the ratification of the Agreement including Mexico, Japan, Singapore, New Zealand, Canada and Australia. The agreement is valid for Vietnam from 14 January, 2019.
Participating in the CPTPP Agreement provides an opportunity to strengthen the mutually beneficial linkages between members and promote trade, investment and economic growth in the Asia-Pacific region. In addition, the Ministry of Industry and Trade is cooperating with the Australian Embassy in Vietnam and the World Bank to build an E-commerce Portal to introduce free trade agreements that Vietnam is participating in (in which CPTPP Agreement) with search tools for specific commitments and regulations in each sector and industry for each partner participating in the agreement.
The Multilateral Trade Department (Ministry of Industry and Trade) said that, according to the commodity, some types of agricultural products that some CPTPP countries have advantages such as pork, chicken are Vietnamese products that can be produced but is weak at competition. However, since the United States has withdrawn from the Agreement, competition pressure is significantly reduced.
Some products of the steel, automotive and paper industries which some CPTPP countries have advantages, can also create a competitive challenge for Vietnam. However, the competitiveness may not be large because currently and in the next 10 - 15 years our products are still mainly directed to the average market segment while the products of CPTPP countries are often oriented to the segment of high-end market.
Paper Vietnam, The International Exhibition & Conference on Pulp and Paper Industry anually held in Vietnam, is an ideal place for connecting, enhancing and expanding businesses. Please come to visit Paper Vietnam 2019, which takes place from 26th – 28th June 2019 at Saigon Exhibition and Convention Center (SECC) in Ho Chi Minh City.