Trade revenue between Vietnam and other CPTPP member nations has witnessed double-digit growth every year in the three years after the pact took effect, according to Luong Hoang Thai, director of Vietnam’s multilateral trade policy department under the ministry of industry and trade (MoIT).
Thai was addressing a meeting in Hanoi to review the deal’s implementation.
Impressive growth has been recorded in the import-export revenue between Vietnam and CPTPP countries that are yet to sign a free trade agreement (FTA) with the former, including Canada and Mexico, he noted.
In the first 10 months of this year, Vietnam earned about $6 billion from exporting goods to Canada—a YoY rise of 24.1 per cent, while the figure was about $4.6 billion from the Mexican market—up by 9.9 per cent YoY.
However, Thai drew attention to a number of limitations of the deal, including a modest market share in the CPTPP markets and unequal chances for domestic firms and those having foreign direct investment, a news agency reported.
Bui Tuan Hoan, head of MoIT’s American market division, said despite positive growth in exports, domestic businesses have still faced many difficulties, especially in logistics cost, while exporting to CPTPP markets, particularly American markets due to the long distance.
High requirements on products’ quality and food safety in those markets have also been another challenge for Vietnamese exporters.
ALCHEMPro News Desk (DS)
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