DNVN - Vietnam's total import-export turnover to CPTPP markets increased by 56.3%, from 8.7 billion USD in 2018 to 13.6 billion USD in 2023, despite this being a challenging period. Of which, Vietnam's exports to these markets nearly doubled (186%), from 6.3 billion USD in 2018 to 11.7 billion USD in 2023.
At the international conference on "CPTPP Agreement: Strengthening economic and trade cooperation with American partners" on the morning of October 2 in Hanoi, Mr. Nguyen Hoang Long - Deputy Minister of Industry and Trade said that after 5 years since coming into effect in January 2019, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has played an important role in promoting Vietnam's trade with markets in the Americas, especially member markets including Canada, Mexico, Chile, and Peru. Of which, Canada, Mexico and Peru are the markets that have FTA relations with Vietnam for the first time.
Citing statistics from the General Department of Customs, Deputy Minister Long informed that the total import-export turnover to CPTPP markets in the Americas has increased by 56.3%, from 8.7 billion USD in 2018 to 13.6 billion USD in 2023. Although this is a period with many challenges such as the global economic recession and the COVID-19 pandemic.
Of which, Vietnam's exports to these markets nearly doubled (186%), from 6.3 billion USD in 2018 to 11.7 billion USD in 2023.
According to Deputy Minister of Industry and Trade Nguyen Hoang Long, CPTPP has played an important role in promoting Vietnam's trade with markets in the Americas.
“This result has significantly contributed to Vietnam's trade with the Americas region in general, with total import-export turnover in 2023 reaching 137.7 billion USD, of which Vietnam exported 114.5 billion USD,” the Deputy Minister emphasized.
In addition to the impressive figures mentioned above, joining the CPTPP has encouraged Vietnam to reform its institutions and improve its legal system towards greater transparency. This not only helps businesses operate more professionally but also contributes to enhancing Vietnam’s international reputation and attracting more foreign investors. The relationship between Vietnam and the Americas has been strengthened through strategic commitments.
However, according to Deputy Minister Nguyen Hoang Long, there is still much potential that has not been fully exploited. For example, the added value of Vietnamese exports is still low, brands have not received due attention, and the proportion of Vietnamese goods in the import structure of American countries is still limited.
The Americas are a large market and are closely linked together through interwoven free trade blocs such as the North American Free Trade Agreement (CUSMA), the Pacific Alliance (PA), the Common Market of the South (MERCOSUR)... Taking advantage of the advantages that the CPTPP Agreement brings, along with the favorable gateway locations of member countries in the region such as Canada, Mexico, Chile and Peru, businesses can consider doing business and investing in production in the above countries to expand and diversify the import and export market to this vibrant and potential market area.
To turn these opportunities into reality, not only businesses but also state management agencies need to coordinate closely. The Vietnamese government is committed to continuing to reform administrative procedures, applying technology in import-export management, and supporting businesses to connect with international partners.
Moonlight
Source: https://doanhnghiepvn.vn/kinh-te/5-nam-thuc-thi-cptpp-xuat-khau-tang-truong-manh/20241002102436032
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