CPTPP opens opportunities for Vietnamese enterprises to expand market

08:33 | 26/10/2018 Cooperation

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create more incentives for Vietnam in term of market openings and investment development with other countries in the region and around the world.

The CPTPP signing ceremony with the participation of Chilean President Michelle Bachelet (front, middle) in Santiago de Chile on March 8 - Photo: VNA

The assessment was heard during a conference on the dissemination of the CPTPP agreement for Vietnamese enterprises, organised by the Ho Chi Minh City Department of Industry and Trade, on October 25.

The trade pact, though not involving the United States, still accounts for approximately 13.5% of the world's GDP, with nearly 500 million people. When the agreement comes into force, it will cut nearly 100% of the tariff line, of which 66% will be down to 0%, and 86.5% of tax items will be cut to 0% after three years.

At the conference, enterprises were provided with the general contents of the CPTPP, rules of origin under the provisions of the agreement, and the new points under the CPTPP compared with other free trade agreements in which Vietnam participates.

They were also guided in detail on the regulations on certificates of origin and traceability for textiles, footwear, aqua-products and agriculture, which are of concern for businesses as it is the basis for tax incentives.

According to Pham Quynh Mai, Deputy Head of Multilateral Trade Policy Department under the Ministry of Industry and Trade, the CPTPP is a high standard agreement with many commitments to implement, forcing businesses to learn more about the commitments in the agreement.

Business associations should actively study and analyse the opportunities, difficulties and challenges for enterprises, she suggested, adding that enterprises must convey their questions to the ministry for timely handling through the representative associations. The trade ministry is considering building a portal to disseminate the content of the agreement and respond to the questions from the business community, Mai revealed.

Theo NDO