The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create motivation for Vietnam to open markets and draw investments from many other countries in the region and the world.
The statement was made by participants at a conference held in Ho Chi Minh City on October 25 to discuss opportunities and challenges brought about by the CPTPP for Vietnamese businesses.
Although the US didn’t join the pact, it will still create one of the world’s largest free trade blocs with a combined market of nearly 500 million people and GDP of around US$10.1 trillion, accounting for 13.5% of the global GDP. This is a wonderful opportunity for the Vietnamese economy to continue to grow.
Once it comes into effect, it will cut down nearly 100% of tax lines, of which 65% tax lines will drop to zero immediately and 86.5% will be zero after three years.
Attendees at the conference were updated with comprehensive information about the CPTPP and rules of origin of products according to the agreement. They were also provided with information about certificates of origin (C/O) regulations and tracing of C/O for garments, footwear, seafood and agricultural products.
Pham Quynh Mai from the Ministry of Industry and Trade said associations must actively research and analyze opportunities, difficulties and challenges for businesses. Meanwhile businesses themselves submit their queries to the ministry while the ministry is considering developing a website to provide information about the trade pact’s content and to answer businesses’ queries.