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Vietnam pins hopes on CPTPP

Vietnam hopes the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will enable it to boost exports to major markets such as Japan, Australia, Canada and Mexico. The CPTPP is a new free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The agreement is also expected to provide opportunities for Vietnam to strengthen foreign direct investment in fields that the country seeks to develop. Vietnam’s garment and textile exports to CPTPP countries currently account for only 13 per cent of the total value, much lower than that of 38 per cent to the US market. Among the eleven member countries, Japan imports most of Vietnam’s garment and textile products, 8.8 per cent.

The garment and textile sector in Vietnam has also pinned its hopes on Australia and on increasing exports to this market. The agreement is also expected to provide additional opportunities for seafood exports. Japan currently is Vietnam’s largest seafood importer among CPTPP member countries, accounting for more than 15 per cent of Vietnam’s seafood export turnover. In addition, Mexico is a major tuna importer. In 2017, tuna export turnover to Mexico increased 66 per cent compared to 2016. With strong commitments to reduce tariffs, shrimp, tuna and octopus exports will benefit greatly from the CPTPP.