70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam trade minister highlights preliminary successes from EVFTA, CPTPP
Ngoc Thuy 11:53, 2020/09/24
In addition to higher trade turnover, the implementation of the two new-generation and high-standard deals is pushing Vietnam to revise its legal framework to ensure compatibility.

Minister of Industry and Trade Tran Tuan Anh has pointed out preliminary successes from Vietnam’s latest free trade agreements including the Comprehensive and Progressive Agreement for Trans – Pacific Partnership (CPTPP) and the EU – Vietnam Free Trade Agreement (EVFTA).

 Minister of Industry and Trade Tran Tuan Anh at the meeting. Photo: VGP. 

Nearly one month after the CPTPP took effect on December 30, 2018, Prime Minister Nguyen Xuan Phuc approved a plan to implement the deal with specific steps.

To date, the government has issued 15 legal documents related to the CPTPP and is still reviewing existing legislation to ensure its compatibility with the deal.

Minister Anh informed in 2019, trade turnover between Vietnam and 10 CPTPP member countries increased 3.9% year-on-year to US$77.4 billion. Of the amount, Vietnam’s exports to the CPTPP partners rose 7.2% year-on-year to US$39.5 billion while the country imported US$37.9 billion, an increase of 0.7%.

This resulted in Vietnam’s trade surplus with countries in the CPTPP of US$1.6 billion, a stark contrast from the country’s trade deficit of US$0.9 billion in the previous year, Mr. Anh noted at a meeting on September 23.

With Canada and Mexico, two markets with which Vietnam has not signed bilateral free trade agreement (FTAs), the country posted a trade surplus of over US$5 billion in 2019, or 50% of its overal trade surplus.

Mr. Anh added exports to Canada expanded 29.8% during the period, and those to Mexico rose 26.3%.

However, the trade minister acknowledged Vietnam’s exports to CPTPP members were lower than the expected. Exports turnover to Japan account for 2.8% of the total, the largest share, and to Mexico the lowest with 0.6%.

Meanwhile, Mr. Anh said the implementation of the CPTPP has helped Vietnam improve its legal framework in various fields that range from environment, labor to intellectual property rights.

Meanwhile, the EVFTA has also generated positive results after one month of implementation, Mr. Anh said.

In August 2020, local competent authorities issued over 7,200 sets of EUR.1 certificates of origin (C/O) to eligible Vietnamese products worth US$277 million that would be shipped to 28 EU countries. Goods that have been granted EUR.1 C/O are mainly footwear, seafood, plastic and plastic products, coffee, textiles, bags, suitcases, vegetables, rattan, bamboo, and knitting products, among others.

Minister Anh expected the government would continue to revise current laws and regulations to boost the EVFTA’s efficiency in the coming time.

RELATED NEWS
TAG: Vietnam CPTPP EVFTA EU trade agreement MOIT Japan Canada Mexico exports trade surplus
Other news
18:11, 2024/07/13
Continued political trust building between Vietnam and Cambodia
Both countries are committed to deepening defense and security cooperation, emphasizing the principle of not allowing hostile forces to use each other's territory to the detriment of the other.
12:31, 2024/07/07
Hanoi district to turn Hoang Cau Lake into culinary hub
Once rehabilitated, the Hoang Cau Lake area is expected to become an attractive new destination for both tourists and local residents, contributing to the city's nighttime economy.
20:43, 2024/07/03
Hanoi welcomes investment from China’s Greater Bay Area
The strong and friendly relationship between the two countries makes Chinese enterprises, particularly those in the Greater Bay Area, confident about investing in Vietnam.
17:14, 2024/07/02
PM urges South Korea to further open market for Vietnamese goods
Both sides agreed to intensify cultural exchanges, tourism cooperation, and local interactions so as to increase mutual understanding and lay the foundations for sustainable development of relations.
15:33, 2024/07/01
PM urges major South Korean conglomerates to explore new horizon of cooperation
The Government leader called on South Korean corporations to support Vietnam with financial resources, infrastructure development, institutional and policy improvements, quality human resource training, and smart governance.
13:13, 2024/06/29
Vietnamese economy set for strong growth in latter half of 2024: HSBC
Vietnam remains on the path of recovery driven by the turnaround in the global electronics cycle.