CPTPP and EVFTA have been effectively utilized

Export growth to CPTPP countries is high

The report of the Ministry of Industry and Trade shows that, in the first 8 months of 2021, export turnover to 6 member countries that have ratified the CPTPP Agreement has achieved high growth.

Export of goods to EVFTA and CPTPP markets has high growth

Exports to these six markets reached $25.3 billion, up 16.9% over the same period. Imports to these six markets reached $23.9 billion, up 23%. Trade balance continued to trade surplus to CPTPP. The trade surplus in 8 months was 1.44 billion USD.

All 6 CPTPP markets have achieved export growth in the first 8 months of 2021. This is also a very positive signal that we have done well to take advantage of opportunities from the Agreement, especially in the context of the agreement. The export scene still faces many difficulties due to the Covid-19 pandemic.

Regarding specific markets, in the first 8 months of 2021, exports to Canada reached US$3.4 billion, up 27.2% over the same period; to Mexico 2.92 billion USD, up 43.3%; to Australia reached 2.8 billion USD, up 18.8%; New Zealand $425 million, up 36.6%; Singapore reached 2.5 billion USD, up 36.6%; Japan reached 13.3 billion USD, up 6.7%.

In the first eight months of the year, the number of CPTPP sets of Certificates of Origin (C/O) issued was 34,160 sets, worth $1.55 billion, up 67.6% in volume and 77.3% compared to in the same period last year.

According to experts, the effective CPTPP has contributed significantly to promoting the growth of Vietnam's goods exports to partner markets. However, in order to improve internal resources and make better use of incentives from this agreement, businesses are advised to continue to pay more attention to meeting the standards set out in the CPTPP. It is clear that joining the CPTPP is the driving force to improve the business environment, creating competitive pressure to raise the standards of goods and capacity in the international market.

In addition to exploiting the markets in the CPTPP, businesses can study the possibility of taking advantage of the incentives, economic linkages and available infrastructure of CPTPP member countries to bring them to market. Vietnamese products penetrate and expand to other markets in the Americas. If making good use of economic linkage mechanisms and trade incentives brought by the CPTPP, Vietnamese enterprises can fully find favorable business opportunities, diversify products and export markets. in the context of the current global supply chain shift.

EVFTA Agreement promotes exports of goods to the EU

With the EVFTA Agreement, in the first eight months of 2021, export turnover to the European Union market reached $25.85 billion, up 14.1% over the same period.

In which, the value of goods taking advantage of incentives from the EVFTA Agreement (granted a Certificate of Origin EUR.1 C/O) reached USD 5.66 billion, accounting for 21.9% of the export value to Vietnam. EU.

According to the Ministry of Industry and Trade, having obtained this initial result, first of all, it must be confirmed that the EVFTA is an agreement that we have negotiated with the EU partner with commitments on deep and wide market opening and many incentives. for businesses, welcomed and expected by the business community.

In addition, there is the initiative in organizing the implementation of the EVFTA from the very first days when the Agreement is signed, including the development of legal documents guiding regulations. At the agreement, promoting reform of administrative procedures to create favorable conditions for businesses in the process of granting C/O, organizing seminars on propaganda and dissemination of EVFTA, etc.

From this result, it can be hoped that, in the coming time, domestic enterprises have appropriate production and business plans for goods to meet EVFTA rules of origin, and the exploitation of opportunities from EVFTA will be achieved. perform more effectively.

The Ministry of Industry and Trade said that the EVFTA took effect from August 1, 2020. After more than a year of implementing the agreement, bilateral trade between the two sides has seen positive growth. EVFTA brings more opportunities for Vietnamese enterprises to improve their exports to the EU market. In particular, Vietnam is one of two countries in Southeast Asia that have implemented an FTA with the EU, so it has an additional competitive advantage in exporting to this market.

In addition, the high standards in the EVFTA in particular and in the EU market in general force Vietnamese enterprises to actively learn and comply methodically, instead of just calculating competitive advantages in price when the EU cuts import tax reduction. For example, many businesses have paid more attention to the standards of product quality and corporate social responsibility, with the desire to exploit the EU market faster and more sustainably.

However, the enhancement of product value and position in the supply chain of goods to the EU market is always recommended by experts. Accordingly, businesses always learn, update and respond to changes in EU trade policies. Monitor trends in non-tariff measures, while keeping an eye on importers' own standards. At the same time, actively develop a plan to improve export capacity, especially the ability to meet technical standards, sanitary and epidemiological measures to the EU market...