According to Mr. Thai, the Government’s recent official report submitted to the National Assembly quoted the Ministry of Planning and Investment’s (MPI) research as showing that Vietnam’s export to the CPTPP market is expected to increase by 4.04% by 2035, which means an increase of some USD700 million per year.
Textile and garment products hold convenient conditions in export to CPTPP market. (Photo: congthuong.vn)
In 2019, only nearly one year after the effect of the CPTPP, Vietnam’s turnover saw fairly good growth to this market, especially to Canada and Mexico, with the growth rate of 26-29%. “Earlier, Vietnam reported excess of imports over exports to CPTPP market at USD0.9 billion, while in 2019, the country recorded trade surplus of USD1.6 billion,” Mr. Thai said. “It proved that the country's export growth in 2019 was contributed by CPTPP implementation.”
An MPI report showed that the results were brought about by overall reform in accordance with CPTPP contents. “In 2019, while neighbouring countries met a lot of difficulties in export, Vietnam reported fairly good export turnover thanks to CPTPP,” Mr. Thai went on to say, adding that it was a remarkable result.
Nguyen Thi Thu Trang, Director of the Center for WTO and Integration under Vietnam Chamber of Commerce and Industry (VCCI), affirmed that although 2019 saw different trade tension, Vietnam’s export results marked great contributions from CPTPP.
“While export was slowed down in many countries, Vietnam’s export grew at over 8%, which shows the Government’s efforts in improving the business environment as well as export promotion activities,” said Ms Trang.
Central Institute for Economic Management (CIEM) research indicated that in 2019, the first year of CPTPP implementation, Vietnam’s export turnover to 6 member countries reached USD34.4%, an increase of 8.3% while the import turnover saw an increase of 1%.
Economic expert Pham Tat Thang, former Director of the Center for Industry and Trade under MoIT, agreed that CPTPP and EVFTA are the most important agreements that allow Vietnamese goods to enter high class markets. “Many Vietnamese key products such as textile and garment, footwear, phone and seafood can be exported efficiently to the market,” he said./.