Photo for illustration (Source: VNA)

CPTPP will help cut tariffs on agricultural and industrial products, loosen investment regulations and increase protection of intellectual property rights.

Earlier, on November 12th, the 14th National Assembly adopted a resolution on the ratification of the CPTPP with 96.7% of votes. With the decision, Vietnam is the 7th country approving CPTPP after Australia, Canada, Japan, Mexico, New Zealand and Singapore.

So far, member countries have accounted for about 15.7% of Vietnam’s export turnover and around 16% of the country’s import turnover. In addition, the participants poured about USD112 billion, equivalent to 15% of total registered FDI capital in the country; facilitating FDI capital inflow and indirect investment.

CPTPP will boost the domestic reform process, expand export markets and increase competition for the Vietnam's market; especially for small and medium-sized enterprises, as foreign goods enter the internal market.

Therefore, domestic enterprises need to quickly approach and understand the provisions of the agreement in order to assess opportunities and challenges for production and business; thence proposing suitable strategies and solutions to exploit opportunities from CPTPP./.