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Thursday, June 20, 2024

Vietnam’s exports to CPTPP members amount to US$31 billion

By The Saigon Times

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HCMC – Vietnam has seen a steep increase in exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) despite global economic uncertainties.

Vietnam’s exports to CPTPP members in the first seven months expanded 21.43% over the same period to nearly US$31.5 billion, accounting for 14.48% of the country’s total exports.

According to the Ministry of Industry and Trade, since the CPTPP took effect in January 2019, Vietnam has seen exports to these markets soaring.

The member markets that imported strongly from Vietnam in 2021 included Singapore, Malaysia, Japan, Australia, Canada, Mexico and Chile.

Japan was the largest export market of Vietnam in the period with a value of US$13.44 billion, up 13.39% year on year, followed by Canada with US$3.87 billion, up nearly 32.2%, and Malaysia with US$3.46 billion, up 4.26%.

The sectors have taken advantage of the trade pact to boost exports, such as electronics, garments and textiles, shoes and agro-products.

According to experts, one of the difficulties faced by enterprises exporting goods to these markets is CPTPP’s rules of origin, considered more complicated than that of other FTAs to which Vietnam is a signatory.

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