The CPTPP officially took effect in Vietnam on January 14 this year.

The authority further said the country’s exports to the CPTPP members like Japan, Canada and Mexico rose considerably in the first seven months of the year. The shipments to Japan reached 1.01 billion USD, Canada 546 million USD and Mexico 290 million USD.

The CPTPP has helped Vietnam tip its trade scale in favour of exports, according to General Department of Vietnam Customs.

Meanwhile, imports from Mexico dropped by 659 million USD, Singapore down 490 million USD, and Malaysia down 219 million USD.

Exports to the CPTPP countries since the year’s beginning have accounted for 15.4 percent of the total export revenue. Additionally, six of the 27 markets to which Vietnam’s shipments surpassed 1 billion USD are CPTPP economies.

These figures show that the agreement has helped Vietnam tip its trade scale in favour of exports, the general department said.

Canadian Consul General in Ho Chi Minh City Kyle Nunas said with a relatively short roadmap for tariff reductions by Canada (from 17 – 18 percent to zero percent in three years), some groups of Vietnamese commodities are forecast to enjoy strong export growth as from 2019 such as textile-garment, footwear, handbags, and plastic and wood products.

Businesses and investors of Canada are also paying special attention to Vietnam’s roadmap for opening its market for several agricultural products like pork, beef, chicken, aquatic products and fresh fruits, he noted.

Australia is also a potential market for Vietnamese goods. As soon as the CPTPP came into force, Vietnam began making use of opportunities generated by the deal to boost shipments to Australia. Notably, it has dominated the tra fish market there as it supplies up to 98 percent of the tra fish amount consumed in the country.

CPTPP to help promote Vietnam-Canada economic, trade ties

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to boost economic and trade cooperation between Vietnam and Canada once it takes effect, according to insiders.

CPTPP to help Vietnam export more to Australia

Vietnamese enterprises need to take advantage of tariff reductions under the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) to increase exports to Australia.

CPTPP countries – potential markets for Vietnamese wood industry

Countries joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are potential markets for Vietnamese wood firms, said Nguyen Ton Quyen, Vice Chairman of the Vietnam Timber and Forest Products Association.

Vietnam's trade with 10 members of CPTPP

  

CPTPP to cause dramatic changes in domestic market in 2019

The domestic market is expected to see considerable changes in 2019 as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) became effective as from January 14, according to market watchers.

Source: VNA