One year on from the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam's two-way trade turnover with Mexico, Chile, and Peru has reached US$5.12 billion, with the country recording a trade surplus of US$3 billion. 

These figures were released during a recent workshop hosted by the Ministry of Industry and Trade to promote trade and investment co-operation with the three countries as a means of taking full advantage of the opportunities presented by the CPTPP.

Vo Hong Anh, deputy director of the European and American Market Department, stated that last year, Vietnamese exports to these markets reached a sum of US$4.11 billion, representing an increase of 26.76% compared to the same period from 2018.

Despite suffering from the impact of the novel coronavirus (COVID-19) pandemic, exports to these CPTPP member countries during the 10 months of the year hit US$3.74 billion, marking an annual rise of 4.6%.

Luu Van Khang, the country’s trade counselor in Mexico, said that the Central American nation represents a potential market for Vietnamese seafood products such as pangasius, basa, and tuna, especially relating to products that are entitled to enjoy a preferential tax rate of 0% three years on from the trade deal being implemented.

Local businesses should therefore seize upon the various opportunities presented by the CPTPP as a means of boosting the export of key Vietnamese export items, such as textiles and footwear products to Peru moving forward. This policy should be pursued as the tax rates on these products are set to be slashed significantly in line with the roadmap, according to insiders.

Furthermore, there remains plenty of opportunities for Vietnamese goods to be exported to Chile, a small market in South America, which has committed to reducing 95.1% of total tariff lines following the enforcement of the CPTPP.