The proactiveness of businesses in the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is essential to determine their success or failure, Deputy Minister of Industry and Trade Tran Quoc Khanh said.

At the symposium

At a symposium in Hanoi on May 2 as part of the Vietnam Private Sector Economic Forum 2019, Khanh underlined self-reform as the biggest challenge to enterprises, saying they should be aware of competitiveness in the market economy.

The State will accompany businesses in this field, he affirmed, adding that if favourable, the CPTPP will create more conditions for Vietnam to attract investment and boost exports.

The strong investment of major groups in Vietnam has turned the Southeast Asian country into their new production market, he noted.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said Vietnam has experienced the first three months of implementing the deal.

CPTPP opens up great opportunities for 700,000 businesses and hundreds of thousands of household businesses in Vietnam, he said.

The trade pact will help Vietnam be exempted from 65 percent of tariffs from member countries, he added.

He also pointed to challenges such as technical and food safety barriers.

At the event, participants discussed measures to optimise opportunities from CPTPP for some key export sectors of Vietnam such as garment-textile and footwear, promote competitiveness and public-private cooperation.

Nearly 300 representatives from ministries and departments as well as domestic and international organisations, associations, institutions and businesses participated in the symposium.

The CPTPP was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.

It officially came into force in December 2018 in Mexico, Japan, Singapore, New Zealand, Canada and Australia, the first six countries ratifying the pact. 

The CPTPP took effect in Vietnam from January 14, 2019.

This is one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for the 11 countries with a combined GDP of more than 13.8 trillion USD and close to 500 million consumers.

CPTPP member states form a giant market with 500 million consumers, accounting for 15 percent of the global trade turnover.