CPTPP boosts Vietnam's exports, pandemic a mild dampener

16 Apr '21

1 min read

Pic: TonelsonProductions / Shutterstock.com

Vietnam's exports to its partners in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) grew considerably to $34.3 billion in 2019 before dropping marginally to $34 billion last year due to the covid-19 pandemic, a two-year review of the trade deal by the Vietnam Chamber of Commerce and Industry (VCCI) has found.

The progress was revealed at a workshop organised by the Vietnam Chamber of Commerce and Industry (VCCI) on April 7 to review the two-year outcomes of Vietnam’s implementation of the CPTPP.

The trade pact was signed in March 2018 by 11 countries—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The CPTPP came into existence after then US President Donald Trump decided to withdraw from the Trans-Pacific Partnership (TPP) after being inaugurated in January 2015.

According to VCCI, the value of shipments to the countries under the CPTPP accounted for 12.02 per cent of Vietnam’s total exports in 2018. This rose to 13 per cent in 2019 before returning to 12.02 percent in 2020. Footwear, garment-textile, wood and woodwork products recorded good growth over the reviewed years, it was reported.

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