A newly-released Government decree has expanded the scope of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to include Malaysia, Chile, and Brunei, enabling the countries to enjoy preferential export and import tax rates when trading with Vietnam, the Government News has reported.

According to the Ministry of Industry and Trade, the three countries have all ratified the CPTPP, which took effect in Malaysia in November, 2022, Chile in February, 2023, and Brunei in July, 2023.

Therefore, on September 7, 2023, the government promulgated Decree No. 68/ND-CP on amending and supplementing certain articles of Decree No. 115/2022/ND-CP issued in December, 2022, on Vietnam’s Preferential Export Tariffs and Special Preferential Import Tariffs for implementing the CPTPP in the 2022-2027 period.

Decree No. 115 covers all member countries of the CPTPP in which the agreement has entered into force, including Australia, Canada, Japan, Mexico, New Zealand, Singapore, Peru, and Vietnam.

Signed in March, 2018, the CPTPP took effect on December 30, 2018, after the first six members - Australia, Canada, Japan, Mexico, New Zealand, and Singapore - ratified the Agreement. It came into effect in Vietnam on January 14, 2019 and Peru on September 19, 2021.