Vietnamese enterprises have effectively accessed the opportunities brought about by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Ministry of Industry and Trade (MoIT) figures show that Vietnam’s total exports to and imports from CPTPP markets reached $45.7 billion and $45.5 billion, respectively, in 2021, up 18.1 per cent and 37.6 per cent year-on-year.

In the first ten months of this year, trade stood at $88.1 billion, a year-on-year increase of 19.2 per cent, in which Vietnam’s exports to and imports from CPTPP markets were $45.1 billion and $43 billion, respectively, up 22.1 per cent and 16.26 per cent year-on-year.

Impressive growth has been seen in trade revenue between Vietnam and CPTPP countries that had not signed a free trade agreement (FTA) with Vietnam prior to the CPTPP, including Canada and Mexico.

In the first ten months, Vietnam posted revenue of some $6 billion from exports to Canada, a year-on-year rise of 24.1 per cent, and $4.6 billion from exports to Mexico, up 9.9 per cent.

“In the first year of the CPTPP being in force, Vietnam’s exports to Canada and Mexico posted growth of nearly 30 per cent,” Director General of MoIT’s Multilateral Trade Policy Department told a conference reviewing three years of implementing the agreement on December 26.

“Of note, Vietnam posted a trade surplus of over $1 billion with CPTPP markets. This is the premise for us to ensure major balances in the economy.”