Vietnamese businesses have been increasingly interested in taking advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since it came into effect on January 14, 2019, an official has said.

Mr. Ngo Chung Khanh, Deputy Head of the Multilateral Trade Policy Department at the Ministry of Industry and Trade (MoIT), said that one of the greatest achievements Vietnam has posted is the markedly improved knowledge among enterprises about the trade agreement.

A survey by the Vietnam Chamber of Commerce and Industry (VCCI) shows that 9 per cent of businesses believe they possess a “deep understanding” of the CPTPP; a significant improvement from just over 2 per cent in early 2021.

According to MoIT, Vietnam’s export turnover to the market reached $45.7 billion in 2021, up 18.1 per cent compared to 2020.

Turnover was $45 billion in the first ten months of this year, an increase of 22.1 per cent year-on-year. Exports to countries in the Americas that had not signed a free trade agreements with Vietnam before the CPTPP, such as Canada, Peru, and Mexico, also saw significant increases.

Nevertheless, there remains a lot of untapped potential in the CPTPP for Vietnamese businesses.