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Viet Nam enjoys trade surplus with CPTPP markets

23/9/21

 Trade between Viet Nam and 10 member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was estimated at US$52 billion in the first seven months of 2021.

The figure rose 23.36 percent against the same period last year and accounted for 13.86 percent of the nation’s total trade value. 

Of the figure, Viet Nam’s imports from the CPTPP signatories were estimated at US$25.96 billion, an increase of 24.21% compared to the same period last year and representing 13.75 percent of the country’s total import value.

Viet Nam posted a trade surplus of US$82.28 million with the CPTPP member countries in the reviewed period.

In July alone, bilateral trade value between Viet Nam and CPTPP members reached US$7.9 billion, a year-on-year increase of 0.51 percent. Viet Nam enjoyed a trade surplus of US$59.08 million with these markets, up 60.52 percent.

The CPTPP was signed by 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam in Chile on March 8, 2018. 

Eight months later, Viet Nam ratified the trade deal that took effect on January 14, 2019.

The trade area represents 13.5 percent of the global economy, a total of US$10 trillion dollars and 15 percent of the global trade revenue, equal to US$5 trillion.
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All comments [ 20 ]


The free Wind 23/9/21 22:00

Joining in new-generation agreements like the European Union-Vietnam Free Trade Agreements (EVFTA) and the Comprehensive and Progress Agreement for Trans-Pacific Partnership (CPTPP) has brought great economic benefits to Vietnam

John Smith 23/9/21 22:01

Exports to the European Union and CPTPP countries still achieved positive results amidst the outbreak of the COVID-19 pandemic in 2020.

Gentle Moon 23/9/21 22:10

Along with the export growth thanks to the EVFTA, Vietnam's export turnover to CPTPP members also rose in 2020 compared to the previous year

LawrenceSamuels 23/9/21 22:11

Key products for exports to the CPTPP member countries are aquatic products, textile and garments, footwear, pepper, and wooden products.

Red Star 23/9/21 22:12

Vietnam's participation in new-generation trade agreements has helped the country attract more foreign direct investment (FDI)

yobro yobro 23/9/21 22:12

Despite the fact that Vietnamese businesses have initially taken opportunities from EVFTA and CPTPP, there still much room to improve.

For A Peace World 23/9/21 22:13

According to a survey by the Vietnam Chamber of Commerce and Industry, only 29 percent of the enterprises that exports goods to CPTPP member countries have enjoyed preferential tariffs as regulated by the agreement.

Socialist Society 23/9/21 22:14

Regarding to the EVFTA, only 38 out of 63 provinces and cities in Vietnam run import-export activities with EU countries.

Me Too! 23/9/21 22:15

Thus, it was necessary for Vietnamse enterprises to make more efforts to exploit the advantage of the new-generation trade agreements

Vietnam Love 23/9/21 22:19

The CPTPP, one of the largest trade pacts in the world!

Voice of people 23/9/21 22:20

The agreement has helped Vietnam tip its trade scale in favour of exports.

Wilson Pit 23/9/21 22:23

Businesses and investors of Canada are also paying special attention to Vietnam’s roadmap for opening its market for several agricultural products like pork, beef, chicken, aquatic products and fresh fruits

Duncan 23/9/21 22:24

Australia is also a potential market for Vietnamese goods. As soon as the CPTPP came into force, Vietnam began making use of opportunities generated by the deal to boost shipments to Australia.

Swift Hoodie 23/9/21 22:25

the CPTPP economies’ stronger demand for Vietnamese agricultural products is expected to help local exporters offset the recent decline in the export of those items to China, which has tightened import regulations.

Jacky Thomas 23/9/21 22:32

The CPTPP will consolidate Vietnam’s role as a production and export hub of businesses of Japan as well as other member countries.

Allforcountry 23/9/21 22:33

Vietnamese firms will also gain similar benefits when it enters the markets of other CPTPP nations.

Herewecome 23/9/21 22:34

China is looking to expand both its economic and political presence in the region, while the accession into the CPTPP would provide the country with an opportunity to further strengthen its leading economic influence in the Asia-Pacific.

Egan 23/9/21 22:35

There is no doubt that Vietnam’s goods and products would gain more advantage in penetrating China’s market. But in return, this would mean growing competition in the domestic market from Chinese imports.

Kevin Evans 23/9/21 22:36

In this context, the country should ensure long-term trade interests by diversifying its import markets.

Robinson Jones 23/9/21 22:37

Reducing imports from China by turning to other countries would be the right direction for Vietnam. This task is difficult but viable, as Vietnam also has a trade deal with the EU, the EU-Vietnam Free Trade Agreement (EVFTA), so the country may push for higher trade turnover with this market.

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