Tapping CPTPP amid U.S.-China Trade War Escalation

5:42:06 PM | 8/30/2019

The forum on “Vietnam’s opportunities and challenges in CPTPP enforcement amid U.S.-China trade war escalation” was organized today at the Hung Vuong Conference Hall, Hanoi. The event was co-hosted by Vietnam Chamber of Commerce and Industry (VCCI) and Ministry of Industry and Trade (MOIT). The forum was designed to effectively bolster trade and investment in key markets, especially tapping the potential of free trade agreements such as the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP), the European Union – Viet Nam Free Trade Agreement (EVFTA). The event brought together representatives of the Government, ministries, leaders of local provinces/cities, embassies, foreign trade promotion organizations and domestic and foreign enterprises.

Delivering the welcome speech, Dr. Doan Duy Khuong, VCCI Vice President, said trade tensions between the U.S. and China have been and will be casting a profound impact on Vietnam’s economy. Clearly understanding the advantages and disadvantages of implementing the CPTPP amid U.S.-China trade war escalation will earn Vietnam an opportunity to boost exports and ensure stable and sustainable development.
“On behalf of the Vietnam Chamber of Commerce and Industry, I would like to affirm that VCCI will stand ready to work closely with organizations and businesses to offer solutions to take advantage of opportunities provided by FTAs to enhance competitiveness, promote exports and expand international markets,” said Dr. Khuong.

Regarding the impacts of CPTPP, Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration, VCCI, affirmed the CPTPP has not received due attention of the business community, as well as relevant authorities. Accordingly, the biggest obstacle facing enterprises is that 84% of enterprises lack information about commitments and regulations of CPTPP and how to implement them.