Vietnam’s exports to member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are expected to increase strongly through 2030, reaching 25 percent of the nation’s total exports.
According to the Ministry of Industry and Trade, shipments to Japan, the country’s largest export market in the bloc followed by Canada and Mexico, have reached 2.9 billion USD so far this year, up from 2.6 billion USD from the same period last year.
As many as 269 certificates of origin have been issued in the CPTPP since the pact took effect in January 2019.
The CPTPP is a trading bloc that represents nearly 500 million people with a combined 13.5 percent of the world’s gross domestic product.
The accord is an important milestone in Vietnam’s global integration as it will promote export turnover, boost institutional reform and improve the business environment.
Total import-export turnover between Vietnam and other CPTPP member countries reached nearly 74.5 billion USD in 2018, accounting for 15.5 percent of the country’s total import-export value. Of which, exports reached 36.8 billion USD and imports were 37.7 billion USD, data from Vietnam’s General Department of Customs showed.-VNA