Update news RCEP
Just a few months after it came into being, the Regional Comprehensive Economic Partnership has decided to expand its membership, with Vietnam expected to be a big trade beneficiary.
The application of favourable conditions for rules of origin within the Regional Comprehensive Economic Partnership is expected to benefit Vietnam’s trade performance and enable the country to participate more deeply in the regional supply chain.
Vietnam is expected to reap the most investment and trade benefits from the (RCEP) when compared to many other trade pacts, as most of the country’s largest foreign investors are from the deal’s member economies.
The Regional Comprehensive Economic Partnership will enable Vietnam to attract more investment than other free trade agreements as many of the country’s largest foreign investors are from the deal’s member economies.
Vietnam is expected to register the highest trade and income gains among Regional Comprehensive Economic (RCEP) members, according to a World Bank (WB)’s working paper.
With the entry into force of the Regional Comprehensive Economic Partnership, Vietnam is seeing wider doors opened for it to woo investment and swell trade with foreign partners.
The implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) will enhance competitiveness in Vietnamese goods and services in the context of an import-export-dependent economy.
With the Regional Comprehensive Economic Partnership set to take effect next year, more opportunities are around the corner for Vietnam to attract more investment and expand its trade with foreign partners.
The Regional Comprehensive Economic Partnership, the world’s largest trade pact, offers Vietnamese agricultural exporters an excellent opportunity to increase their participation in global value chains, experts said.
The National Centre for Socio-Economic Information and Forecasting (NCIF) has released a forecast on Vietnam’s economic performance in 2021, with GDP growth of 6.72 percent and CPI of 4.2 percent under an optimistic scenario.
Japan's Nikkei newspaper has run a story highlighting the opportunity for Vietnam to rise stronger after the COVID-19 pandemic is completely controlled.
Vietnam’s strong growth momentum in manufacturing is expected to continue in 2021, supported by growing external demand from trade deals such as the EVFTA, UKVFTA, and RCEP.
The COVID-19 pandemic has had a heavy impact on every aspect of life in 2020, and the global economy had been especially hard hit.