There is still a lot of untapped potential for Vietnamese businesses in the CPTPP, three years after it went into effect, said policymakers and industry experts during an online conference in Hanoi on December 1.

Taiwan is hoping to sign a bilateral trade agreement (BTA) with the United States by the end of 2023, but it would not cover the core issue of tariff reduction.

The free trade agreement index (FTA Index) was expected to create an impetus for localities to create a favourable environment for enterprises and enable them to take advantage of free trade deals.

The export revenue of ‘tra’ fish recorded over 2.2 billion USD in the first 10 months of 2022, entering the list of agricultural products with the highest export revenue during the 10 months, despite the current inflation and declining import demand in the world market.

Vietnamese businesses have been increasingly interested in taking advantage of the trade agreement, the largest of its kind signed by the South East Asian country in recent years.

Two-way trade between Vietnam and Australia is expected to surpass the projection of 15 billion USD and set a new record in 2022.

Advantages brought about by free trade agreements (FTAs) such as EVFTA and CPTPP would gradually disappear if Vietnamese exporters do not act quickly to make the most of these advantages right now.

Prime Minister Pham Minh Chinh reaffirmed that the Vietnam’s economy would exceed expectations this year with an increase in GDP of 8 percent, in a speech at the National Assembly last month.

The Asia-Pacific region continues to be the largest contributor to the worldwide build-up of preferential trade agreements (PTAs), accounting for about half of PTAs worldwide.

Vietnam’s seafood exports to the CPTPP markets have increased considerably over the past three years since the trade pact came into force, making up one fourth of the country’s total seafood exports annually.