The implementation of free trade agreements (FTAs) will continue to prove fruitful for Vietnam in 2023, said Minister of Industry and Trade Nguyen Hong Dien.

Reflecting on the past year, one can identify positive developments of the RCEP agreement. The world economic growth is sluggish, while economic globalization and free trade are facing severe backlash amid the pandemic.

Since its World Trade Organisation (WTO) membership in 2007, Vietnam has engaged in more than 500 bilateral and multilateral agreements in various fields, including 7 free trade agreements (FTAs).

The Regional Comprehensive Economic Partnership (RCEP) agreement officially took effect for Indonesia on January 2, with the country putting new regulations in place for its trade with other members of the world's largest free trade deal.

Considered one of the world’s largest regional free trade agreements, the Regional Comprehensive Economic Partnership (RCEP) stole the world’s attention once again as it entered into force on 1 January 2022.

One year has passed since the RCEP entered into force. It is the world's largest free trade deal comprising 10 Association of Southeast Asian Nations (ASEAN) countries, as well as China, Japan, the Republic of Korea (ROK), Australia and New Zealand.

2022 witnessed the first year that the Regional Comprehensive Economic Partnership (RCEP) officially came into force.

The Hong Kong government expects to begin discussions next year to join RCEP. RCEP should have the effect of lowering tariffs, expanding services trade, harmonising rules of origin and, for Hong Kong, establishing its role as a vital gateway into the fifteen cities of the Greater Bay Area.

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

On November 18 2022, the Minister of Industry and Trade of Vietnam promulgated Circular No. 32/2022/TT-BCT, which amends Circular No. 05/2022/TT-BCT prescribing Rules of Origin under RCEP Agreement.