Vietnamese businesses look to further optimise opportunities from CPTPP After two years of implementing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the use of the deal to generate benefits for the economy and businesses has remained modest, according to insiders. Among 14 free trade agreements (FTAs) Vietnam has signed, the CPTPP is a new generation FTA with high standards and the highest level of facilitation. Vietnam has been forecast to be one of the members that benefits the most from the deal. However, the country has experienced challenges in optimising the FTA because of its modest level of development and competitiveness. Due to US-China trade tensions and the impact of COVID-19, the global economy fell into crisis last year with interrupted supply chains. Vietnam also suffered an economic downturn. Therefore, after two years of implementation, the benefits from the CPTPP are still to be seen. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that positive results in the two years of implementation include the reform of institutions and administrative procedures. Explaining the modest benefits so far, Loc said major reasons include the poor competitiveness of Vietnamese enterprises, market instability, and the low capacity of State agencies. Meanwhile, Nguyen Cam Trang, Vice Director of the Import-Export Department at the Ministry of Industry and Trade, said the CPTPP has helped promote Vietnam’s exports. However, its market share and export growth to the six partners that have implemented the CPTPP have been low. She noted that Vietnam’s market share is 3.1 percent in Japan, 1.9 percent in Australia, 1.6 percent in New Zealand, 1.3 percent in Mexico, 1.1 percent in Canada, and 1 percent in Singapore. Growth in exports to CPTPP markets was 12.2 percent in 2018, 13 percent in 2019, and 12.02 percent in 2020, Trang added. She said that, in the future, …
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HCM City starts second phase of COVID-19 vaccination
Medical worker gets a COVID-19 vaccine shot (Photo: VNA) HCM City (VNA) – Ho Chi Minh City ’s health sector began the second phase of the COVID-19 vaccination for medical workers and those who have contacts with people entering Vietnam via Tan Son Nhat International Airport on April 19. Director of the municipal Health Department Nguyen Tan Binh said that until April 30, 45,190 doses will be given to medical personnel working at public and private health establishments and hospitals of the Health Ministry, while additional 2,000 doses will be injected into those working at the airport. A total of 9,050 medical workers who get the first shot during the first phase will get the second shot this time. To ensure safety, the department has requested all inoculation places to make thorough preparations and make plans to cooperate with the closest hospitals to deal with any possible post-vaccination incidents. According to the department, the municipal health sector has more than 60,000 medical workers./. VNA …
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Việt Nam’s exports to the US expected to rise sharply
Lychee being canned for export to the US. Việt Nam's exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports. VNA/VNS Photo Vũ Sinh Compiled by Thiên Lý Exports for the year as of March 15 were worth US$62.01 billion, a year-on-year increase of 22.7 per cent, according to the General Department of Việt Nam Customs. Exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports. In recent years the US has become Việt Nam’s biggest market. Last year, for instance, at $76.4 billion it accounted for 27 per cent of the latter’s total exports. Thân Đức Việt, general director of Garment 10 Joint Stock Company, said there were several factors behind Việt Nam’s rapid growth in exports including to the US. Primarily, he said, the COVID-19 pandemic has gradually been controlled around the world, especially after several countries started vaccinating their populations, enabling many of them to reopen their borders and trade to resume. Businesses in the country, hit badly for the last year or so by the pandemic, are making strenuous efforts to bounce back, he pointed out. Many countries around the world have rolled out large stimulus packages to spend their way out of the economic slump, and this has revived trade, he added. Many analysts concurred with these views, saying the US recently launched a $1.9 trillion package to make direct payments of $1,400 to individuals earning up to $75,000 a year starting in April. This is the third and largest stimulus since the COVID-19 pandemic broke out. Việt Nam, one of the US’s major exporters, supplying essential items like fisheries products and garments and electronics, is expected to benefit from this relief package. Việt of Garment 10 told Đầu Tư Chứng Khoán magazine that Vietnamese exporters hope to get orders from the US. Americans are known as big spenders, and if they get the money from …
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