Vietnam'S Formal Implementation Of CPTPP Exports Will Increase By 4%

According to Vietnam's Vietnam News January 14th, the comprehensive and progressive span Pacific Partnership Agreement (CPTPP) came into force in Vietnam in January 14th. In November 12, 2018, the Vietnamese parliament approved the resolution to ratify the agreement. Vietnam believes that CPTPP is a comprehensive, balanced and high standard commitment that will help to strengthen mutually beneficial ties among member economies and promote trade, investment and economic growth in the Asia Pacific region. The impact of CPTPP on Vietnam's economy depends largely on Vietnam's ability to seize opportunities and overcome challenges.

According to the national social economic information and forecasting center of the Ministry of investment and planning of Vietnam, by 2035, CPTPP will increase Vietnam's GDP by 1 billion 700 million US dollars and increase exports by US $about 4000000000, an increase of 1.32% and 4.04% respectively. The agreement will open up new opportunities for Vietnam's trade and create more momentum to promote domestic economic restructuring and improve the business environment.

Ruan Fuzhong, President of the Central Committee of the Communist Party of Vietnam (CPC), said that Vietnam's accession to the CPTPP is a concrete move by the Central Committee and the state to implement the policy of integrating into the international integration, confirming the role and geopolitical status of Vietnam in Southeast Asia, the Asia Pacific Region and the whole world. Becoming a member of CPTPP is of great significance for Vietnam to make use of external resources and integrate domestic advantages and effectively serve domestic construction, national defense and development.

It is reported that CPTPP will create a total of 500 million people, GDP total of more than 13 trillion and 500 billion U.S. dollars, accounting for a huge market of global GDP13%. CPTPP phased out 98% of tariffs on agricultural and industrial products, relaxed investment regulations and strengthened protection of intellectual property rights.