The Ministries of Industry and Trade and of Agriculture and Rural Development held a hybrid conference on July 13 to launch the implementation plan of the Regional Comprehensive Economic Partnership (RCEP) in a bid to show domestic enterprises how to tap opportunities brought about by the pact.
At the event (Photo: Ministry of Industry and Trade)
Hanoi (VNA) – The Ministries of Industry and Tradeand of Agriculture and Rural Development held a hybrid conference on July 13 tolaunch the implementation plan of the Regional Comprehensive EconomicPartnership (RCEP) in a bid to show domestic enterprises how to tap opportunities brought about by the pact.
RCEP is a mega trade deal signed by 10 ASEAN members andfive partner countries – Japan, the Republic of Korea, China, Australia and NewZealand – on November 15, 2020 and officially took effect on January 1, 2022.
Once fully implemented, the agreement will form the world'slargest free trade area with 2.2 billion consumers, accounting for about athird of the world's population and global GDP. Strong commitments on marketopening in the fields of goods, services and investment, especially theapplication of a common rule of origin for the 15 signatories to createfavorable conditions for the formation and development of new supply chains inthe region.
Speaking at the conference, Minister of Industry and TradeNguyen Hong Dien highlighted the importance of such conditions, saying it willfacilitate Vietnamese businesses and industries to diversify and optimise inputmaterials to improve productivity, quality and competitiveness, trade, andexports, making positive contributions to the country's socio-economic growth.
Minister of Industry and Trade Nguyen Hong Dien speaks at the event. (Photo: Ministry of Industry and Trade)
Dang Phuc Nguyen, General Secretary of the Vietnam FruitAssociation, said fruit and vegetable products, when exported or importedbetween RCEP member countries, must have quotas or be approved by a pre-signedprotocol.
Tran Thi Lan Anh, General Secretary of Vietnam Chamber of Commerce and Industry(VCCI), said for Vietnamese enterprises, the deal has a greater impact becauseRCEP partners are the source of about 70% of imports and the output market ofnearly 40% of Vietnam's exports.
Therefore, the agreement is expected to open up integrationopportunities for them, she said, adding that it also poses significantcompetitive challenges.
She recommended Vietnamese enterprises improve theircompetitiveness and actively study RCEP’s commitments to capitalise on relatedopportunities and tackle any challenges./.
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At the event (Photo: Ministry of Industry and Trade) 
Minister of Industry and Trade Nguyen Hong Dien speaks at the event. (Photo: Ministry of Industry and Trade) 
