Experts: RCEP offers easier rules of origin for Vietnam’s exports
The Regional Comprehensive Economic Partnership (RCEP) could bring substantial benefits to Vietnam’s exports thanks to easier rules of origin compared to other free trade agreements, mostly apparel, farm produce, and aquatic products, experts have said.
Deputy head of the HCM City Export Processing and Industrial Zones Authority Dao Xuan Duc speaks at the event (Photo: VNA)
HCMCity (VNA) - The Regional Comprehensive Economic Partnership (RCEP)could bring substantial benefits to Vietnam’s exports thanks to easier rules oforigin compared to other free trade agreements, mostly apparel, farm produce,and aquatic products, experts have s🃏aid.
During aconference held in HCM City on March 24 to popularise the RCEP, deputy head of the HCM City Export Processing and Industrial ZonesAuthority (Hepza) Dao Xuan Duc said that amid the COVID-19 pandemic and the emergenceof protectionism, the RCEP signed between ASEAN and Japan, New Zealand,Australia, China and the Republic of Korea on November 15, 2020 is considered anew driving force for international trade.
Withcommitments to opening markets to goods, services, and investment, simplifyingcustoms procedures, and establishing rules of origin to facilitate trade andreduce trade barriers, the deal is expected to create the world’s largest tradearea and promote the development of value chains in the region and the world,thereby propelling the economic growth 💮of ASEAN member states, includingVietnam and partners.
TranNgoc Binh, chief of the HCM City Office of Export-Import Management under theMinistry of Industry and Trade’s Department of Export and Import, said that withthe RCEP, Vietnam could enjoy tax incentives when exporting to Japan afterimporting cloth from anywhere, then cutting and sewing to make products. Similarto aquatic products, Vietnam could import breeding varieties from other countries, raise them domestically, and then export them toenjoy preferential tariffs. NguyenAnh Duong from the Central Institute of Economic Management said that with signing of the RCEP shows that member states look toward the commitment to further liberalising tradein goods and services and investment, towards fairer development.
Illustrative image (Photo: VNA)
RCEP member countries will have about 150 million high-income earners withinthe next three years, he said, who will shape new consumption trends, focusingon smart technological devices and high-quality products. He alsomentioned challenges such as rising trade deficits. In the past, Vietnam onlyran a deficit with China and ASEAN, but has recently done so with Australia,New Zealand, and Japan, resulting in the risk of facing trade defence lawsuitsif imported materials for production and export are not brought under control. Expertssuggested Vietnamese firms devise their own plans to improve export capabilities,meet technical requirements, and regularly update trends regarding non-tariffmeasures to optimise benefits brought about by FTAs./.
The Regional Comprehensive Economic Partnership (RCEP) agreement has enabled Vietnam to be connected better with global supply chains compared with other new-generation free trade agreements (FTAs), an official has said.
Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh held a virtual discussion on March 10 with New Zealand Minister of Foreign Affairs Nanaia Mahuta, during which they agreed to promote the role of the two foreign ministries in bolstering cooperation between Vietnam and New Zealand.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.