Illustrative image (Photo: VNA) Hanoi (VNA) - Despite continuous trade surplus with Mexico, Vietnam’smarket share in this market is only 1.3 percent. Therefore, businesses shouldtake advantage of incentives from the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) to expand the presence of Vietnamesegoods in Mexico, experts said.
According to the Department of European and American Marketsunder the Ministry of Industry and Trade, despite impact of the COVID-19 pandemic,import and export turnover between Vietnam and Mexico in 2020 achieved positiveresults.
Two-way turnover reached 3.68 billion USD last year, up 6.12percent year-on-year. Of the total, Vietnam’s exports were valued at 3.16billion USD, up 11.7 percent and imports 523 million USD, down 18.58 percent.
In the first eight months of this year, the trade turnoverhit 3.24 billion USD, a year-on-year surge of 36.08 percent, making Mexicobecome Vietnam’s second largest trader in Latin America, and the fourth inAmerica, after the US, Canada and Brazil.
Of the total, the export value of Vietnamese goods enjoyed ayear-on-year jump of 43 percent to reach 2.92 percent. This is the highestgrowth rate among CPTPP markets.
However, according to the assessment by the Department of Europeanand American Market, the market share of Vietnam’s exports in this market isonly 1.3 percent. There is still large room for Vietnam to continue increasingthe export of goods, especially when both Vietnam and Mexico are signatories ofthe CPTPP.
Notably, the agreement clearly states that Mexico commits toeliminate 77 percent of tariff lines from January 14, 2018, equivalent to 36.5percent of import turnover from Vietnam, and 98percent of tariff lines in the 10th year from the date when the agreement came into effective.
Enterprises are advised to study the Mexican market’sdemand, understand more about the CPTPP to bring into full play opportunitiesit brings about, and step up trade promotions, especially e-commerceplatforms./.
According to the Department of European and American Marketsunder the Ministry of Industry and Trade, despite impact of the COVID-19 pandemic,import and export turnover between Vietnam and Mexico in 2020 achieved positiveresults.
Two-way turnover reached 3.68 billion USD last year, up 6.12percent year-on-year. Of the total, Vietnam’s exports were valued at 3.16billion USD, up 11.7 percent and imports 523 million USD, down 18.58 percent.
In the first eight months of this year, the trade turnoverhit 3.24 billion USD, a year-on-year surge of 36.08 percent, making Mexicobecome Vietnam’s second largest trader in Latin America, and the fourth inAmerica, after the US, Canada and Brazil.
Of the total, the export value of Vietnamese goods enjoyed ayear-on-year jump of 43 percent to reach 2.92 percent. This is the highestgrowth rate among CPTPP markets.
However, according to the assessment by the Department of Europeanand American Market, the market share of Vietnam’s exports in this market isonly 1.3 percent. There is still large room for Vietnam to continue increasingthe export of goods, especially when both Vietnam and Mexico are signatories ofthe CPTPP.
Notably, the agreement clearly states that Mexico commits toeliminate 77 percent of tariff lines from January 14, 2018, equivalent to 36.5percent of import turnover from Vietnam, and 98percent of tariff lines in the 10th year from the date when the agreement came into effective.
Enterprises are advised to study the Mexican market’sdemand, understand more about the CPTPP to bring into full play opportunitiesit brings about, and step up trade promotions, especially e-commerceplatforms./.
VNA
