HANOI: CPTPP countries import $2 billion worth of seafood products a year, or 23 percent of total revenue. Of these, Japan alone accounts for 15 percent. Shrimp, octopus and tuna exporters will be the biggest beneficiaries.
CPTPP, however, is less attractive than the TPP and offers fewer opportunities to increase output and exports. But it is expected to lead to a greater level of export diversification in terms of export markets.
In its report released after the CPTPP was signed, the World Bank estimates that CPTPP would help Vietnam’s GDP increase by 1.1 percent more by 2030, while export turnover to CPTPP countries may increase to $80 billion, or 25 percent of Vietnam’s total export turnover.
Of this, the important business fields of Vietnam, including food and beverage, footwear and textile and garment would see export turnover increase by $10.1 billion, $6.9 billion and $0.5 billion, respectively.
Prof Carlyle Thayer from New South Wales University, in an interview with Tien Phong, commented that the major benefit CPTPP can bring to Vietnam is better access to markets with lower tariffs, especially to Canada, Mexico, Chile and Peru (countries that do not have an FTA with Vietnam).
He said that CPTPP is an open agreement which paves the way for other countries and territories to join. These include South Korea, Taiwan, Indonesia, Thailand and Philippines.
