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./.
The Association of Southeast Asian Nations (ASEAN) and New Zealand reaffirmed their commitment to enhance cooperation under the bilateral plan of action (2021-2025) at the recent 10th ASEAN-New Zealand Joint Cooperation Committee meeting.
The implementation of the Regional Comprehensive Economic Partnership (RCEP)’s e-commerce commitments will help establish a large e-commerce space based on internationally accepted standards with the participation of big economies who are advanced in e-commerce, according to Deputy Minister of Industry and Trade Tran Quoc Khanh.
A conference reviewing cooperation between Vietnamese ministries, localities and Guangdong province of China was held in virtual form on June 29 under the chair of Vietnamese Deputy Foreign Minister Pham Quang Hieu and Guangdong’s Vice Governor Wang Xi.
A special exhibition area for RCEP member countries will be set up at the 19th China-ASEAN Expo (CAEXPO) slated for September 16-19 in Nanning, the capital of the Guangxi Zhuang autonomous region.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
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) 
