Hanoi (VNA) – Vietnam should improve structural reforms and businesses’competitiveness to efficiently implement the Comprehensive and Progressive Trans-PacificPartnership (CPTPP), heard a conference held by the Central Institute forEconomic Management (CIEM) in Hanoi on February 19.

CIEM Director Tran Thi Hong Minh said the CPTPP, which took effect in early2019, is expected to create new impetus for trade and investment developmentand boost economic reform in Vietnam.

However, Minh said efficiency in implementing CPTPP andcompetence in taking advantage of opportunities provided by the trade deal washeavily dependent on institutional capacities, the competitiveness and domesticfirms' ability to adapt.

According to Nguyen Anh Dương, head of the CIEM’s General Research Department,it is necessary for Vietnam to handle several institution-related problems toefficiently implement the CPTPP, including fully understanding the tradedeal, enhancing coordination among ministries and agencies and timely issuinglegal documents.

Duong added that the trade deal provides significant opportunities tobusinesses but firms must make more preparations to realise theopportunities. Firms are paying more attention to taxes and tariffliberalisation but must also fully understand origin rules, he said.

Duongsaid opportunities will come first from businesses’ efforts to change theirthinking and improve their competitiveness, adding that room forbusinesses to take advantage of the trade deal remains large.

Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy,said that as the CPTPP will push structural reform, implementing the trade dealmust follow the commitments then more importantly, go beyondcommitments for efficiency.

Nguyen Thi Thu Trang, Director of WTO and Integration Centre under the Vietnam Chamberof Commerce and Industry, said the CPTPP set requirements and created pressurefor structural reforms in Vietnam.

Together with the European Union – Vietnam Free Trade Agreement, the country hassignificant economic opportunities, Trang said, adding that it is critical tospeed up institutional reforms.

Tariffincentives provided by the trade deal will provide opportunities to boostthe development of the part-supply industry, Trang said.

Trade between Vietnam and CPTPP members reached 77.4 billion USD in 2019,a year-on-year rise of 3.9 percent, statistics of the Ministry of Industryand Trade revealed./.