How to enhance economic and trade links with American partners under discussion

The seminar aims to evaluate the results after 5 years of implementing the CPTPP, thereby exchanging and seeking practical solutions to help businesses effectively utilize the Agreement, enhancing economic and trade connections with partners in the Americas.

In his opening speech, Deputy Minister of Industry and Trade Nguyen Hoang Long said that economic and trade relations between Vietnam and the Americas have been growing steadily in recent years.

After 5 years since coming into effect in January 2019, CPTPP has played an important role in promoting Vietnam's trade with markets in the Americas, especially member markets including Canada, Mexico, Chile, and Peru in which Canada, Mexico and Peru are the markets that have FTA relations with Vietnam for the first time.

According to statistics from the General Department of Customs, total import and export turnover to CPTPP markets in the Americas soared by 56.3%, from US$8.7 billion in 2018 to US$13.6 billion in 2023, although this is a period with many challenges such as the global economic recession and the COVID-19 pandemic.

Of which, Vietnam's exports to these markets nearly doubled, from US$6.3 billion in 2018 to US$11.7 billion in 2023. The trade surplus in these markets also nearly tripled, from US$3.9 billion to US$11.01 billion, making positive contributions to Vietnam's macroeconomic stability in recent times.

This result has contributed significantly to Vietnam's trade with the Americas region in general, with total import-export turnover in 2023 reaching US$137.7 billion, of which Vietnamese exports fetched US$ 114.5 billion.

In addition to the impressive figures mentioned above, joining the CPTPP has encouraged Vietnam to reform its institutions and improve its legal system towards greater transparency. This not only helps businesses operate more professionally but also contributes to enhancing Vietnam's international reputation to attract more foreign investors. The relationship between Vietnam and the Americas has been and continues to be strengthened through strategic commitments.

In his address, Ambassador of Canada to Vietnam Shawn Steil said that the agreement has brought benefits to both people and both nations’ businesses, opening up great investment cooperation opportunities for the two nations.

CPTPP is a lever to increase trade turnover between Vietnam and Canada. The workshop is an opportunity to look back on 5 years and outline new directions for cooperation.

The Americas is a large market and closely linked together through interwoven free trade blocs such as the US – Mexico – Canada Agreement (USMCA), the Pacific Alliance (PA), and the Southern Common Market (MERCOSUR).

Taking advantage of the CPTPP, along with the favorable gateway locations of the member countries in the region, namely Canada, Mexico, Chile and Peru, businesses can consider exporting and investing in production in the above countries in a bid to expand and diversify export markets to this vibrant and potential market area.

At the seminar, experts and speakers shared a lot of useful information, discussed and sought solutions to help the Vietnamese and American business communities build effective business plans.

Through the seminar, businesses can grasp market information, seek new and effective logistics solutions, and increase the ability to take advantage of tariff incentives in CPTPP; strengthen connections for businesses to participate deeply in the global supply chain, especially of CPTPP member countries.

In addition, participants also directly shared and presented very useful information from import-export enterprises from Mexico (Coppel Group) and Chile (Sodimac Group) on the advantages of cooperation with CPTPP member partners; business cooperation plans with Vietnam in the context of the Indo-Pacific Strategy; plans to expand business cooperation with the Asia-Pacific region in general and Vietnam in particular.