Exports to CPTPP market flourish

Insiders point out that major individual markets such as Japan, Canada, Australia, Mexico, and New Zealand enjoyed positive growth. Most notably, Mexico and New Zealand both witnessed significant growth of 26.92% and 26.14%, respectively.

Vu Duc Giang, chairman of VITAS, emphasised that the CPTPP agreement has not only helped Vietnam to expand its export markets, but it has also given a fresh impetus to the textile and garment industry to improve technology and product quality in order to meet the stringent standards set by the international market.

According to statistics released by the General Department of Vietnam Customs, the total import-export turnover to the CPTPP market in the Americas upped by 56.3% over five years, rising from US$8.7 billion in 2018 to US$13.6 billion in 2023.

Of the total, Vietnamese exports to these markets nearly doubled, increasing from US$6.3 billion in 2018 to US$11.7 billion in 2023. Notably, the country enjoyed a trade surplus with these markets, tripling from US$3.9 billion to US$11.01 billion.

In particular, trade exchanges between Vietnam and Mexico and Canada have recorded impressive growth since the implementation of the trade pact. Indeed, Vietnam made up Mexico's 10th trading partner with Vietnamese exports seeing a 10-fold rise over the past five years.

Experts underlined the need to connect deeply into the CPTPP regional supply chain, reduce logistics costs, and swiftly establish a raw material centre to make further inroads into the lucrative market.

Simultaneously, they also underscored the importance of continuing to reform administrative procedures, apply advanced technology in import and export management, and support enterprises seeking to connect with international partners.