Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnamese businesses eye trade promotion in RCEP region, says VCCI

Vietnamese businesses eye trade promotion in RCEP region, says VCCI

Content image - Phnom Penh Post
The RCEP is expected to help Vietnamese enterprises boost exports. VIETNAM NEWS AGENCY/VIET NAM NEWS

Vietnamese businesses eye trade promotion in RCEP region, says VCCI

Vietnamese enterprises are looking to promote their businesses under the Regional Comprehensive Economic Partnership (RCEP), as they face fierce competition from other member countries.

The statement was made by Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s WTO Integration Centre Nguyen Thi Thu Trang at a conference in Hanoi last week.

The RCEP is a proposed free trade agreement between Asean countries and Australia, China, India, Japan, South Korea and New Zealand. Its negotiations were formally launched in November 2012 at the Asean Summit in Cambodia. The negotiation process is in the final stages.

Speaking at the conference, Trang said consumer characteristics of the RCEP were not that different except in Japan, Australia and New Zealand, and the demand for top Vietnamese products was quite high, especially tropical agricultural products and processed food. In addition, China and India, which accounted for 30 per cent of global GDP and 28 per cent of the world’s total trade, were huge markets.

“Many Vietnamese businesses are still concerned about the agreement because many partners have products similar to Vietnam and are more competitive,” Trang said.

“These markets also have big differences in quality requirements,” she added.

According to Trang, some enterprises have said the RCEP agreement may not help increase exports due to reasons such as tax incentives, zero-tariff barriers and more fierce competition with RCEP partners.

During the negotiation process, enterprises should focus on areas of strength, products with high export volume and tax incentives, Trang said.

Pham Tuan Anh, an official from the Ministry of Finance who is also a member of the negotiation team, said expectations for the RCEP were huge, including import and export opportunities thanks to incentives on tariffs and regulations of origin, unified customs procedures and trade facilitation, and general rules to limit and control non-tariff barriers.

Anh said some service markets would be more open, especially logistics and telecommunications services, and a better e-commerce platform. Enterprises were looking forward to the RCEP to avoid the trend of trade protectionism and the impacts of the US-China trade war.

“This agreement is the final stages of negotiations, and we are conducting the last round of consultations with businesses,” Anh said.

The negotiations for the fifth round of the RCEP are being held in Bangkok with the participation of senior officials from 16 member countries to address current issues. Member countries are aiming to finalise the agreement at the end of this year. VIET NAM NEWS/ASIA NEWS NETWORK


  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Lost in translation: ‘Starvation’ in capital’s designated red zones

    “DACH bay” is a Khmer slang meaning a “loss of income”, that could also be literally translated to «deprived of rice”, which alludes to starvation. However, civil society organisation (CSO) officials have independently confirmed the government’s prior assertions that there are no cases of