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

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Moody’s sets outlook rating to ‘negative’ for Cambodia

    US global rating agency Moody’s Investors Service Inc on November 15 announced that it downgraded Cambodia’s outlook from “stable” to “negative” and maintained its B2 local and foreign currency issuer ratings. “The negative outlook reflects a deteriorating external position as illustrated by the severe

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Korean first lady paves way for ill boy’s surgery

    A 14-year-old boy with congenital heart disease who was lucky enough to meet with South Korean first lady Kim Keon-hee may get the chance of a lifetime and receive surgery and treatment at Asan Medical Center in Seoul, South Korea. After seeing his plight, many

  • Kingdom’s rice crowned world’s No1

    Cambodia’s Phka Rumduol jasmine variety has been crowned the World’s Best Rice for the fifth time at the TRT (The Rice Trader) World Rice Conference in Phuket, Thailand on November 17, according to leaders of the Kingdom’s apex rice industry body. Phka Rumduol

  • Ministry to 'seek justice' for officials indicted in US for 'monkey smuggling'

    The Cambodian government and the Ministry of Agriculture, Forestry and Fisheries said they will make the “utmost effort” to seek justice for a Cambodian official arrested in John F Kennedy International Airport in New York for allegedly conspiring to smuggle crab-eating macaque monkeys (Macaca fascicularis)