Friday, August 14, 2020 7:29:11 PM - Markets open
VN-INDEX 850.74 -4.31/-0.50%
HNX-INDEX 116.23 -0.64/-0.54%
UPCOM-INDEX 56.74 -0.12/-0.22%
Conference looks at making full use of CPTPP
VietNamPlus - 7/11/2020 10:46:55 AM
 (0 ratings. You must sign in to rate.)
The Ministry of Industry and Trade (MoIT) and the Hanoi Department of Industry and Trade have held a two-day conference with a view of helping firms understand more about commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
 
As part of activities within MoIT’s plan for implementation of the agreement this year, the July 9-10 event offers a chance for businesses to find solutions to the difficulties they face on the threshold of deeper integration.
 
According to ministry figures, less than 40 of Vietnam’s 63 cities and provinces have trade relations with CPTPP member countries.
 
Ngo Chung Khanh, Deputy Head of the MoIT’s Multilateral Trade Policy Department, said the CPTPP opens up huge opportunities for Vietnam’s exports but the country is yet to make full use of them.
 
Trade between Vietnam and CPTPP member countries hit 77.4 billion USD last year, up 3.9 percent year-on-year. Vietnam posted a surplus of 1.6 billion USD overall but a deficit of 900 million USD with these countries.
 
Participants at the conference have already focused on overviews of import and export taxes and instructions on how to identify and meet import and export tax commitments, rules of origin, and customs commitments in order to enjoy preferential taxes under the agreement.
 
Nguyen Son Tra, Deputy Head of the WTO and Trade Negotiation Division at the MoIT, told the gathering about CPTPP member countries’ import tax commitments.
 
Member countries have committed to eliminating tariffs on about 78-95 percent of the tax lines Vietnam is subject to. For common commodities, the roadmap will take five to ten years. At the end of the roadmap, 98-100 percent of tax lines will have been eliminated.
 
Many of Vietnam’s key export items to the CPTPP are entitled to zero percent tax rates right after the agreement comes into effect or after three to five years, Tra said.
 
Participants have also focused discussions on services and investment, especially the obligations and basic principles of market opening, removing barriers facing services and investment, and commitments concerning investment promotion and protection.
 
The CPTPP, one of the largest trade pacts in the world, covers 13.5 percent of global GDP and a market of about 500 million people. It gathers 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
 
It officially took effect in Vietnam on January 14, 2019./.
VNA
 
Read original article here
 
Newer News
14:47 Export set to hit 340 billion USD in 2025
07/08 Vietnamese consumers became the most avid savers globally
04/08 EVFTA expected to contribute to EU recovery after coronavirus crisis
31/07 Retailers increase stocks to ensure supply in all circumstances
31/07 Some 13,200 firms established in July
30/07 Consumer price index up 0.4 per cent in July
23/07 GDP forecast to grow 3.8 percent this year
15/07 What VN needs to do to attract quality FDI after COVID-19
Older News
06/07 Vietnam needs professional investment environment
05/07 Pork and oil prices key to keeping inflation under control: experts
01/07 Administrative reforms would help unlock EVFTA's potential: EuroCham
01/07 Việt Nam highlights efforts to ensure human rights amidst COVID-19 pandemic
30/06 Vietnam’s trade surplus hits 4 billion USD in H1
29/06 Vietnam’s economy records decade-low H1 growth
27/06 US initiates investigation into Vietnamese tyre
18/06 Deals highlight VN-EU bilateral ties, global integration efforts
10/06 Tra fish industry strives to win over domestic consumers
04/06 Vietnamese economy bounces back in May: WB
 
Newsletter Signup
Top Stories
GDP forecast to grow 3.8 percent this year
New regulations about corporate bond issuance
Reference exchange rate remains unchanged
New traders flock to market
Reforms needed to attract foreign portfolio investment: fund manager
Market Update
Last updated at 3:10:02 PM
VN-INDEX 850.74 -4.31/-0.50%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.