The garment industry was suffering an unprecedented crisis due to COVID-19, but the pandemic also brought significant opportunities for Việt Nam to become the world’s face mask factory.

Local firms must outline a long-term vision and implement institutional reforms in order to maximise the benefits presented by the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP), according to insiders.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to create more impetus for Vietnam’s economic development and especially in the promotion of institutional reforms, if there is willingness and adaptability from Vietnamese policy-making agencies and the business community.

The Minister of Industry and Trade recently signed the issuance of Circular No. 06/2020 / TT-BCT amending and supplementing articles of Circular No. 03/2019 / TT-BCT regulating rules of goods origin in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Việt Nam has taken full advantage of the CPTPP to gain strong growth in exports to Canada and Mexico, according to the Ministry of Industry and Trade (MoIT).

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between Vietnam and the first six countries which took effect since December 30, 2018, is considered as a big opportunity to boost export volume and create conditions for enterprises to develop production and trade but the result after a year of implementation remains extremely modest.

Vietnam should improve structural reforms and businesses’ competitiveness to efficiently implement the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), heard a conference held by the Central Institute for Economic Management (CIEM) in Hanoi on February 19.

Thailand’s International Economic Policy Committee has held a meeting chaired by Deputy Prime Minister Somkid Jatusripitak to consider the pros and cons of Thailand joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as gathering public input.

A workshop was held in Toronto city on February 10 to discuss opportunities for Canadian businesses in Vietnam after one year the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect.

Vietnam has been unable to see growth in exports to all member nations of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the country’s ministry of industry and trade. In 2019, export value surged by 28.2 per cent year on year to $3.86 billion to Canada and by 26.8 per cent to $2.84 billion to Mexico.