RCEP brings great business chances for regional firms: experts
The Regional Comprehensive Economic Partnership (RCEP), which came into effect a year ago, has brought about great business chances for enterprises in the region, according to experts.
Hanoi(VNA) – The Regional Comprehensive Economic Partnership (RCEP), which came into effect a year ago, has brought about great business chances for enterprisesin the region, according to experts.
Right after the dealtook effect, trade among regional countries has been increasing. Data fromChina’s General Administration of Customs showed that in the first 11 months of2022, import-export revenue between the country and RCEP members rose 7.9% yearon year to 11.8 trillion CNY (1.74 trillion USD),accounting for 30% of the country’s total.
Of the total, trade between China and ASEANcountries reached nearly 5.9 trillion CNY (872.65 billion USD), up 15.5% yearon year.
According to experts, the greatest benefit from the deal is preferential tax rates, with zero tariff being applied on morethan 90% of goods traded by its members.
A recent survey from HSBC showed that morethan 93% of surveyed companies from RCEP members said that they plan toincrease transactions with China, and more than 30% said they expects at least30% growth in business in China this year.
In 2023, RCEP member countries arepredicted to recover faster, especially in tourism and real estate. Thanks tothe RCEP, member will have more chances to boost tourism cooperation,thus promoting the growth of other sectors.
At the same time, the deal is expected to createdevelopment opportunities for emerging economies in the region, including thosein the ASEAN.
Members' cooperation with the thirds has also contributed to the growth of multilateralism, globalisationand regional collaboration, and creating a firm foundation for the speeding upof negotiations of a free trade agreement between China, Japan and the Republicof Korea.
RCEP has helped switch the economic andtrade cooperation focus from China to the ASEAN, and move China’seconomic-trade partnership concentration to the ASEAN, according to experts.
The RCEP was signed in2020 between the Association of Southeast Asian Nations (ASEAN) and fivepartners, namely Australia, New Zealand, China, Japan, and the Republic ofKorea. Taking effect on January 1, 2022, it is the largest FTA at present,covering 30% of the global GDP.
Under this agreement,about 90% of the tariff lines will be eliminated within 20 years since it cameinto force./.
Some studies by major international institutions have shown that a full-pledged implementation of the Regional Comprehensive Economic Partnership Agreement will boost trade volume by around 40 billion USD, Cambodian Prime Minister Samdech Techo Hun Sen has said.
A report on the Regional Comprehensive Economic Partnership (RCEP)’s impacts on the shaping of supply chains in Vietnam was released by the National Centre for Socio-Economic Information and Forecast (NCIF) and Konrad-Adenauer-Stiftung Vietnam on November 10.
Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dato Lim Jock Hoi has affirmed that ASEAN’s strong commitment to regional cooperation and integration will help the region navigate through headwinds and uncertainties such as the global economic slowdown, higher food and energy prices, climate disasters, and continued global trade tensions.
The Regional Comprehensive Economic Partnership (RCEP) agreement officially took effect for Indonesia on January 2, with the country putting new regulations in place for its trade with other members of the world's largest free trade deal.
The implementation of free trade agreements (FTAs) will continue to prove fruitful for Vietnam in 2023, said Minister of Industry and Trade Nguyen Hong Dien.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
Illustrative image (Source: VNA) 
