Friday, March 29, 2024

RCEP: The post-TPP opportunity for Viet Nam

The results of the recent US Presidential election have caused a big surprise for the world, causing a significant hurdle for the birth of the Trans-Pacific Partnership (TPP) since on 23 January 2017, the elected President Donald Trump officially signed a decree to withdraw from the TPP. Viet Nam is foreseen to benefit the most from its participation in the TPP and is now the country most affected by the failure of the agreement. This can be seen from the fact that the US is Viet Nam’s largest importer. Yet, apart from the TPP, Viet Nam is actively negotiating other free trade agreements, including the Regional Comprehensive Economic Partnership (RCEP), an agreement that attracts participation of the TPP members as well. RCEP covers an area possessing a population of 3.4 billion and GDP of 22.4 trillion USD. Although the scale and impacts of RCEP are more modest than TPP, Viet Nam continues benefitting from RCEP. The values of RCEP are visible in 3 main aspects. Firstly, RCEP will remove tariff barriers as much as 90-95% of the total tax. In practice, this has been applied in the framework of ASEAN+1. Secondly, positive clauses will make RCEP more meaningful to all of its members, regardless of their sizes. Thirdly, acceleration of RCEP negotiation will better facilitate regional integration. RCEP will bring new opportunities to Viet Nam. Viet Nam will also have better access to investment and export markets of ASEAN and its partners who have diverse demands for goods and services. RCEP will also facilitate import of cheaper commodities, especially input materials for production. Vietnamese enterprises will partake in regional networks of value chains and production, intensifying technical cooperation and enhancing their position in dispute settlement and simultaneously benefitting from cuts of transaction costs and a more friendly business environment by harmonizing existing regulations and shared applications among various FTAs of the ASEAN.  

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  1. Chính sách Đối ngoại Việt Nam
  2. Vấn đề Biển Đông
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