Pangasius is processed by the Southern Fishery Industries Company Limited in the southern city of Cần Thơ (Photo: VNA/VNS Photo Vũ Sinh)

Seafood companies urged to take advantage of trans-Pacific partnership

VIET NAM
Friday, March 22, 2019, 22:30 (GMT + 9)

Minister of Industry and Trade Trần Tuấn Anh urges Vietnamese businesses, including those seafood ones, to better exploit the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), given that the country is facing fierce competition, even in the domestic market. 

Minister Anh made the statement at a conference on the CPTPP and market development held in the southern city of Cần Thơ, where he pointed out that the active participation, negotiation and signing of the CPTPP showed the unified policy of the Party and Government in international economic integration, Vietnam News reported.

“The ministry has implemented solutions to expand markets, promote exports, strengthen import control and limit its trade deficit. It is formulating and submitting to the Prime Minister a scheme on handling international trade disputes, promoting implementation of key projects, and increasing the industry’s production capacity to contribute to economic growth,” Minister Anh said.

The minister also highlighted that verifying the origin of products is a basic requirement when exporting to foreign markets and that the import markets have the right to select businesses and grant import permits. Management agencies need to improve the law to meet market demand. Meanwhile, enterprises need to accompany the State management agencies to orient the market and actively participate to expand.

For his part, Lương Hoàng Thái, director of the ministry’s Multilateral Trade Policy Department, said CPTPP members committed to remove 78 to 95 per cent of import taxes as soon as the agreement took effect. 

“Many key exports such as agricultural products, seafood, shoes, garment and textiles, wooden products, electronics and rubber would enjoy zero tax immediately or three to five years later. However, fierce competition requires careful preparation from local businesses when joining the CPTPP,” Thái said.

Phạm Tuấn Anh, deputy director of MoIT’s Department of Industry said the industrial sector continued to play an important role in Việt Nam’s socio-economic development with key export products.

He attributed this result was partly thanks to opportunities from signed bilateral and multilateral free trade agreements (FTAs), contribute to market expansion, increase investment to expand domestic production, and boost export growth.

"Participating in the CPTPP helps ViệtNam multilateralise economic and trade relations, avoiding risks due to dependence on some big markets,” Anh said.

The CPTPP also poses many challenges, requiring Vietnamese enterprises to have thorough preparation as well as long-term strategies to improve competitiveness in the international arena.

The conference, with the participation of more than 300 people from agencies, associations and businesses in 19 southern localities, aimed to resolve difficulties when joining the CPTPP and other FTAs.
 
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