Vietnam urged to proactively leverage CPTPP for market and supply chain diversification

Vietnamese businesses are advised to proactively utilize the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) rather than waiting for market volatility to seek new directions. Ngo Chung Khanh, Deputy Director of the Foreign Market Development and Multilateral Trade Department at the Ministry of Industry and Trade, suggests that the agreement should be viewed as more than just a consumer market.

As global supply chains are reshaped, the CPTPP offers opportunities to diversify raw material sources. Businesses can import materials from CPTPP members, manufacture in Vietnam, and subsequently export to countries both within and outside the bloc. This approach allows companies to reorganize their supply chains effectively.

There remains significant market potential within the agreement. While Vietnam's exports to CPTPP members exceed $70 billion, the total import turnover of CPTPP nations (excluding Vietnam) is estimated at approximately $4,250 billion for 2025. Significant growth opportunities exist in markets such as Canada and Mexico.