CPTPP – a progressive trade direction in 21st century
One year after the US’s withdrawal from the Trans-Pacific Partnership (TPP), the remaining 11 Asia-Pacific countries, including Vietnam, have signed a new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to remove tariff barriers in the region.
This is considered a move towards progressive, open and equal trade, without the threat of trade wars.
The signing of the CPTPP has delivered a strong message against protectionism, which is emerging across the world as a barrier to global trade growth.
Representatives of countries joined the signing ceremony of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP) in Santiago on March 8 (Source: AFP/VNA)
The new deal also marks the endless efforts of the remaining 11 member countries to revive the TPP.
Japanese Minister of State for Economic and Fiscal Policy Toshimitsu Motegi described the CPTPP as a historic achievement that creates free and fair rules in Asia-Pacific.
The deal not only benefits member countries but also creates new momentum for regional economic-trade cooperation and connection.
Many leaders from the 11 CPTPP nations have welcomed the pact as a clear message of support for free trade and multilateralism.
Chilean President Michelle Bachelet declared that the signing of the CPTPP is a commitment to global integration and a strong signal against protectionism. It is also an ambitious and strategic multilateral cooperation deal in the context of globalisation.
Covering 500 million people on both sides of the Pacific Ocean, the pact represents a new vision for global trade as the US imposes steel and aluminum tariffs on even some of its closest allies.
The New York Times quoted Wendy Cutler, a former United States trade negotiator who worked on the Trans-Pacific Partnership as saying it’s hard for the US to ignore rules that other countries have agreed and must look carefully at these rules.
Meanwhile, the Wall Street Journal posted a story titled “In America’s Absence, the TPP Goes On”, highlighting the survival of the TPP, now CPTPP or TPP – 11, which will be a boon to traders in Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The CPTPP is also the latest illustration that other countries are accelerating efforts to conclude trade deals.
The CPTPP was inked at a ceremony chaired by Chilean President Micelle Bachelet in Chile on March 8, 2018.
Trade ministers of 11 countries participating in the trade pact, namely Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, attended the event.
The ambitious deal came after the US pulled out of the TPP agreement last year. It sets high criteria in numerous fields, including labour, the environment, intellectual property, digital economy and cyber security.
The pact will create one of the world’s largest free trade blocs with a combined market of 499 million people and GDP of about US$10.1 trillion, accounting for 13.5% of global GDP.
Under Document No. 10065/VPCP-KGVX, the Deputy PM agreed with proposals by the Ministry of Home Affairs for a one-day holiday for Vietnamese Culture Day in 2026, and a seven-day Tet holiday and a four-day National Day holiday in 2027.
By 2030, Vietnam aims to rank among the world’s top 40 in the GII; raise total social investment in R&D to at least 2% of GDP, with non-State funding accounting for over 60%; increase international scientific publications by an average of 10% annually; and raise the number of patent applications and granted patents by an average of 16-18% annually.
Vietnam needs flexible incentives and specialised green financial instruments, stronger inter-sectoral coordination, improved local governance capacity and a more complete MRV data system, said Ramla Khalidi, Resident Representative of the United Nations Development Programme (UNDP) in Vietnam.
As the country enters a new development phase with greater demands for stronger marine-economy growth, institutional bottlenecks have emerged and need to be addressed.
Experts from the Institute of Vietnam and World Economy under the Vietnam Academy of Social Sciences noted the quality of recent growth as the high growth rate has been recorded against an increasingly higher comparative base.
Vietnam's Halal exports remain modest at around 900 million USD a year, accounting for less than 1% of the global market. Most exports are still raw agricultural and seafood products. Only around 1,000–1,300 Vietnamese businesses obtained or maintained Halal certification during 2024–2026.
Vietnam needs a comprehensive policy framework to remove legal and procedural bottlenecks and create conditions for offshore wind power projects to access long-term investment capital, helping to unlock the country’s substantial offshore wind potential, said insiders.
Under a decision of the municipal People’s Committee on establishing an inter-agency working group, departments and agencies are responsible for identifying facilities subject to greenhouse gas inventories, developing emissions-reduction plans and studying projects capable of generating carbon credits.
According to data from the Vietnam Customs cited by the Vietnam Association of Seafood Exporters and Producers (VASEP), shrimp exports reached 478.5 million USD in August, up 4.2% from the same month last year. The eight-month total stood at 3.3 billion USD, representing a year-on-year increase of 12%.
Vietnam is seen as a potential market, with considerable room for growth in real estate, particularly commercial property, compared with some regional markets. Strong Vietnam-Russia ties and opportunities to establish foreign-invested enterprises are also considered favourable for Russian investors.
For 2021-2030, the Civil Aviation Authority of Vietnam proposed bringing forward the investment in a parallel taxiway system and a connecting taxiway north of Runway No. 2 at Phu Quoc International Airport, in order to connect with the aircraft maintenance and repair facility (hangar) planned for the northern area of the airport.
For LNG-fired power to fulfill its role in Vietnam’s energy transition, bottlenecks in institutions, infrastructure, electricity pricing, PPAs, power dispatch and financing must be addressed together.
From policy and infrastructure to industrial real estate, Vietnam’s FDI advantages are broadening towards a more integrated production ecosystem, offering investors a stronger combination of conditions for high-value, technology-intensive and long-term projects.
As trade expands, systemic bottlenecks across transport networks, warehousing, ports, border gates, and industrial zones are becoming more apparent. Experts emphasise the need to shift from a fragmented, project-by-project approach toward strategic management structured around trade corridors and integrated supply chains.
The company will buy non-performing loans from credit institutions and foreign bank branches, recover and dispose of debts and collateral, restructure loans and support lenders in resolving bad debts.
Do Ngoc Hung, Trade Counsellor and head of the Vietnam Trade Office in the US, said what stands out is not only the growth in trade volume but also the increasingly deep economic ties between the two countries.
According to the Ministry of Finance, State budget revenue in the first eight months of 2026 was estimated at 2.02 quadrillion VND (77.7 billion USD), equivalent to 80% of the annual estimate and up 16% year-on-year. Domestic revenue reached 1.75 quadrillion VND, accounting for 86.6% of total revenue and rising 16.6%.
Hanoi aims to achieve average annual export growth of at least 12% during 2026-30, with the city seeking to diversify export markets, boost high-tech and value-added products and reduce reliance on traditional markets.