A conference highlighting Vietnam’s latest policies to implement the Regional Comprehensive Economic Partnership (RCEP) takes place in Hanoi on April 19, 2022. (Photo: Anh Huyen/VOV5)

The RCEP, the world’s largest trade pact, was signed in November 2020 by ASEAN leaders, China, Japan, the Republic of Korea, Australia and New Zealand.

Officially taking effect from 2022, the trade pact contributes to the multi-lateralization of free trade agreements between ASEAN and its partners, coordinating commitments and provisions in these agreements, maximizing economic benefits (especially rules of origin and trade facilitation) thus strengthening regional supply chains and economic recovery after the COVID-19 pandemic.

"ASEAN has signed many FTAs but RCEP is the first agreement that ASEAN acts as a coordinator in negotiations. In the Asia-Pacific region where competition is tense, RCEP demonstrates ASEAN’s role and experience in coordinating with large economies," said Nguyen Anh Duong from the Central Institute for Economic Management under the Ministry of Planning and Investment.

The conference focused on what businesses should know about RCEP and its impacts on the Vietnamese economy.