Addressing the press on Thursday, Deputy Director of the Ministry’s Import Export Department, Nguyen Cam Trang, expected the agreement to help Vietnamese businesses join supply chains of long term export outlets. She said, “The agreement has accumulative impact generated from rules of origins preferential treatment. As a result, Vietnamese goods will benefit from further tariff preferences.”

Vietnamese companies are encouraged to explore the agreement’s tariff reduction roadmaps, rules of origin and trade facilitation mechanism. The government is to launch a program of actions to implement the agreement.

The Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade pact, was signed on November 15 at the ASEAN Summit hosted by Vietnam. The region-wide trade deal which involves ten ASEAN countries, as well as China, Japan, the Republic of Korea, Australia and New Zealand, will contribute to nearly 30 per cent of the world’s Gross Domestic Products of 26.2 trillion USD and create a market covering nearly one third of the world’s population.