(VOVworld) – A report evaluating impacts of the Regional Comprehensive Economic Partnership (RCEP) on the Vietnamese economy was released in Hanoi on Friday.

RCEP is expected to bring in new opportunities for Vietnam

RCEP is a free trade agreement promoting a comprehensive economic partnership among the ASEAN bloc and six other partners: China, Japan, the Republic of Korea, Australia, New Zealand and India. RCEP negotiations were officially launched by leaders of the 16 participating nations in 2012.

According to the report, like other international economic integration treaties, RCEP offers new opportunities for Vietnam in investment access, exports between ASEAN and its partners, imports, reduction of transaction costs, and business environment.

But Vietnam will also face the challenge of product quality and added value pressures on domestic goods. RCEP will force Vietnamese firms to develop more strategic products, apply high-tech to improve productivity, carry out economic restructuring, and pursue a swift growth model.