Making news

Aquatic businesses feel windfall from CPTPP

Aquatic businesses have begun to feel the windfall from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which came into force in Vietnam from January 14, 2019.

According to the Agro Processing Market Development Authority (AgroTrade) under the Ministry of Agriculture and Rural Development, the aquatic sector raked in 2.5 billion USD from exports in the first four month of 2019, showing a year-on-year rise of 2.4 percent.

In the first quarter of this year, aquatic exports rose 1.6 percent to 1.79 billion USD. Exports to 10 CPTPP countries reached 502 million USD, up nearly 15 percent. High growth was seen in exports to Japan, Canada, Mexico, and Malaysia.

Mexico is one of the new markets that the CPTPP has brought to Vietnam, which imported 38 million USD worth of aquatic products, up over 26 percent. Meanwhile Malaysia imported 32 million USD, up nearly 33 percent.

In January-March, Vietnam exported 8.58 million USD worth of tra fish to Japan, a sharp increase of 60.37 percent against the same period last year.

Vietnamese shrimp exports to Japan also posted a yearly increase of 1.4 percent to reach 121.7 million USD in the first three months of 2019.

The CPTPP was signed by 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam in March 2018.

This is one of the most comprehensive trade deals ever concluded and strips 98 percent of tariffs for the 11 member countries, with a combined GDP of more than 13.8 trillion USD and close to 500 million consumers.

CPTPP member states form a giant market with 500 million consumers, accounting for 15 percent of the global trade turnover.