According to statistics released by the General Department of Vietnam Customs, China represents the largest market among the 14 RCEP countries that the nation has established trade ties with. Indeed, turnover between the two sides reached US$103.5 billion during the first 10 months of the year.
Of the figure, the value of Vietnamese export commodities stood at US$37.9 billion, while the nation’s imports came to US$65.6 billion.
Furthermore, two-way trade turnover with the RoK hit US$53.5 billion, including US$16 billion from Vietnamese exports and US$37.5 billion from its imports.
Indeed, import and export trade turnover was recorded at more than US$32 billion with Japan, ASEAN at US$43.4 billion, Australia at US$6.77 billion and New Zealand at US$870 million.
This comes following the RCEP being signed on November 14 by leaders of 15 countries from the Asia-Pacific region that make up 29% of global GDP. The pact was signed online by leaders of 10 ASEAN member states, along with Australia, China, Japan, New Zealand, and the Republic of Korea (RoK) as part of the 37th ASEAN Summit, chaired by the nation in Hanoi.
The purpose of the RCEP is to help establish long-term stable export markets for ASEAN members in the context of risky and uncertain global supply chains. In addition, it will also create a legally binding regional framework suitable for trade policy, investment, intellectual property, e-commerce, and dispute resolution, among other things. Overall, the international partnership aims to create a fair trading environment throughout the region.