Vietnam – CPTPP trade turnover reaches nearly $103 billion in first 10 months

After nearly seven years of implementation, the CPTPP has created major driving forces for Vietnamese industries to boost exports and penetrate deeper into member markets.

The CPTPP is the first next-generation free trade agreement that Vietnam signed. The CPTPP comprises Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK, and Vietnam, with a population of over 500 million people and accounting for 15 per cent of the world's total GDP.

Vietnam’s exports totalled $58.3 billion, a 26 per cent increase from a year ago. This turnover has surpassed the figure of $102.1 billion for all of 2024.

According to the MoIT’s report on opportunities to promote exports to CPTPP markets, the total import turnover of CPTPP partner countries is nearly $2.5 trillion. Import demand for Vietnamese goods in major markets such as Australia, Japan, Singapore, and Canada is expected to remain high.

Following the implementation of the CPTPP, Vietnamese goods are increasingly available across stringent markets like Japan, Australia, and New Zealand. Vietnamese goods have also made an impressive breakthrough in American markets such as Canada, Mexico, and Peru.

In addition, there is a significant increase in the share of exported goods granted certificates of origin (C/O) for preferential tariffs. When the CPTPP took effect in 2019, Vietnam’s export turnover using C/O was only about $700 million, or 2 per cent of total exports. In 2024, this figure rose to nearly $5 billion, or 8.8 per cent.

Encouragingly, C/O issuance has risen sharply in CPTPP markets that have a free trade agreement (FTA) with Vietnam for the first time, such as Mexico and Canada.

Trinh Thi Thu Hien, deputy director of the MoIT’s Department of Import-Export, said, “Opportunities will be intertwined with challenges for the prospect of Vietnam’s trade with CPTPP markets in the near future. Demand remains high in markets with strong purchasing power, such as Australia, Japan, Singapore, and Canada. The UK's official implementation of the CPTPP is expected to create opportunities for Vietnamese goods to expand in this market.”

However, new challenges will rise in CPTPP markets. Several countries have issued new trade policies, such as US reciprocal tariffs, which will influence shifts in import–export flows.

In addition, competition is intensifying as exporting countries shift their focus to CPTPP markets. Meanwhile, member countries are stepping up their participation in new FTAs to diversify supply chains.

Nearly a dozen more economies have applied to join the CPTPP, including China, Taiwan (China), Ecuador, Costa Rica, Uruguay, Ukraine, Indonesia, the Philippines, and the UAE.

Amid the escalation of US–China trade tensions fuelling global protectionism, the CPTPP is emerging as an important pillar of free trade. The CPTPP aims to strengthen economic cooperation, eliminate tariffs and trade barriers on goods and services, and promote trade and investment among member countries. It establishes common rules and standards in areas such as goods trade, services, investment, intellectual property, labour, the environment, and government procurement.

The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) marks a pivotal milestone in global trade, presenting new opportunities for strengthening economic relations between Vietnam and the UK.

Businesses are embracing various ways to sustain growth amid escalating global trade tensions due to reciprocal tariff measures between major economies.

Ministers at the ninth Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) meeting agreed to advance new accession talks as Vietnam prepares to assume the 2026 chairmanship with key priorities.