The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in January 2019 has brought great benefits to businesses in Da Nang, and Viet Nam at large.

The trade deal was signed between Canada and 10 countries in the Asia-Pacific region namely Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam.

Under the deal, CPTPP members agree to eliminate nearly 100% of tariff lines for goods imported from Viet Nam.

After the Agreement came into effect in 2019, Viet Nam has eliminated 66% of tariff lines and the figure reaches 85.6% after 3 following years. Other tariff lines will be eliminated after 5 -10 next years.

For such “very sensitive” goods as beer, wine, chicken, iron and steel, cars under 3,000 Cc, Viet Nam will eliminate tariffs after 10 years. Viet Nam will apply tariff quotas for sugar, eggs, salt (within the quota) and used cars.

Data published by the Da Nang Customs Department show that exports and imports between Da Nang and CPTPP member countries now account for 40% and 29% respectively of the city’s total.

Between January 2019 and late November 2020, total value of Da Nang exports to CPTPP nations reached close to 1.5 billion USD, and Da Nang imports from these nations were around 930 million USD.

Fully aware of great benefits CPTPP generates, local relevant agencies, especially, the Da Nang Custom Department, over recent times, has supported local businesses to easier access advantageous and preferential policies of this important deal.

In particular, the procedures for certification of origin of goods have been simplified as the deal allows the origin of goods to be certified by manufacturers, exporters or importers. Also, procedures for customs clearance have been finished in just hours after goods arrival, thereby facilitating local businesses to access many sources of goods at better prices.

Special attention also has been paid to accelerating administrative reforms and customs modernisation, hereby contributing to enhancing the business environment and the country's competitiveness.

In addition, Da Nang customs sector has proactively informed local businesses about the CPTPP countries' export tariff reduction roadmaps applied for Vietnamese goods so that they can gain a deeper insight into the trade deal and reach out to other new potential foreign consumer markets in a smoother manner.

By MAI QUE - Translated by M.D