Synthesizing information on the cooperation and trade situation between Vietnam and CPTPP member markets by the Center for Industry and Trade Information (Ministry of Industry and Trade) shows that in 2024, two-way trade turnover between Vietnam and the CPTPP market is estimated to reach 102.1 billion USD, up 6.8% compared to 2023, accounting for 13.1% of the total import-export turnover.

Of which, Vietnam’s export turnover of goods to the CPTPP market block is estimated to reach 55.8 billion USD, up 11.2% over the same period last year, but still lower than the growth rate of 13.8% of the total export turnover of goods.

Vietnam’s import turnover of goods from CPTPP member markets is estimated to reach 46.4 billion USD, up 2% over the previous year, still much lower than the estimated growth rate of nearly 17% of the total import turnover of goods.

In 2024, there has been a shift in the export market structure among CPTPP members. In particular, the export proportion to Canada, Australia, Mexico, and Singapore will gradually increase while the export proportion to Japan will narrow (from 46.6% in 2023 to 44.1% in 2024).

Most notably, the Australian market, with the export proportion increasing from 10.4% in 2023 to 11.6% in 2024. In addition, exports to Chile, New Zealand, Peru, and Brunei markets are still low, accounting for less than 2.5% of total exports to the CPTPP market.

The structure of exported goods to CPTPP member markets has also changed. Vietnam’s exports to the CPTPP market are concentrated in the manufacturing and processing industry, with the top 6 products all belonging to this group, including: machinery, equipment, tools, and other spare parts; textiles; computers, electronic products and components; phones of all kinds and components; means of transport and spare parts; and footwear of all kinds. These are also the groups of goods that bring the greatest growth momentum in exporting goods to the CPTPP market.

In 2024, machinery, equipment, tools, and other spare parts will be the largest group of export goods to the CPTPP market with an estimated turnover of 7.12 billion USD, an increase of 22.4% over the previous year, accounting for 12.8% of the total export to the CPTPP market. The largest contribution to this growth is thanks to the demand for Vietnamese machinery and spare parts in the Australian, Canadian, and Chilean markets with a strong growth rate of over 100% over the same period last year.

However, exports of many items to the CPTPP market generally still face difficulties in taking advantage of the benefits of the Agreement. Many key export items, strengths of Vietnam, but the market share in CPTPP is still modest compared to the existing market capacity, especially agricultural products.

A typical example is rice, accounting for 1% of the total export turnover to the CPTPP market and about 12% of the total rice export turnover of Vietnam.

Coffee accounts for 1.3% of total exports to the CPTPP and 11% of total coffee export turnover of Vietnam). Vegetables and fruits account for 0.9% and nearly 7% respectively…

However, the report notes that the positive point is that the export turnover of these items all recorded high growth rates. Of which, rice export turnover to the CPTPP market reached 555.8 million USD, up 74.9% over the same period last year. In addition, coffee export turnover also achieved a growth rate of 26%; vegetables and fruits increased by 20.6%; rubber increased by 118%…

In particular, the summary report also shows that in recent years, Vietnam has continuously exported surpluses to the CPTPP market.

In 2024, Vietnam’s estimated trade surplus with the CPTPP market will reach 9.4 billion USD, double the trade surplus of 4.7 billion USD in the previous year. This result clearly shows that trade with CPTPP member markets is playing an important role in increasing Vietnam’s trade surplus, contributing to macroeconomic stability.

The largest contributor to Vietnam’s total trade surplus with the CPTPP market in the past year was Canada with 5.48 billion USD, an increase of 9.7% compared to the trade surplus of the previous year. In addition, Vietnam’s trade surplus with Mexico is also estimated at 4.5 billion USD, an increase of 26% compared to the previous year.

On the other hand, Malaysia is Vietnam’s largest trade deficit market in the CPTPP with an estimated trade deficit of 4 billion USD, far exceeding Vietnam’s trade deficit of 2.9 billion USD with this market in 2023.

Source: VNECONOMY.VN