FOREIGN TRADE UNIVERSITY

HO CHI MINH CITY CAMPUS

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MID-TERM ASSIGNMENT
International Economics
Lecturer: TRẦN NGUYÊN CHẤT
VIETNAM’S ECONOMIC INTEGRATION:
FUNDAMENTALS, FTAs AND ITS POTENTIAL
IMPACTS ON VIETNAM’S ECONOMY
Group 7:
1. Trương Phương Thảo
2. Võ Thị Thanh Thảo
3. Nguyễn Bùi Linh Thi
4. Nguyễn Đặng Minh Thi
5. Trần Minh Thi
List of group 7:
No. Student Name Student ID Note

1 Trương Phương Thảo 1801015817

2 Võ Thị Thanh Thảo 1801015819
3 Nguyễn Bùi Linh Thi 1801015825
4 Nguyễn Đặng Minh Thi 1801015826
5 Trần Minh Thi 1801015828

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Table of content

Introduction 5
Chapter 1: Overview of Fundamentals of Economic Integration 6
1.1. Definition 6
1.2. Levels of Economic Integration 7
Chapter 2: Fundamentals of Vietnam’s economic integration 8
2.1. Purposes in economic integration 8
2.2. Strategic orientations 10
2.3 Achievements Vietnam has obtained 12
2.3.1 Foreign affair 12
2.3.2. Economy 13
2.3.3 Institutional reforms 15
2.3.4 Limitations 16
Chapter 3: Free Trade Agreements 19
3.1. Overview of FTAs 19
3.1.1. Definition 19
3.1.2. FTAs’ main contents 19
3.2. Vietnam’s wide-ranging free trade agreement 19
3.2.1. Vietnam’s principles and directions in negotiating FTAs: 19
3.2.2. Vietnam’s participation in FTAs: 20
Chapter 4: An analysis on CPTPP 24
4.1. Overview 25
4.2. Predicted positive impacts of CPTPP on Vietnam’s economy at the time of its
signing 27
4.3. Achievements after a year since CPTPP 28
4.4. Potential impacts of CPTPP on Vietnam in the future. 29
4.4.1. Opportunities 29
4.4.2. Challenges 31
4.5. Evaluation and implication from CPTP 32
4.5.1. Evaluation 32
4.5.2. Implications 33
Conclusion 34

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4
Introduction
2020 is the year which highlights many significant milestones of Vietnam in the
international integration process. Particularly, Vietnam officially becomes the President
of ASEAN 2020 and a non-permanent member of the United Nations Security Council
for 2020-2021. With dual roles, we have reinforced our position higher by not only being
“a ruler” in leading and contributing to the mutual peace and prosperity of the world but
also gaining more momentum to promote the mutual relationships with other countries.
By that, our international integration in the whole picture will be strengthened more
deeply and broadly, which can sustain the security and growth of the economy, society in
the long-term.
Over 30 years, Vietnamese international integration process has achieved both
many successes and the limitations side by side. Our process focuses on three main parts:
economy; politics, defense and security; culture-society, education, science-technology
and others, with the core center in economy. In recent years, the trend of multi-level
economic integration has become more popular and deeper, especially Foreign Trade
Agreement (FTA). New situations in the world help found new-generation FTA to
comply with the continuous changes of the global economy. Simultaneously, Asia-Pacific
region plays the leading role of actively promoting and connecting the economies of
other regions. Given that, new FTAs regarding the region are negotiated successfully,
typically as a Comprehensive and Progressive Agreement for Trans - Pacific Partnership
(CPTPP) and Regional Comprehensive Economic Partnership (RCEP). The participation
of Vietnam in these two big FTAs is expected to contribute more huge potential benefits
and new difficulties to overcome. Thus, this paper is created to define the importance and
fundamentals of Vietnam’s economic integration in general and research on FTA in
particular, then analyze the opportunities and challenges of CPTPP - the big FTA
Vietnam just joined, finally finding some crucial implications. Hopefully, the paper can
contribute to improve and encourage the development of Vietnam’s economic integration
in the new context.

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 The paper has five main parts: The overview of international economic integration
is discussed in the next part. Part II will identify the fundamentals of economic
integration in Vietnam. The part III will consider FTAs, its main contents and Vietnam’s
participation. The careful analysis on the case of CPTPP and some evaluations and
implications on it are given in part IV. The final part concludes the paper with those
implications.

Chapter 1: Overview of Fundamentals of Economic Integration

1.1. Definition
While Economic Integration is defined in various ways, the most fully and clearly
understandable definitions that are widely accepted are listed below:
- Economic integration is defined as a process of removing restrictions on
payments, international trade and factor mobility. Economic integration thus leads to the
uniting of two or more national economies in a regional trading arrangement.
- Economic integration is an agreement among countries in a geographic region to
cut back and ultimately eliminate tariff and non-tariff barriers to the free flow of products
or services and factors of production among each other; any type of arrangement in which
countries conform to coordinate their trade, fiscal, and/or monetary policies are referred
to as economic integration.
Therefore, the main objective of Economic Integration is to maximize welfare of
every participant by increasing GDP through stimulating trading between country-
members of economic unions.
1.2. Levels of Economic Integration
Economic Integration is classified in five levels, each present in the global
landscape.
- Free-trade area: This is the least restrictive and loosest level of integrating, in
which members agree to remove all tariff and nontariff barriers among themselves,
but are free to independently determine trade policies with nonmember nations.

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 The main goal of free trade agreements is to develop comparative advantages and
economies of scale.
- Custom union: This type of integration involves the free-trade zone’s
characteristics. In addition, however, each member nation imposes same trade restrictions
against nonparticipants. Custom unions are specifically helpful to level the competitive
playground and address the problem of re-exports by using preferential tariffs in one
country to enter another country.
- Common market: This level of economic integration is emphasized by three
characteristics: (1) the free movement of goods and services among member nations, (2)
the initiation of common external trade restrictions against nonmembers, and (3) the free
movement of factors of production across national boundaries within one economic bloc.
- Economic union (single market): All tariffs are eliminated for trade between
member countries in order to a uniform market. There are also free movements of labor,
enabling workers in a member country to move and work in another member country.
Monetary and fiscal policies between member countries are harmonized, which means a
level of political integration.
- Political union: Represents the potentially most advanced form of integration with
a common government, in which the sovereignty of a member country is dramatically
reduced. This level is only found within nation-states, such as federations where there is a
central government and regions having a level of autonomy.

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Chapter 2: Fundamentals of Vietnam’s economic integration
2.1. Purposes in economic integration
When regional economies agree on integration, trade barriers gradually fall and
economic and political coordination significantly increases. The process of economic
international integration; therefore, creates new opportunities and huge benefits for
Vietnam. In other words, economic integration has played a key role in enhancing
efficiency and promoting economic growth. “The purposes of economic integration are
related to Vietnam's efforts to ensure trading rights, protect domestic production,
especially the SOE sector, and create incentives for export promotion”, according to Vo
Tri Thanh (2005). There are two main kinds of targets of economic integration:
economic and political ones.
Economic integration can bring various benefits to Vietnam, especially in terms
of enhancing access to different markets and helping to stimulate the production of
traditional products which Vietnam has comparative advantage. Besides, implementing
the commitments of the WTO will also help Vietnam to improve its business
environment in conformity with international best practices. Vietnam will use its
participation in international trade agreements as a tool to ensure and advance national
interest and security through increased economic power. In the short run, we can
increase our share in the internal trade of grouping and terms of trade are getting better.

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And it is possible, thanks to elimination of tariffs, para tariffs and extra tariffs barriers.
In the longer run, we can observe profitable changes and maximization of profits in our
economy as a member country of the integration grouping.
Thanks to specialization of production and division of work, production and
investments with relatively lower effectiveness will soon be eliminated in replacement of
the most effective branches. Integration processes make it easier for countries, which take
part in it, to access outside production factors, especially raw materials, labor sources and
technical knowledge. Therefore, it enables a series of ready-made goods, increasing a
production range at a lower cost.
Also, the second group of targets - political ones - played an essential role in the
integration. As for the political targets of economic integration, there are two main targets
that a country wants to achieve, which are firstly to “strengthen their political position”
and then “auction strength in relations with other countries, especially with highly
developed ones”. Political cooperation with other countries can help Vietnam to improve
international relationships because of stronger economic ties, which provide an incentive
to resolve conflicts peacefully and lead to greater stability. For developing economies
like Vietnam, joining an economic community helps us to reflect their growth as well as
their current position both in economic and political aspects. “In the opinion of most
policy makers, integration is the best chance for reform and innovation” said Doan Quang
Huy (2013).
Prime Minister Nguyen Tan Dung on January 7, 2016 approved the specific
objectives through 2020, vision to 2030 of international economic integration that are
“expand markets, take advantage of capital, technology, management knowledge;
improve the competitiveness of the economy, businesses and products; foster the
development of domestic industries, establish higher positions in the regional and
international production and supply chain; actively make contributions to the process of
transforming growth model and restructuring the economy; beef up industrialization and
modernization, enhance internal strength, reduce dependence from the outside, and
narrow development gap with ASEAN-6 countries. Regarding the degree of international

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integration, strive to catch up with ASEAN-6 countries by 2020, ASEAN-4 countries by
2025, and to become one of the top ASEAN countries in such areas that Vietnam has
strengths and have a catch-up strategy, including improvement of business environment,
by 2030, etc. In the short run, successfully realize the socio-economic development
targets that have been figured out.”

2.2. Strategic orientations

The trade policy of Vietnam and its participation in various trade agreements can
be viewed as the result of a deliberate and strategic choice of its domestic forces for
national interest, increased prospective future economic wealth and power – and,
therefore, more security.
Firstly, Vietnam has prioritized international trade integration with its most
significant trade partners outside the ASEAN region. For Vietnam, its own international
trade integration is a more important objective than the shared ASEAN interest of
establishing a fully functioning, globally integrated AEC. Vietnam has known that, in
today’s world, ‘international’ goes side by side with ‘national’ or ‘domestic’, but that
there is a fundamental difference between ‘international’ and ‘supranational’.
Secondly, by the creative application of these two typical theories- trade creation
and trade diversion, Vietnam is consciously pursuing a trade creation strategy whereby it
actively seeks to participate in preferential free trade agreements with important
economic markets outside the ASEAN region (mainly the EU and the USA) that could
potentially have an important trade creation effect for the country. In this scenario,
Vietnam has more opportunity to reduce customs tariffs both within the AEC and with
the EU and the USA to attract exporting companies to produce in Vietnam, and from
Vietnam export to trade partners outside ASEAN. In other words, Vietnam tends to
create new trade flows and concentrates on ensuring its own economic security by
making use of regional and international trade agreements.
Thirdly, the rule-binding trade agreements assists a national domestic purpose of
locking in domestic reforms. Domestic reforms, which are vital for the continued

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economic growth of Vietnam in an increasingly globalized and interconnected world, but
which are not easy to pass through and for which the Vietnamese political elite do not
definitely have the courage to implement on their own. The rule-binding agreements with
the EU and the TPP-11 countries that force Vietnam to reform serve this purpose better
than the non-binding and voluntary of ASEAN.
Through a careful selection of trade agreements, particularly Vietnam’s
participation in the EU–Vietnam Free Trade Agreement (EVFTA), the Trans Pacific
Partnership (TPP), the Comprehensive and Progressive Agreement for the Trans-Pacific
Partnership (CPTPP) (more commonly known as the TPP-11) and the ASEAN Economic
Community (AEC), Vietnam aims to position itself in a strategically advantageous
position in comparison with other economies of the AEC. “Within the AEC, Vietnam
wants to capture some trade creation effects by orienting itself and attracting investors at
the end of the production chain where added value is higher” (Sophie Deprez, 2018) [3].
Advantageous access to the EU and the USA, ASEAN’s main consumer markets, would
permit Vietnam to export finished manufactured products at a lower cost than other
countries in the AEC.
Vietnam’s integration in international trade is mainly oriented by concerns for
national interest and security through increased economic power. Through a vigilant
selection of its participation in international trade, the political elite of Vietnam wants to
ensure continued economic growth through preferential access to key markets. The
political elite of Vietnam has a very strategic view on economic international integration
and has identified trade and export-oriented growth as international policy preferences,
thereby using trade integration as a strategic instrument to optimize their national
priorities within the international trade system.
In “Overall strategy for international integration through 2020, vision to 2030”,
Prime Minister Nguyen Tan Dung also confirmed Vietnam’s orientation in economic
integration is that “Until 2030, the degree of economic integration is equal to the average
level of ASEAN-4 countries; international integration will be accelerated in parallel with

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the process of enhancing linkages among sectors and regions; focus on implementing
effectively inked agreements, especially the new-generation FTAs.”
2.3 Achievements Vietnam has obtained
Vietnam has escaped its economic and political isolation, expanded its relations
with other countries, including the superpowers and other major world politico-economic
centers. Vietnam has successfully created and maintained an environment favorable for
national construction and defense. Meanwhile, large investment sources from outside
have been utilized and the socialist-oriented market economy has been refined.
In the area of culture-society and education-training, the expanded cooperation has
helped in hunger eradication, settlement of social security issues, poverty reduction, and
improvement of people’s cultural and spiritual lives. Large cities and important economic
centers have made significant leaps forward in integration and are providing strong
growth momentum for the national economy. Vietnam’s position has been enhanced
regionally and globally, creating a completely new image of the country as an active,
responsible and economically successful partner in international integration.
2.3.1 Foreign affair
Firstly, in 1995, Vietnam became a member of ASEAN and successfully joined
the ASEAN Free Trade Area one year later. Over the past two decades, 2016, Viet Nam
was also a signatory to a wide range of FTAs under the ASEAN-plus framework,
remarkably participating in ASEAN’s Economic Community and Socio-Cultural
Community. Vietnam has highly been appreciated by the international community in
terms of making efforts in the negotiation of the Regional Comprehensive Economic
Partnership among ASEANs.
Secondly, Vietnam–United States Bilateral Trade Agreement in 2000 was
considered as the solid stepping stone which mapped out a strategy for Vietnam joining
the global playing field, particularly setting Vietnam a path to participate more deeply in
regional (FTA-based) integration and WTO areas. Former U.S Ambassador to Vietnam,
Peterson, has argued “the Agreement will yield significant economic benefits to both
nations”.

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 After an arduous and long process of negotiation, Vietnam officially became one
of the members of WTO in January 2007. Vietnam Chamber of Commerce and Industry
Chairman, Vu Tien Loc emphasized that WTO membership has changed Vietnam’s legal
framework, economic, trade and investment policies, as well as its economic
management manner. Therefore, the accession to WTO is supposed to speed up trade
liberalization and improve market access for the new member country’s exports, which
should result in increased trade (Cling et al. 2009).

2.3.2. Economy

International integration has brought many benefits to Vietnam in terms of

economic performance. Its trade with ASEAN has increased significantly, with average
growth of 13.0% per annum for imports and 16.8% per annum for exports (Figure 1). The
declining share of ASEAN in Viet Nam’s trade strongly reflects Viet Nam’s faster
expansion of trade with its non-ASEAN partners, such as the United States, China, and
Japan and the European Union.

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Figure 1. Vietnam’s Trade with ASEAN, 1995–2014

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 (a) Exports to ASEAN

(b) Imports from ASEAN

As trade expansion, Vietnamese businesses can more deeply participate in the
regional supply chain. ASEAN’s share in Viet Nam’s value added from exports has been
rather stable (Figure 2). East Asia’s share has tended to increase, reflecting the outcome
of Vietnam’s integration efforts with East Asian countries, which have induced more
imports of intermediate products from those countries. The expanded share of East Asia
in Vietnam’s exports has also been induced by integration efforts under ASEAN
framework with these partners, namely through FTAs with Korea, Japan and China.

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 Figure 2. Share of Value Added in Viet Nam’s Gross Exports by Country, 1995–
2011 (%)
In addition, foreign direct investment (FDI) has increased remarkably and has
made important contributions to gross domestic product, exports, and job and income
creation. Total registered capital decreased significantly during 1997–2000 due to the
Asian financial crisis but gradually recovered during 2001–2006. In 2019, foreign direct
investment (FDI) flowed in Vietnam reached US$38 billion, marking a 10-year high and
representing a year-on-year increase of 7.2 per cent. “Multiple multi-billion dollar
projects will arrive in Vietnam in the near future, with many of them under South Korean
and Taiwanese firms, who view Vietnam as a strategic and crucial investment
destination,” Do Nhat Hoang, head of the Foreign Investment Department under the
Ministry of Planning and Investment, said.

2.3.3 Institutional reforms

Economic integration has also helped induce institutional reforms in Viet Nam,
particularly in areas directly related to trade and investment (Vo et al., 2015). For
example, under the ASEAN integration, trade facilitation received a substantial attention
framework and has been undertaken comparatively quickly in the country. The Viet Nam
National Single Window (NSW) was developed in 2005 and widely applied in 2013–
2016. An initial achievement of the NSW’s first pilot period was the technical connection
between three core governmental agencies, namely the Ministry of Finance (General
Department of Customs), the Ministry of Industry and Trade and the Ministry of
Transport, on 26 February 2014. Three other core governmental agencies, particularly the

16
Ministry of Health, the Ministry of Agriculture and Rural Development, and the Ministry
of Natural Resources and Environment, were also connected to NSW in late 2015. Viet
Nam was the fifth country to connect to the ASEAN Single Window just after Singapore,
Indonesia, Malaysia, and Thailand in September 2015. Besides, customs modernization
has become an essential activity of the General Department of Customs in recent years.
On 20 June 2005, under Decision 149/2005 the government issued the first initiative on
piloting e-customs at Hai Phong Customs Office. After acquiring considerable
experience, the piloting of e-customs was expanded to 19 other provinces in 2009.
2.3.4 Limitations
Along with these achievements, however, Vietnam needs to overcome a number of
difficulties limitations. Firstly, the development gap between Vietnam and other countries
in the region is expanding. For example, the development gap between ASEAN-6 and
Cambodia, the Lao PDR, Myanmar, and Vietnam is quite huge. Table 3 highlights the
trends in GDP per capita by AMS from 2000 to 2017. In 2017, GDP per capita in
Singapore and Brunei Darussalam were considerably higher than the other AMS,
reaching US$57,772 and US$28,986 respectively. Vietnam held the 3rd lowest position.
Without effective measures in tackling the development gap, the prolonged uneven
development as well as failure to promptly foster sustainable growth and catch up with
ASEAN-6 will gradually weaken Vietnam’s contribution to the ASEAN integration
process, then finally end in undermining the momentum for furthering integration of the
whole system.

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Figure 3. GDP per capita (US$), ASEAN Member States, 2000-2017

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 Secondly, the country’s transition towards a market economy has resulted in
uneven development. Remote localities with untrained human resources, unfavorable
geographical conditions and poor infrastructure have reduced the benefits of international
integration and left Vietnam at a disadvantage. This has led to the expansion of wealth
and development gaps between regions. Since Doi Moi, inequalities between and within
rural provinces and, even more, between rural and urban areas have increased. The
highest levels of rural income inequality are in the Central Highlands, while increasing
landlessness and poverty in the Mekong River Delta is linked to the commercialization of
agriculture (Douglass et al., 2002).
Thirdly, there have been insufficient measures to minimize the drawbacks of
international integration, particularly negative impacts in the areas of labor, employment,
and the protection of domestic production and products. A great number of workers may
be at risk of losing their jobs because of the inability of domestic goods to compete with
foreign goods, leading to enterprises to narrow production, in many cases even shut down
and exit the industry. Besides, participating in the international integration will contribute
to speeding up the movement of labor from rural areas to cities and industrial parks. The
pressure on employment in urban areas will increase, resulting in an imbalance between
labor demand and supply, which implies higher risk of going unemployed.
Finally, in Vietnam, however, rapid growth and industrialization have not been
friendly to the environment and natural assets. Final energy consumption tripled over the
past decade, growing faster than output. Unsustainable exploitation of natural assets such
as timber, fisheries, and sand could negatively affect potential for future and long-term
growth. Furthermore, urbanization and population growth and strong economies are
causing rapidly increasing waste management and pollution challenges. Waste generation
in Vietnam is estimated to double in less than 15 years. Linked to this is the problem of
marine plastics. Ninety percent of global marine plastic pollution is estimated to derive
from just 10 in-land rivers, and the Mekong river is one of them. Vietnam is among the
ten countries around the world that are heavily affected by air pollution.

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Chapter 3: Free Trade Agreements
3.1. Overview of FTAs
3.1.1. Definition
A free trade agreement (FTA) or treaty is a multinational agreement according to
international law to form a free-trade area between the cooperating states. FTAs, a form
of trade pacts, determine the tariffs and duties that countries impose on imports and
exports with the goal of reducing or eliminating trade barriers, thus encouraging
international trade.
So far, many different organizations and countries have come up with their own
concepts of FTA. This reflects different viewpoints on the free trade agreements as well
as the diverse development of each country. Today, FTA also includes new content that
aims to promote and liberalize investment, technology transfer as well as labor.
3.1.2. FTAs’ main contents
A typical FTA usually contains four main contents. The first is the provision of
tariff and non-tariff barriers reduction. The second one is to regulate the list of items to
be included in the tariff reduction. The common practice for this is 90% of trade. The
third fosters the stipulation of roadmaps for tariff reduction and the period of tax
reduction is usually extended to no more than 10 years. The fourth part presents the
rules of origin.
Other issues include liberalization of services and investment, quantitative
restrictions, technical barriers, intellectual property rights, competition, government
procurement, and labor. activities, insurance and environment ...
3.2. Vietnam’s wide-ranging free trade agreement
3.2.1. Vietnam’s principles and directions in negotiating FTAs:
Principles and orientations for joining, negotiating and signing FTAs are stated in
the "Strategy for participation in FTAs of Vietnam until 2020", which was approved by
the Prime Minister in Decision No. 1051 / QD- TTg on August 9th , 2012.
Accordingly, we enter into negotiations for FTAs with the following main
principles. First, thoroughly grasp the guiding views stated in the Resolutions and

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Action Programs on international integration in general and international economic
integration in particular. Second, ensuring the balance of interests between the parties
and taking into account the level of Vietnam's economic development. Third, careful
consideration between advantages and disadvantages, opportunities and challenges,
domestic and international capacity in negotiations to ensure that the agreements will
bring about the highest national benefits; create new opportunities for socio-economic
development, especially for export and attract more foreign investment.
3.2.2. Vietnam’s participation in FTAs:
Since the very beginning of international trade and integration, Vietnam has
actively engaged in the negotiation and signing of 16 free trade agreements, not only
regional but also bilateral and multinational agreements among different countries
across the world. These FTAs can be categorized into 3 main types based on their status
of effect. There are 12 FTAs in effect, 1 signed but have not been in effect and 3
currently in negotiation. The data was updated up to February, 2020 by VCCI.
The first category to mention is FTAs that have been in effect, including 12
FTAs mentioned in the following table.

Year of
No. Name Abbreviation Stakeholders
effect
1 ASEAN Free Trade Area AFTA 1993 ASEAN

ASEAN - China Free Trade

2 ACFTA 2003 ASEAN, China
Area
ASEAN - Korea Free Trade ASEAN, South
3 AKFTA 2007
Area Korea

ASEAN - Japan
4 Comprehensive Economic AJCEP 2008 ASEAN, Japan
Partnership

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 Vietnam - Japan Economic
5 VJEPA 2009 Vietnam, Japan
Partnership Agreement
ASEAN - India Free Trade
6 AIFTA 2010 ASEAN, India
Area

ASEAN,
ASEAN - Australia - New
7 AANZFTA 2010 Australia, New
Zealand Free Trade Area
Zealand
Vietnam - Chile Free Trade
8 VCFTA 2014 Vietnam, Chile
Agreement

Vietnam-Korea Free Trade Vietnam, South

9 VKFTA 2015
Agreement Korea
Vietnam, Russia,
Vietnam - Eurasian
Belarus, Amenia,
10 Economic Union Free VN-EAEU FTA 2016
Kazakhstan,
Trade Agreement
Kyrgyzstan

Vietnam, Canada,
Mexico, Peru,
Comprehensive and Chile, New
14/01/201
11 Progressive Agreement for CPTPP Zealand,
9
Trans - Pacific Partnership Australia, Japan,
Singapore,
Brunei, Malaysia
ASEAN - Hong Kong Free 11/06/201 ASEAN, Hong
12 AHKFTA
Trade Agreement 9 Kong

Since the first FTA within ASEAN area (AFTA) took effect in 1993, Vietnam
together with ASEAN members (under the name of ASEAN) have gradually reached out
to other countries with profound trading potential such as China, Japan or South Korea

22
and etc., proposing new opportunities for exporting and importing activities between
ASEAN and those rising economies.
In 2009, just one year after the partnership agreement between ASEAN and Japan
was in effect, Vietnam, as an independent nation, successfully negotiated the Vietnam -
Japan Economic Partnership Agreement (VJEPA), contributing significantly to
Vietnam’s economic growth at that time. This was also the initial step that encouraged
Vietnam to take further actions to establish free trade areas with other countries. Not only
bilateral agreements, Vietnam also participated in multilateral FTAs such as VN-EAEU
FTA (Vietnam - Eurasian Economic Union Free Trade Agreement) or CPTPP
(Comprehensive and Progressive Agreement for Trans - Pacific Partnership). These
achievements have indicated the remarkable efforts of Vietnam towards international
integration, contributing to Vietnam’s socio - economic development as a whole.
Besides a dozen of officially in effect agreements, another FTA - EU-Vietnam
Free Trade Agreement (EVFTA), which paves the way for more economic activities
between Vietnam and the European Union, was signed but has not taken effect yet. This
is considered as a new generation FTA between Vietnam and 28 EU member countries.
EVFTA, together with the Trans-Pacific Partnership Agreement (TPP), are the two FTAs
with the strongest range of commitments and the highest level of commitments from
Vietnam so far.
In 2015, EVFTA officially ended its progress of negotiations and on February 1 st,
2016, the agreement was published. And then, On June 26 th, 2018, a new step of EVFTA
was agreed. Accordingly, EVFTA is divided into two agreements, one is the Trade
Agreement (EVFTA) and the other is the Investment Protection Agreement (EVIPA); at
the same time, officially passed the process of legal review.
The two agreements were signed on June 30, 2019 and were formally approved by
the European Parliament on February 12th, 2020. In the process of ratifying these two
Agreements, according to EU internal procedures, after being ratified by the European
Parliament, the EVFTA Agreement needs to be approved by the European Council to
take effect. On the Vietnamese side, after being ratified by the Vietnam National

23
Assembly, EVFTA will immediately take effect. For the EVIPA Agreement, it must be
ratified by both the European Parliament and the Parliament of all 27 EU member states
(after the UK completes Brexit) to take effect.
Due to different working procedures as well as multiple layers for making
decisions involving parties, EVFTA is still in the waiting list for official approval to take
effect. However, both parties have fastened the process and EVFTA is moving closer
toward the final outcome.
Besides, to strengthen economic relationships and further expand trading
networks, Vietnam has also proceeded with another 3 FTAs, which are now still under
negotiation. The table below gives basic information related to those FTAs.

No. Name Abbreviation Status Stakeholders

ASEAN, China,
Kick off South Korea,
Regional Comprehensive
1 RCEP negotiation Japan, India,
Economic Partnership
on 3/2013 Australia, New
Zealand

Vietnam, EFTA
Kick off (Norway,
Vietnam – EFTA Free Vietnam –
2 negotiation Switzerland,
Trade Agreement EFTA FTA
on 5/2012 Iceland, and
Liechtenstein)
Kick off
Vietnam – Israel Free Vietnam –
3 negotiation Vietnam, Israel
Trade Agreement Israel FTA
on 12/2015

Up to now, the negotiation process has encountered certain difficulties, leading to

the prolonged timeline for reaching an agreement on these FTAs. The main reason for
this lies in the cross-cultural differences between involving stakeholders in terms of

24
trading perspectives, especially those in key areas such as commodities, service of
investment. However, both parties have put remarkable efforts to the negotiation process
of these FTAs with a view to reaching an agreement in the near future.
Vietnam’s active participation in international trade has brought about numerous
benefits to the country, especially in the quantity and quality of exporting products.
However, to gain more insights into the effect of FTAs on the Vietnam economy as a
whole, CPTPP would be taken as a profound example for further analysis.

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Chapter 4: An analysis on CPTPP
Vietnam’s economic integration progress in 2019 saw a number of important
milestones with the country’s steps up in participating and concluding “new generation”
bilateral and unilateral FTAs. One of them was the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP), officially came into force in
Vietnam on 14 January 2019. CPTPP is considered one of the most significant “new
generation” agreements because of its higher level of commitment to penetrating into
the other countries’ markets of goods and services, more substantial investments, and
shorter term than most of the FTAs that Vietnam had signed at the time. The Senior
Economist Nguyen Mai stated that as a lower medium-income nation, Vietnam was
entitled to benefit from several specific incentives under the CPTPP.
4.1. Overview
CPTPP was originally known as the Trans-Pacific Strategic Economic
Partnership (P4) with 4 nation members namely Brunei, Chile, New Zealand, and
Singapore. In 2008, the United States announced its participation and also proposed to
open a negotiation engaged by all parties in order to establish an entire new agreement,
called Trans-Pacific Partnership (TPP). TPP was then extended into a 12-member
agreement, following the entry of Australia, Peru, Vietnam, Canada, Malaysia, Mexico,
and Japan. With 19 formal rounds of negotiations held from 2010 to 2013, numerous
Chief Negotiators Meetings and Ministerial Meetings held after that, the proposed trade
agreement was signed on 04 February 2016 by ministers of 12 countries in Auckland,
New Zealand. However, TPP was not ratified as required and never came to effect
because of the withdrawal of the US signature in January 2017, right after the US
President Donald Trump got elected. Overcoming this reversal, at the TPP summit in
Chile on 14 March 2017, all of the original signatories except the US attested that the
TPP ought to keep up its elevated standards and be exhaustive in all sectors. The
commitment was reaffirmed by the participating nations in the Asia-Pacific Economic
Cooperation (25th APEC) Summit in Vietnam, held on 11 November 2017. And also at
this summit, the TPP was renamed to the “Comprehensive and Progressive Agreement

26
for Trans-Pacific Partnership (CPTPP)”. On 8 March 2018, the ministers from 11
remaining members of CPTPP attended the formal signing ceremony held in Santiago,
Chile. The CPTPP authoritatively came into power on 30 December 2018 after approval
by the initial six nations, in particular Mexico, Japan, Singapore, New Zealand, Canada,
and Australia. Despite the US withdrawal, the combination of eleven countries’
economies accounted for about 13.4 percent of the worldwide total national output
(GDP) (approximately US$13.5 trillion), making the CPTPP the third-largest free-trade
area in the world by GDP after the North American Free Trade Agreement and
European Single Market at the time of its signing.
Committed to being a “new-generation” of FTAs of the 21st century, CPTPP
aims to substantially enhance five characterizing features (comprehensive market
access, fully regional agreement, cross-cutting trade issues, new trade challenges, and
living agreement) in order to set a new standard for international trade and integrate
with next-generation issues, thus supporting the competitive advantages of CPTPP
nations in the global economy. Firstly, ‘comprehensive market access’ is meant to
eliminate tariffs and other barriers to goods, services, and investment, so as to create
more new open doors for member nations’ labor and enterprises and immediate
advantages for consumers. Secondly, “fully regional agreement” is meant to facilitate
the development of production and supply chains within the CPTPP region, thus
creating more jobs, raising standards of living, improving people’s well-being and
stimulating sustainable growth in the CPTPP countries. Thirdly, ‘cross-cutting trade
issues’ aims to elaborate work being done by APEC and other fora by integrating into
CPTPP cross-cutting issues, including regulatory coherence, competitiveness and
business facilitation, small- and medium-sized enterprises, and development. The fourth
feature is ‘new trade challenges’ which is meant to promote trade and investment in
innovative goods and services in order to ensure a competitive business environment
across the CPTPP nations. And the last feature that CPTPP puts emphasis on is ‘living
agreement’, enabling the upgrading of the agreement as appropriate to solve any trade

27
issues that are possible to arise in the future with the expansion of the agreement to
include new members.
Vietnam's participation in new-generation FTAs like CPTPP has opened up
many market access opportunities for the enterprise sector. Accordingly, incentives on
tariff reduction and market opening of goods and services are still the top concerns of
businesses, especially incentives from CPTPP members that Vietnam has not yet had a
bilateral FTA with such as Canada, Mexico, and Peru. However, a high standard
agreement like CPTPP allows Vietnamese enterprises to not only expand exports to
large regional markets but also provide opportunities for businesses to participate in
value chain production if the conditions of standards and regulations are met.
4.2. Predicted positive impacts of CPTPP on Vietnam’s economy at the time of its
signing
Firstly, the major benefit that Vietnam is entitled to enjoy is export benefits. The
fact that countries, including major markets’, like Japan and Canada, commitment to
reducing their import tax to 0% on our goods, will have a positive impact on boosting
Vietnam’s exports turnover. Accordingly, Vietnamese enterprises, when exporting
goods to the markets of the member countries of the CPTPP, will enjoy preferential
tariff reduction. Basically, our strong export items such as agricultural, seafood,
electrical and electronic products are all eliminated tax when the agreement comes into
effect. With this level of commitment, according to an official research of the Ministry
of Planning and Investment Portal, Vietnam's exports are expected to increase by 4.04%
by 2035.
Secondly, Vietnam is entitled to enjoy the benefits of participating in regional
and global supply chains. CPTPP countries, making up for 13.5% of global GDP with a
total trade turnover of more than 10,000 billion USD, and also including major markets
such as Japan, Canada, and Australia, will open up many opportunities once the new
supply chains are established. Joining CPTPP will help this trend to grow stronger and
stronger, which is an important condition to improve the level of development of the
economy, increase labor productivity, cut down on the amount of time for the

28
fabrication and assembly process, and participate more in stages of producing higher
value-added items, thus joining the development stage of electronics, high technology,
green agricultural products... This is a great opportunity to enhance the economy of
Vietnam in the next 5-10 years.
4.3. Achievements after a year since CPTPP
According to the Ministry of Industry and Trade (MoIT), in 2019, the trade
turnover between Vietnam and the CPTPP countries reached 77.4 billion USD,
increasing by 3.9% compared to the year of 2018. Also, Vietnam's export turnover to
the CPTPP region has reached 39.5 billion USD, increasing by 7.2% compared to the
year of 2018. Therefore, Vietnam had a trade surplus of 1.6 billion USD to the CPTPP
countries in 2019, which is a good sign. Because if we take a look back in 2018, before
CPTPP came into force, Vietnam used to have a trade deficit of 0.9 billion USD with
these nations. The Vietnam - members implementing CPTPP export turnover has
experienced a positive growth rate compared to the same period last year, except that of
Vietnam - Australia has decreased by 11.4% due to a sharp decline in crude oil exports
to this market. Export focuses mainly on phones of all kinds and components, devices,
seafood, and textile.
According to data collected by MoIT, some markets with that Vietnam have not
signed a bilateral FTA, such as Canada and Mexico, reported strong increases right after
the agreement came into effect since Vietnamese enterprises are now taking full
advantage of CPTPP to export to these two nations’ markets. In 2019, exports to
Canada increased by 29.9% and exports to Mexico increased by 27.6%, according to
MoIT. And just in the first two months of 2020, Vietnam’s exports to Canada have
increased by 20.39%, reaching 578 million USD year on year. Vietnam’s export value
to Mexico with many high export value products have also reached 497.2 million USD.
In the period from January 1 to March 15, Vietnam has reached a total trade value of
97.85 billion USD, increasing by 4.4% year on year. It is reported that Vietnam had a
trade surplus of 2.74 billion USD as of the middle of March 2020.

29
 However, against the expectation of a significant increase in foreign investments,
the 1 year later report shows that Vietnam failed in increasing the attraction of foreign
investment from CPTPP countries. Specifically, in 2019, Vietnam attracted nearly 5.9
billion USD of investment capital from CPTPP countries, down by 38.8% compared to
2018. In which, the newly registered capital was only 4.1 billion USD, decreased by
52% compared to 2018, while the additionally registered capital also decreased by 69%,
reaching just over 1 billion USD. However, “the quality of foreign investment flows has
also improved significantly”, stated Nguyen Anh Duong - Head of Comprehensive
Research, Central Institute for Economic Management (CIEM). Although the amount of
investment from CPTPP countries in Vietnam has not increased, investment from non-
CPTPP countries in Vietnam to take advantage of opportunities from the CPTPP tends
to increase. With the standards that the CPTPP market must meet when investing, the
quality of investment has been improved and significantly improved.
In fact, one year has not fully reflected the impact of the CPTPP. The greatest
benefit of CPTPP to the business community and Vietnam’s economy is to promote the
dynamism, creativity, desire to rise of businesses, and the economy changing-reforming
process of Vietnamese institutions in accordance with the requirements of global trade
and sustainable development orientations.

4.4. Potential impacts of CPTPP on Vietnam in the future.

The last year of implementing the CPTPP was just a beginning for the
relationships between Vietnam and other member countries. The agreement is expected
to show even more enormous potential impacts on Vietnam’s economy.
4.4.1. Opportunities
Firstly, CPTPP will give Vietnam the opportunity to restructure import and
export markets to a more balanced ratio because: “Vietnam is now greatly relying on the
South Asia markets like China or Korea and other ASEAN countries. This is the key
mission for Vietnam to achieve an independent economy.”, stated Tran Tuan Anh - the
Ministry of MoIT. According to a World Bank study published in March 2018, it is

30
forecasted that by 2030, Vietnam's exports to CPTPP countries will increase from 54
billion USD to 80 billion USD, accounting for 25% of total exports. Vietnam also aims
to institutional reform
Secondly, CPTPP resulting in economic growth will also help Vietnam have
more resources to improve the quality of human resources and public health. Because
the economies of the CPTPP member countries are developed at a higher level than
Vietnam and are complementary to Vietnam’s economy, imports from CPTPP countries
without having signing bilateral any FTA with them before are largely non-competitive
to domestic products. Therefore, with a reasonable tax reduction roadmap, combined
with the act of improving the social security system, Vietnam can handle the social
problems arising from participating in the CPTPP. In particular, since the CPTPP
includes commitments on environmental protection, the process of opening the market,
trade liberalization and investment attraction will be implemented in a more
environmentally friendly way, making Vietnam’s economy sustainably develop.
Thirdly, joining CPTPP not only accelerates Vietnam’s integration with the local
region, boost export turnover to large markets but also attracts foreign investment, thus
supporting the transfer of technology and innovation activities. Vietnam needs
technology to enhance its competitive advantages and technology transfer is the most
important key for sustainable economic development and promotion of creative
innovation. Although, in the past time, Vietnam has been involved in numerous free
trade agreements, helping the number of cooperation contracts and foreign investment
projects in Vietnam increase strongly for many years, at least benefiting some industries
(such as information and communication). But the number of new and modern
technologies transferred into Vietnam is still modest. It is partially true that some
technology owners in developed countries are not willing to offer opportunities for
some potential competitors but the main reason for the modest technology transferred
into Vietnam is that our current regulations on technology transfer are still not
optimized. Especially, there is a lack of specific regulations for the monitoring
mechanism, evaluation, organization of the transfer regarding documents.

31
4.4.2. Challenges
Firstly, the commitment to market opening is challenging for Vietnam’s
enterprises whose products have weaker competitive advantages because they have no
ability to take advantage of CPTPP. Enterprises tend to put too much of their focus on
its short-term benefits (e.g.: the reduction on tariff or how to export their products to
other countries) without acquiring a full understanding of CPTPP’s original rules such
as the requirements for exporting products or the roadmap of the tariff reduction. In the
period between 2018 to 2019, only about 40% of the provinces and cities have import
and export activities with the CPTPP countries, according to MoIT. A report by VCCI
also demonstrates that about 86% of enterprises knew or learned about CPTPP but only
1.86% of whom have studied thoroughly about the agreement, affecting greatly on the
utilization rate.
Secondly, Vietnam may also face issues related to the competitiveness of
domestic and exporting products. In terms of commodities, some types of agricultural
products that some CPTPP countries have strengths such as pork, chicken are
Vietnamese goods that have been produced but their competitiveness is still weak.
Fortunately, due to the US’s withdrawal, the competitiveness pressure was significantly
reduced. Some industrial products that some CPTPP countries have strengths in can also
cause difficulties for our production, such as paper, steel, and cars. However, it is
certain to believe that the competitiveness pressure will not be considerable because at
present and in the future of 10 - 15 years, our products will still mainly target the middle
market segment while the products of other CPTPP countries are often aimed at high-
end market segments.
Thirdly, the pressure to change the legal system to comply with the new
standards of the CPTPP can also be challenging. In order to enforce commitments in the
CPTPP, there will be a need to revise and amend a number of laws on trade, customs,
intellectual property, labor, trade unions, ... However, Vietnam is expected to overcome
this issue because the most difficult commitments, which require large enforcement
resources (e.g.: the field of intellectual property), have been postponed by 11 countries

32
after the US withdrew from the TPP. Moreover, many commitments are new but fully
compatible with the Party's guidelines and policies as well as the laws of the
government (e.g.: the aspect of the Government's procurement, environmental
protection, SOEs and SMEs). Therefore, the pressure to change immediately the legal
system is not considerable.
4.5. Evaluation and implication from CPTP
4.5.1. Evaluation
After a year CPTPP coming into effect, positive economic results reflect this FTA
is really worth spending endeavors after many fierce negotiations and our implementing
process has been well working. Bright opportunities from the agreement expected to
bring more enormous potential benefits for the whole nation in the long run. However,
Vietnam also has to overcome the hardship from challenges coming side by side with
those opportunities. At the same time, we have not yet exploited the full advantages from
CPTPP and missed many big chances. Challenges mostly derive from: the independence
or low concerning level about CPTPP of enterprise, big reliance on raw materials that are
exported from China and ASEAN countries, gaps between our development and member
states’ in some sectors and fields.
To deal with them, some crucial recommendations are proposed including: the
revision of legal regulations and amend them in order to satisfy the high commitments in
CPTPP as well as fill the gaps between the legal system of member states and ours. (Ngo
Van Vu, 2019); the importance of stronger dissemination of the CPTPP to enterprises in
every field and area. (Mr. Ngo Chung Khanh (Deputy Director General of Multilateral
Trade Policy Department); the activeness of enterprises on deep studies of the contents
regarding to rules of origins, sanitary and phytosanitary measure (SPS), technical barriers
to trade measure (TBT), especially the tax reduction roadmap of CPTPP ; improving
competitiveness, the quality and productivity of goods and services also production
capability of national economy; grasping the beneficial supply chains in domestic and
regional markets; finally in the long run, the need to build and develop popularly the
product brand names in the international markets.

33
4.5.2. Implications
Through the case of CPTPP, we have many lessons to renovate the ways to
implement from the beginning and exploit full advantages of the upcoming FTAs, which
are still under negotiations or need legal approval to take effect such as EVFTA and
RCEP. The practical lessons learned from CPTPP will develop our background to
promote and progress into higher levels of other trade agreements:
Firstly, after engaging in any FTAs, setting up the long-term objectives that are
based on the inner conditions and situation of Vietnam is more important; make it clear
that at which level we participate in, what we need to obtain, how to obtain from current
resources and how to allocate those resources for harmonious relationships of CPTPP and
other FTAs in the overall perspective.
Secondly, the model, program or campaign in the traditional way of
communication and dissemination of FTAs might be modified by the new trends and
approaches in accordance with each specific context. So that everyone, especially
enterprises, will obtain ample and accurate knowledge about the contents of them.
Possibly, this requires more efforts in designing an appropriate and effective
communication plan that fit each objective or key message with each kind of targeted
audiences, using right and various platforms
The third lesson could be about activeness in adaptability and studies about the
FTAs Vietnam has just joined. In general, enterprises' knowledge about FTAs is just on
the surface, so they can not apply deeply and effectively the articles in their business. The
more comprehensive understandings, the less fallacy about requirements and false
orientations for their business. Thanks to that, it is easier for firms to catch up with these
requirements by setting up clear strategies and objectives for long-run benefits and
patiently achieving one by one; ignoring the short-term and risky benefits, moving
towards long lasting relationships with foreign members.
Finally, from CPTPP and the upcoming FTAs, clearly that the market
requirements are becoming stricter, especially about origins and standards of outputs.
This means it is imperative to build the ample sources for raw materials and develop the

34
supplementing industries for high value of exporting goods; gradually decline the
amounts imported from China and other ASEAN countries. Hopefully, with this
preparation, we could be more flexible in resources, meeting the strict conditions and
gradually progressing into higher levels of FTAs.
Conclusion
Over 30 years, international economic integration of Vietnam has been more and
more strengthened in both width and depth. Appropriate orientations of the Government
helps us to complete the beginning purposes and achieve significant successes in
foreign affairs, economy, and institutional reforms. There are, however, some
limitations that we need to overcome mostly about the increasing gap between Vietnam
and other countries. One of our big successes from the integration is engaging in many
new generation FTAs, typically as CPTPP, EVFTA and RCEP. Basically Vietnam
participated in wide-ranging FTAs, but these new ones will bring us such huge potential
benefits that our position can progress into higher levels more quickly and sustainably in
the international arena. In fact, our deep analysis on CPTPP has indicated that our
economic growth is over predicted, and in the future, we can gain more precious
opportunities and resources to encourage broader relationships with other countries. On
the other hand, Vietnam has also to tackle the upcoming challenges of CPTPP which
derive from low knowledge about CPTPP of enterprise, big reliance on raw materials
that are exported from China and ASEAN countries, gaps between our development and
member states’ in some sectors and fields. Possibly, these challenges are the waking
signals for the needs of setting more long-run objectives, a more effective
communication plan or activeness in adapting to new contexts.

35
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