Vietnam supports China’s entry into trade bloc CPTPP

Vietnam supports China’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) from which the U.S. withdrew in January 2021.

The entry will be based on adherence to the agreement's standards and procedures, according to a joint statement between Vietnam and China following the state visit to China by the former’s Party General Secretary and State President To Lam on August 18-20.

The CPTPP, formerly the U.S.-led Trans-Pacific Partnership (TPP), is a free trade agreement between 11 nations: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, and Vietnam.

It was signed by the 11 countries on March 8, 2018 in Santiago, Chile, and entered into force for Vietnam on January 14, 2019.

The UK formally requested accession to the FTA on February 1, 2021. On July 16, 2023, ministers responsible for trade from CPTPP parties and the UK signed the UK’s Accession Protocol to enable the UK to join the bloc.

The joint statement between Vietnam and China holds that Vietnam also welcomes the application to join the Regional Comprehensive Economic Partnership (RCEP) by China’s Hong Kong Special Administrative Region, said the statement.

The two sides agree to effectively tap the RCEP and the ASEAN-China Free Trade Area (ACFTA); make good use of e-commerce platforms and trade fairs; and enhance customs cooperation and expand the export of each country’s key products to the other.

For its part, China pledges to continue creating favorable conditions for Vietnam to open additional trade promotion offices in various locations in China.

The two countries also agree to promote development strategy connectivity between them, effectively implement the cooperation plan connecting the “Two Corridors, One Belt” Framework with the Belt and Road Initiative.

They look to accelerate “hard connectivity” in terms of railways, expressways and border gate infrastructure; upgrade “soft connectivity” in smart customs.

China agrees to provide assistance for Vietnam to develop the planning of the Lang Son - Hanoi and Mong Cai - Ha Long - Hai Phong standard gauge [1,435 mm] railway lines, develop a feasibility study report for the Lao Cai - Hanoi - Hai Phong standard gauge railway line.

The two sides encourage and support capable enterprises to invest in the other country, with a focus on enhancing cooperation in hi-tech agriculture, infrastructure, clean energy, digital economy and green development.

During the visit, To Lam and his Chinese counterpart Xi Jinping witnessed the signing of 14 cooperation documents.