Vietnam launches project to boost RCEP utilisation

Vietnam launches project to boost RCEP utilisation

Vietnam’s Ministry of Industry and Trade, in partnership with the Regional Trade for Development initiative, on March 23 launched a project to boost utilisation of the Regional Comprehensive Economic Partnership.

Le Trieu Dung, director general of MoIT's Multilateral Trade Policy Department

The launch introduced the project’s objectives and key activities, providing a platform for government authorities, business support organisations, industry associations and the business community to exchange views on implementation and utilisation of the Regional Comprehensive Economic Partnership (RCEP).

At the launch ceremony, Le Trieu Dung, director general of MoIT's Multilateral Trade Policy Department, stated that the RCEP, signed in November 2020 between ASEAN and China, Japan, South Korea, Australia and New Zealand, is the world’s largest free trade area, covering 2.3 billion consumers, approximately 30 per cent of global GDP.

The implementation of the RCEP has helped facilitate regional trade and investment, enabling businesses to make more effective use of regional supply chains.

For Vietnam, the partnership is becoming a key driver in expanding export markets and deepening international economic integration. In 2025, Vietnam’s exports to RCEP markets reached $172.1 billion, up approximately 30.3 per cent compared to 2021.

He added that, alongside traditional benefits in trade in goods, services and investment, the evolution of international trade is increasingly intertwined with digital transformation and the growth of digital commerce.

Leveraging free trade agreements, including RCEP, goes beyond tariff reductions and opens up chances for businesses to expand their operations through digital platforms, e-commerce and cross-border digital business models. The participation of the private sector, business associations and stakeholders is key to capturing opportunities presented by the agreement, especially in digital trade.

“By strengthening dialogue and cooperation among government authorities, the business community and development partners, we can foster a more enabling environment for Vietnamese enterprises to engage more deeply in digital trade and regional value chains,” Dung said.

Discussions clarified the objectives and planned activities of the project, with particular emphasis on digital trade and inclusive private sector engagement. Participants also received an updated overview of Vietnam’s free trade agreements, including RCEP, highlighting progress in international economic integration and key implementation challenges.

The discussions identified opportunities for increasing RCEP utilisation among micro small and medium-sized enterprises, addressing practical challenges, digital trade opportunities, participation in regional value chains and trade facilitation.

Caroline Beresford, Ambassador of New Zealand to Vietnam emphasised New Zealand’s partnership with Vietnam through the RT4D initiative in support of effective the RCEP, noting that the project was expected to help Vietnamese small businesses seize opportunities in digital trade and regional value chains.

Renee Deschamps, Deputy Ambassador of Australia, said, “Australia sees the RCEP as an important tool to support trade and investment in the region. We support this initiative as recognising the need for industry, businesses and consumers of all sizes to contribute to, and benefit from, economic integration and digital trade inclusively. It also reflects growing importance of digital trade between Australia and Vietnam”.

RT4D, funded by both the governments of Australia and New Zealand, assists ASEAN Member States in meeting their commitments and realising the advantages offered by the Agreement establishing the ASEAN-Australia-New Zealand Free Trade Area, and the RCEP Agreement.

VIR