Up to 63% of businesses in Vietnam believe the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement signed on March 8 will have a positive impact on their business, according to the new data from HSBC’s comprehensive survey of global businesses.
Source: HSBC survey
Of 1,150 firms based in CPTPP member countries surveyed by HSBC, almost half (46 per cent) expect to see positive benefits. The survey covered six out of 11 CPTPP countries, which are Australia, Canada, Malaysia, Mexico, Singapore and Vietnam.
In addition, 50% of companies in Vietnam see the new-generation trade deal, which covers 13% of global GDP, relevant to them, higher than a median of 45% among CPTPP members, and just below 60% in Malaysia.
Meanwhile, just 2% of respondents based in Vietnam view the pact negative to their businesses, the lowest among the member nations.
CPTPP members feel the policy to be particularly relevant and think it is positive to their businesses. Especially Vietnam, Malaysia & Singapore. Source: HSBC survey
“CPTPP is a big, ambitious deal for Vietnam. It will matter hugely for future growth, jobs and living standards. Now is the time for both firms and government to focus on implementing today’s agreement to achieve its full potential. It’s encouraging that many businesses are already expecting to see benefits,” said Winfield Wong, country head of wholesale banking at HSBC Vietnam.
CPTPP not only embraces trade but also investment, intellectual property and other principles, therefore it’s really a comprehensive deal and is much progressive than the previous ones, said Pham Hong Hai, CEO of HSBC Vietnam. “For me, the signing of the CPTPP marks a milestone for the global economy especially when protectionism is arising.”
With the U.S. not present in the CPTPP, Vietnam’s benefits may be less than the TPP, for example, GDP will only move up 1.32% instead of 6.7%, exports will increase by 4% instead of 15%. However, in general, industries like garments and textiles, leather footwear and labor intensive ones will still benefit, he said.
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Cùng dòng sự kiện
Từ khóa: Vietnam, CPTPP, HSBC