Viet Nam ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 12 November 2018 and the agreement came into force for Viet Nam on 14 January 2019. The CPTPP is a global mega trade deal and comprises the following countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Viet Nam. The eleven countries recorded a combined Gross Domestic Product (GDP) of approximately USD 11.7 trillion in 2021 and accounted for approximately 15 per cent of global trade flows in the same year. Several other countries have applied to join the CPTPP including the United Kingdom, China, Taiwan, Ecuador and Costa Rica. The Republic of Korea and Thailand have also expressed interest in joining the Agreement.
International Economics Consulting Ltd. (IEC) assisted the Multilateral Trade Policy Department (MTPD) of the Ministry of Industry and Trade of Vietnam in developing a simple guide aimed at explaining the obligations arising from the labour and environment chapters of the CPTPP. The guide explains how the provisions from these chapters impact Vietnamese businesses and outlines the various measures that both the public and private sectors need to undertake to comply with obligations that arise under the Agreement. The guide will be published in English and Vietnamese.