Enterprises need to take advantage of the rules of origin of goods in RCEP

Countries in the Regional Comprehensive Economic Partnership Agreement (RCEP) accounts for 40% of the export market share and 75% of total imports of Vietnam. Information was given at the conference “Impacts of the RCEP Agreement on the Vietnamese economy and what businesses need to know” taking place this morning (April 19).

RCEP is also an opportunity for businesses to participate more deeply in regional and global supply value chains. (Illustration image – Photo: Labor)

RCEP’s preferential tariff rates are currently lower than some other free trade agreements, but the rules of origin are easier to meet. This means that Vietnamese businesses are more likely to benefit.

“RCEP are mostly countries that provide raw materials and auxiliary materials for our production, so this is a factor that makes it significantly easier to meet RCEP’s rules of origin. RCEP’s rules of origin are also flexible. Although the incentives are not many, they are easy to meet,” said Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration, VCCI.

In addition, RCEP is also an opportunity for businesses to receive technology transfer from foreign corporations, to participate more deeply in regional and global supply value chains.

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