The CPTPP and Vietnam: Impact, Covid-19 Pandemic and Causes of Resilience

Abstract

The paper assesses, using national accounting and UNCTAD data, the impact of the CPTPP on Vietnam since its ratification on 14 January 2019, through the Covid-19 pandemic and the country’s surprising observed resilience. It first briefly summarises the main features of the CPTPP and then discusses the empirical evidence of the major effects on Vietnam through three main pillars of open-market growth (commodity trade, foreign direct investment, and service trade) that the country had experienced to 2023. It finally analyses useful lessons learned to enhance the agreement’s major benefits or to mitigate the consequences of adverse crises. Importantly, it suggests the opportunities and challenges not only for Vietnam but also for potential new participating members.