RCEP offers greater flexibility for Vietnam in exercising rules of origin

The Hanoitimes – Vietnamese exporters might find it easy to meet the required rules of origin for their products as a significant portion of its production input is sourced from China and South Korea. One of the most important benefits from the Regional Comprehensive Economic Partnership (RCEP) for Vietnam over existing free trade agreements (FTAs) is that the former offers greater flexibility on the use of raw materials sourced from member countries, according to Viet Dragon Securities Company (VDSC). Electronics production at Hanel Company. Photo: Chien Cong. Specifically, the RCEP does reduce complexity and compliance costs for Vietnamese exporters through a single rulebook that covers the other 14 RCEP markets, stated VDSC in its latest report. Vietnamese exporters, thus, might find it easy to meet the required rules of origin for their products as a significant portion of its production input is sourced from China (textile products) and South Korea (tech products). Limited impacts Nevertheless, the main goal of the RCEP is to merge the existing FTAs that ASEAN has with five other Asia-Pacific countries into a single framework. Therefore, the RCEP eliminates tariffs mainly for goods that already qualify for duty-free treatment under existing FTAs of Vietnam. The benefit of… Read full this story

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