Firms set to exploit RCEP opportunities

Survival strategy: A man walks past a clothing store in Hanoi. Experts say domestic enterprises must actively adapt and turn challenges into opportunities to improve competitiveness in domestic and foreign markets. — AFP

HANOI: The Industry and Trade Ministry and the Agriculture and Rural Development Ministry will step up support for the Vietnamese business community to effectively exploit opportunities from the Regional Comprehensive Economic Partnership (RCEP), contributing to export promotion and economic development.

This is a free trade agreement (FTA) signed by 10 Asean member countries and five partner countries – Japan, South Korea, China, Australia and New Zealand – on Nov 15, 2020. The RCEP came into effect on Jan 1, 2022.