Regional Comprehensive Economic Partnership: A significant milestone in Vietnam’s FTA policy

By Dr Chu Minh Thao

Thanks to the strong political will of its leaders and the country’s commitment to trade liberalisation, Vietnam successfully signed the Regional Comprehensive Economic Partnership (RCEP) in November 2020. Advocates of RCEP in Vietnam were determined to see it concluded, despite a growing worldwide trend of protectionism, and domestic scepticism over its usefulness for the Vietnamese economy.

RCEP signifies solidarity and a commitment of the Indo-Pacific region towards both economic integration, and liberalisation, to defend the rules-based order. In this analysis brief, Dr. Chu Minh Thao highlights that Vietnam, through its membership in RCEP and the CP-TPP, has not only enhanced its own economic prospects, but has also given itself more weight on the international stage to advocate for multilateralism.