A Taiwanese business association in Vietnam is planning to submit a document to the Vietnamese government Monday, seeking its support for Taiwan's effort to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The decision to contact the Vietnamese government on the CPTPP issue was made after a virtual meeting on Sept. 30 of some 200 members of the Council of Taiwanese Chamber of Commerce in Vietnam (CTCVN), one of its executives said.

After Taiwan announced on Sept. 22 that it had filed an application to join the CPTPP, the association began soliciting the views of Taiwanese businesses in Vietnam and drawing up a proposal for submission to Vietnam's Ministry of Industry and Trade, via the Vietnam Business Forum (VBF), a channel for policy dialogue between the Vietnam government and business community, the CTCVN executive said.

It is important for Taiwan to seek the support of Vietnam, which is a CPTPP member, said the executive, who handles matters relating to the VBF.

Taiwanese businesses are spread across many sectors in Vietnam, ranging from the textile, footwear, furniture, bicycle and agriculture sectors to the electronics industry, he said, adding that Taiwan's participation in the CPTPP will help deepen cooperation between the two countries.

If Taiwan joins the CPTPP, it will more easily expand into the Vietnamese and global markets, he said, noting that Taiwan currently has few bilateral or multilateral trade agreements with other countries or territories.

Furthermore, Taiwanese businesses in Vietnam will gain easier access to resources in Taiwan and then strengthen their positions in their country's supply chain, he said, adding that the two sides share deep links in terms of technology and supply chains.

Even though Taiwan has good products, however, it will be at a disadvantage in Vietnam against competitors like South Korea and Japan, due to tariff barriers, if it does not gain entry to the CPTPP, he said.

Source: Focus Taiwan News Channel