Between 2019 and 2024, Vietnam’s exports to CPTPP member markets recorded an average annual growth rate of 7.7%.
In 2024, the total bilateral trade turnover between Vietnam and CPTPP countries reached an estimated USD 102.1 billion, up 6.8% compared to 2023 but down 2.3% from 2022.
Since the agreement took effect in 2019, trade with CPTPP markets has accounted for 13.1% of Vietnam’s total import–export value.
Consistent Trade Surplus with CPTPP Partners
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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force for Vietnam on January 14, 2019.
Back in 2018, Vietnam’s exports to CPTPP countries stood at USD 39.5 billion.
By the end of 2024, exports had risen to USD 55.8 billion, maintaining a consistent trade surplus for Vietnam with the bloc.
From 2019–2023, Vietnam’s total trade with CPTPP members grew at an average of 6.2% per year, slightly lower than the 9% average growth rate of total national trade.
A key highlight is the steady increase in export value across major product categories, with a growing share of exports using CPTPP preferential certificates of origin (C/O).
Strong Growth in Key Export Sectors
Vietnamese enterprises have effectively leveraged CPTPP advantages, particularly in the Americas — including Canada, Mexico, and Peru, which established free trade relations with Vietnam for the first time through CPTPP.
In 2024, several export sectors recorded robust growth, led by manufactured and processed industrial goods, which made up 59% of Vietnam’s total exports to CPTPP markets.
Top six export items included:
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Machinery, equipment, tools, and spare parts
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Textiles and garments
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Computers, electronic products, and components
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Telephones and parts
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Transport vehicles and spare parts
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Footwear
Among these, computers and electronic components posted the highest growth, reaching USD 5.7 billion (+30.9% YoY), accounting for 10.3% of total exports.
Machinery and equipment followed with USD 7.12 billion (+22.4% YoY), accounting for 12.8% of the total.
Demand surged particularly in Australia, Canada, and Chile, each market seeing over 100% growth compared to the previous year.
Agricultural Exports Show Strong Momentum
Vietnam’s agricultural exports to CPTPP markets also achieved remarkable results:
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Rice: USD 555.8 million (+74.9%)
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Coffee: +26%
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Fruits and vegetables: +20.6%
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Rubber: +118%
Market share improvements were noted in several key products:
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Rice: from 6.8% (2023) → 10.2% (2024)
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Glass products: from 54.7% → 57.3%
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Chemicals: from 18.4% → 20.3%
Shift in Export Market Structure within CPTPP
Vietnam’s export structure among CPTPP members has evolved.
Exports to Canada, Australia, Mexico, and Singapore continued to increase, while the share of exports to Japandeclined from 46.6% (2023) to 44.1% (2024).
The Australian market rose in importance, with its share increasing from 10.4% to 11.6%.
Meanwhile, exports to Chile, New Zealand, Peru, and Brunei remained modest, each representing below 2.5% of Vietnam’s total exports to CPTPP markets.
Vietnam’s Competitive Edge in the CPTPP Region
According to Ms. Võ Thị Hồng Anh, Deputy Director General of the European–American Market Department (Ministry of Industry and Trade), since CPTPP came into effect, major Vietnamese exports such as electronics, seafood, wood products, and mobile phones have established a solid foothold in these markets.
Vietnam now supplies around 35% of Canada’s shrimp imports, while Mexico ranks among Vietnam’s top three export destinations for pangasius fish.