Taiwan business groups request Vietnam’s support for CPTPP bid

Business leaders say joining CPTPP will help Taiwan brands strengthen supply chains

 A group of Vietnam-based Taiwan business leaders will submit a document to the Vietnam government on Monday (Oct. 4) to request the country support Taiwan’s bid to enter the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The move to reach out to Hanoi was made after about 200 members of the Council of Taiwanese Chamber of Commerce in Vietnam (CTCVN) held an online meeting last Thursday (Sept. 30) to discuss how they could help facilitate Taiwan’s ascension to the group, according to CNA reports.

It is crucial for Taiwan to get the support of Vietnam, seeing as it is a CPTPP member, said CTCVN executive Chen Chia-cheng (陳家程).

Taiwan’s businesses have invested deeply in many parts of the Vietnam economy. Taiwanese firms are in textiles, footwear, furniture, and agriculture, as well as the electronics industry.

Chen added Taiwan’s membership in the pact will further deepen cooperation between the two countries. Taiwanese businesses in Vietnam will be better able to access resources in Taiwan and so strengthen their positions in the supply chain, he said.

Also, joining the CPTPP will help Taiwan better compete in the Vietnam market. Taiwan’s products will be at a disadvantage in Vietnam against competing brands from South Korea and Japan if Taiwan products face tariff barriers while other countries’ enjoy the freer market access brought by the CPTPP, he said.

The same is true for trade relations with other countries, since Taiwan has very few bilateral or multilateral trade agreements with other countries, Chen said. 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 the two sides share deep links in terms of technology and supply chains.

By Liam Gibson – Taiwan News – October 4, 2021