The Regional Comprehensive Economic Partnership (RCEP) was signed by 10 ASEAN member countries with partner countries including China, Japan, Korea, Australia and New Zealand on November 15, 2020 and will officially take effect from January 1, 2022.

The Regional Comprehensive Economic Partnership (RCEP), which was recently completed on 15 November 2020, is the largest regional free trade agreement (FTA) in the world, comprising the 10 members of the Association of Southeast Asian Nations (ASEAN) (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Viet Nam) and five regional ASEAN dialogue partner countries with which ASEAN has existing FTAs – Australia, China, Japan, the Republic of Korea,  and New Zealand and will officially take effect from January 1, 2022.

There are positive gains from the Regional Comprehensive Economic Partnership (RCEP) agreement for all 15 of its member countries. The East Asian countries of China, Japan, and the Republic of Korea seem to have the largest gains as the regional global value chain activities are dominated by these countries. The key benefits from RCEP depend critically on the participation and positioning of the respective ASEAN countries in the GVCs in both manufacturing and services.

On December 8, 2021, the Ministry of Industry and Trade hosted a workshop titled "RCEP Agreement and its Impact on Regional Supply Chains" in the form of a direct combination online to introduce the RCEP Agreement and guide relevant ministries, a number of associations, and the business community on how to understand commitments on trade in goods and rules of origin. Experts from the Multilateral Trade Policy Department, the Import-Export Department (Ministry of Industry and Trade), and the Ministry of Finance attended the workshop, as did representatives from ministries, state management agencies, and a variety of associations and businesses in Hanoi and neighboring provinces.

Representatives from the Ministry of Industry and Trade and the Ministry of Finance presented at the Workshop, providing an overview of the RCEP Agreement, its overall meaning and impact on Vietnam, before delving into the guidance on tariff commitments and rules of origin in the Agreement. According to the speakers, the RCEP Agreement will help diversify input materials, create a production connection space in the ASEAN region, connect ASEAN with partner countries, and strengthen regional supply chains by implementing a single set of rules of origin and harmonization of regulations to facilitate trade and investment among all Parties to the Agreement.

To make the most of the opportunities and potentials presented by the RCEP Agreement, enterprises must be proactive and actively learn about commitments in order to seize opportunities and control difficulties that may arise, and then develop an appropriate action plan to maximize benefits and minimize difficulties when the RCEP Agreement goes into effect. At the Workshop, speakers and representatives from participating businesses shared their practical experiences, as well as their difficulties and obstacles in capitalizing on opportunities from the Free Trade Agreements that Vietnam has signed and is implementing, while also answering questions to help businesses understand and fully understand the relevant commitments in the Agreement.