HO CHI MINH CITY, VIETNAM 29 December, 2022— FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, is ready to help businesses in Vietnam tap into new cross-border trade opportunities from the Regional Comprehensive Economic Partnership (RCEP). The RCEP is the world’s largest free trade agreement covering 15 countries including Vietnam.
Experts from FedEx spoke at an RCEP-focused conference, which was held on December 15, 2022. They highlighted the opportunities enabled by the trade agreement and areas where Vietnam businesses can tap into for potential growth. FedEx plays a crucial role in expanding trade, helping businesses build agile supply chains and contributing to the export of local products to global customers around the world. They also shared how FedEx can support local companies globalize their business by taking advantage of this economic agreement.
“The RCEP offers significant opportunities for Vietnam businesses, including small and medium-sizes enterprises (SMEs), to accelerate cross-border trade and economic recovery. The conference aims at helping them better prepare and enhance their competitiveness as they expand to new markets or look to tap into the global value chain,” said Hardy Diec, managing director of FedEx Express Indochina. “The free-trade agreement may benefit Vietnam businesses through tariff reduction and better access to inputs and raw materials.”
Sharing at the seminar, Ms. Nguyen Thi Trong Nghia from the Agency of Imports and Exports, Ministry of Industry and Trade said, " In the RCEP free trade agreement, there are very specific requirements for rules of origin and how tariffs are applied among member countries. She added, “The Vietnam business community have an opportunity to benefit from the free-trade agreement. To do so, they need to understand the key requirements regarding the rules of origin, operational certification procedures and import tariffs of member countries.”
FedEx supports businesses including SMEs through our portfolio of solutions. For example, customers enjoy smooth customs clearance process using online automation tools to ensure their shipments are delivered on time. FedEx Global Trade Manager (GTM) provides our customers a one-stop resource for international shipping information that helps companies enter new markets. FedEx Electronic Trade Documents (ETD) helps companies automate and streamline their customs clearance processes.
FedEx teamed up with the US-ASEAN Business Council (USABC) to organize the conference. Other industry experts from Ho Chi Minh city Customs Department - the General Department of Vietnam Customs (GDVC) and the Agency of Imports and Exports – the Ministry of Industry and Trade (MOIT) shared insights on ways for local businesses to maximize on the benefits from the free trade agreement, such as from lower tariffs and steps to facilitate smooth customs procedures. A panel discussion with the representatives from the Ministry of Industry and Trade (MOIT), General Department of Vietnam Customs (GDVC), Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Vietnam E-commerce Association (VECOM) and FedEx addressed how local businesses can assess and prepare for these trading opportunities.
The RCEP is the world’s largest free trade agreement, covering one third of the world’s Gross Domestic Product (GDP) and one-third of the world’s population. RCEP endeavors to create opportunities for trade and investment by strengthening economic linkages.