The Tariff Impact of the Regional Comprehensive Economic Partnership (RCEP) Agreement on Vietnam's Seafood Export and Import

Abstract

The Regional Comprehensive Economic Partnership (RCEP) has come into force in Vietnam in 2022, easing trade between Vietnam and member nations. This generates both expansion opportunities and intense competition for Vietnam’s seafood business, particularly export and import operations. To understand what this means for exporters, we relied on the World Bank’s WITS-SMART model for an analysis of the tariff effect of the RCEP on the export and import of Vietnamese seafood, which accounts for the largest proportion of exports. Our goal is to reveal the competitive advantages and disadvantages of Vietnam’s seafood trade with RCEP markets, including our recommendations for the industry to adapt to and capitalize on the foreign trade opportunities afforded by RCEP.