Regional comprehensive economic partnership (rcep)- opportunities and challenges for Vietnamese textile and garment industry

Abstract

In recent years, Vietnam has increasingly integrated into the global economy. One of the most obvious
strategies for this could be listed as participation in negotiations and signing of free trade agreements (FTAs).
By the end of 2018, according to statistics from the WTO Center and Integration, Vietnam has participated
in negotiating and signing 16 bilateral and multilateral FTAs, including 11 FTAs are already in effect, 2 FTAs
are not yet, and 3 FTAs are in negotiations. Among them, the Regional Comprehensive Economic Partnership
(RCEP) was initiated in November 2012 as one of the notable FTAs at present. The signing of RCEP may
have significant implicationson the economic development of member countries in general and Vietnam in
particular. This article will focus on assessing the opportunities and challenges that Vietnamese garment and
textile companies face when Vietnam becomes a member of RCEP, thereby proposing recommendations for
Vietnam.