Tricor Group Releases 2021 Asia Pacific Trade Report Focusing on Impact of RCEP on Vietnam and COVID-19 Recovery

When compared to other transnational free trade agreements, the Regional Comprehensive Economic Partnership Agreement (RCEP), which was signed by Vietnam and 14 other countries in November of 2020 and is expected to be implemented sometime in 2021, is unrivalled in its complexity and remarkably lays the framework for a pan-Asian basic standard for trade that surpasses the terms provided by the World Trade Organization (WTO), according to Tricor Group’s 2021 Asia Pacific Trade Report.

The report, released today to media outlets and prominent business leaders, applies industry data from a multitude of research and media sources to offer perspectives, insights, observations and projections compiled by senior Tricor executives on how global trade trends will impact APAC trade and investment activity in the year ahead.

In particular, Tricor Group’s 2021 Asia Pacific Trade Report focuses on how the landmark implementation of the RCEP in 2021 is likely to enhance market openness and create new opportunities for global enterprises in Vietnam and APAC against the challenging backdrop of COVID-19 pandemic recovery. Within the report, Tricor details the provisions of the RCEP and offers a summary of steps companies can take to prepare themselves to capitalize on the agreement and the business growth potential it offers. The report also contains a detailed guide to doing business in Vietnam as well as other key RCEP markets where Tricor maintains influential market presence, including Australia, mainland China, Japan, Malaysia, Singapore, South Korea and Thailand.

The RCEP is particularly significant for the future of trade and investment in Vietnam, as the deal is projected to drive critical domestic regulatory reforms in key areas such as labor laws, investment liberalization, cybersecurity, data security and protection of intellectual property.

Lim Chor Ghee, General Director, Tricor Vietnam, said: “In recent years, Vietnam has earned a reputation as a ‘tiger’ economy, becoming one of the most attractive FDI destinations in ASEAN and APAC. In response to mounting opportunities and evolving needs, Tricor Vietnam offers a full suite of business expansion solutions to serve incoming enterprises to Vietnam, especially as they navigate the local landscape and explore how RCEP may impact business decision. Vietnam ticked off a small milestone. GDP per capita squeezed past that of the Philippines, according to October projections from the International Monetary Fund. And in absolute terms, Vietnam's GDP overtook Singapore's and Malaysia's, giving it the fourth-biggest economy in Southeast Asia for the first time.”

Lennard Yong, Tricor Group CEO, said: “The establishment of the RCEP trade bloc is indisputably a defining moment for global trade – a pivotal development that could redirect foreign direct investment (FDI) flows in the months and years ahead. At Tricor, we are highly cognizant of gauging how this trade deal will potentially disrupt FDI and trigger new trends in international business. Tricor Group’s 2021 Asia Pacific Trade Report provides a blueprint for global and local enterprises looking to leverage and capitalize on the new opportunities expected to be created by the RCEP. This expertise reinforces our leadership in the region as the ‘go-to’ partner for enterprises seeking to expand throughout Asia Pacific and beyond.”

Gary Tok, Tricor Group CCO, said: “The signing of the RCEP is much welcome news for enterprises and investors across APAC and beyond, especially against the unparalleled strains the COVID-19 pandemic has placed on global supply chains. As the leading business expansion specialist in APAC, Tricor has been helping businesses face the headwinds of an unprecedented public health crisis and prepare for more uncertainty ahead. In light of this landmark agreement, we look forward to working with global businesses to review and adapt their business models so they can benefit from the vast supply chain networks and strengthened multilateral cooperation afforded by the RCEP.”

Sunshine Farzan, Tricor Group Head of Marketing & Communications, said: “The headlines of 2020 were largely dominated by one universal story: COVID-19. Few anticipated the distress and ubiquitous disruption the pandemic would present to economies around the world. Tricor Group’s 2021 Asia Pacific Trade Report, which draws from qualitative and quantitative data, suggests that, despite numerous roadblocks and pending uncertainties ahead, new opportunities are on the horizon for global businesses in 2021, such as the numerous benefits offered by RCEP. By highlighting these emerging prospects and prescribing possible steps to take, this report can help business leaders and investors stay ahead of the curve in today’s shifting landscape.”

About Tricor Vietnam

Vietnam is making tremendous strides in improving infrastructure and positioning itself for foreign direct investment. It is likely that, as Vietnam continues its journey toward a market-oriented economy, it will become even more attractive for investors. However, it has repeatedly ranked one of the lowest in the world for ease of doing business so there are numerous challenges and potential pitfalls to navigate. Whether you are looking to set up shop or streamline your current operations, we can help you capitalize on the growing opportunities Vietnam has to offer.

Tricor Group (Tricor) is the leading business expansion specialist in Asia, with global knowledge and local expertise in business, corporate, investor, human resources & payroll, corporate trust & debt services, and strategic business advisory. Strategically headquartered in Hong Kong, we operate out of 21 countries/territories and across a network of 47 offices. Tricor serves 50,000 clients, including ~2,000 companies publicly listed in Asia and over 40% of the Fortune Global 500 companies. With 2,700 employees, of which 630 are certified professionals, we deliver critical functions to help ambitious companies accelerate their growth in Asia and beyond.

Tricor’s advantage comes from deep industry experience, committed staff, technology-driven processes, standardized methodologies, constant attention to changes in laws and regulations and wide industry contacts. Tricor is uniquely positioned to unlock the potential of your business, and help you stay one step ahead of today’s diverse and fast evolving regulatory environment.

To learn more, please visit: www.tricorglobal.com/locations/vietnam

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