1. General Information
Full Name (Vietnamese): Hiệp định Đối tác Kinh tế Toàn diện Khu vực
Abbreviation (English): RCEP (Regional Comprehensive Economic Partnership)
Participating Countries / Members: RCEP is a Free Trade Agreement (FTA) between the 10 ASEAN Member States and 5 ASEAN FTA partners (also referred to as ASEAN+5).
- 10 ASEAN Members: Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
- 5 FTA Partners: Australia, China, the Republic of Korea, Japan, and New Zealand.
Note: India was an original negotiating member but withdrew in 2019. However, the Agreement remains open for India’s future accession.
Timeline of Signature and Entry into Force
| Event | Date | Remarks |
| RCEP Agreement Signing | 15 November 2020 | Signed virtually during the 37th ASEAN Summit chaired by Vietnam. |
| Entry into Force (Initial Group) | 1 January 2022 |
After ratification by 6 ASEAN countries (Brunei, Cambodia, Lao PDR, Singapore, Thailand, Vietnam) and 3 partners (China, Japan, Australia, New Zealand).
|
| Entry into Force for Vietnam | 1 January 2022 | Vietnam was among the first countries to complete ratification. |
Negotiation Background and Formation Rationale
Background: RCEP is an ASEAN-led initiative, officially launched in 2012, aiming to consolidate five existing ASEAN+1 FTAs (with China, Japan, Korea, Australia, and New Zealand) into a single, unified multilateral agreement.
Rationale for Formation:
Creating the Largest Economic Bloc: Establish the world’s largest free trade area, covering about 30% of global GDP and 30% of the world’s population, creating a large, integrated market.
Harmonising Rules of Origin: Replace the previous five sets of complex origin rules with a single, unified RCEP Rules of Origin (ROO) system — one of RCEP’s key benefits, simplifying trade procedures and supporting regional supply chains.
Strengthening Regional Integration: Reinforce ASEAN’s central role in the regional economic architecture and establish a stable and transparent framework for trade and investment.
2. Scope and Key Commitments
The RCEP Agreement is a comprehensive and modern FTA, consisting of 20 Chapters and related Annexes.
List of 20 Chapters in the RCEP Agreement
| Chapter | Title | Main Content |
|---|---|---|
| 1 | Initial Provisions and General Definitions | Scope; objectives; and key definitions. |
| 2 | Trade in Goods | Tariff reduction and elimination. |
| 3 | Rules of Origin | Establishment of a harmonized origin system and self-certification mechanism. |
| 4 | Customs Procedures and Trade Facilitation | Simplified procedures and expedited customs clearance. |
| 5 | Sanitary and Phytosanitary Measures (SPS) | Ensuring food safety and plant/animal health standards. |
| 6 | Standards; Technical Regulations; and Conformity Assessment Procedures (TBT) | Reducing unnecessary technical barriers to trade. |
| 7 | Trade Remedies | Rules on anti-dumping; countervailing; and safeguard measures. |
| 8 | Trade in Services | Market opening and rules on national/MFN treatment. |
| 9 | Investment | Protection and liberalization of investment. |
| 10 | Movement of Natural Persons | Facilitating temporary entry for service suppliers and business visitors. |
| 11 | Intellectual Property | Protection of intellectual property rights (focusing on core standards). |
| 12 | Electronic Commerce | Legal framework for e-commerce and online consumer protection. |
| 13 | Competition | Prohibiting monopolistic and anti-competitive practices. |
| 14 | Small and Medium Enterprises (SMEs) | Promoting SME participation in regional trade. |
| 15 | Economic and Technical Cooperation | Technical assistance for developing countries. |
| 16 | Government Procurement | Promoting transparency in public procurement information. |
| 17 | General Provisions and Exceptions | National security; environmental; and other general exceptions. |
| 18 | Institutional Provisions | Establishment of the RCEP Joint Committee. |
| 19 | Dispute Settlement | Mechanism for resolving disputes among member states. |
| 20 | Final Provisions | Rules on signing; ratification; accession; and withdrawal. |
3. Reference Materials and Official Sources
Full FTA Text: Vietnam FTA Portal (Ministry of Industry and Trade – MOIT): The official and most reliable government source.
Includes the full RCEP Agreement (in both Vietnamese and English), covering 20 Chapters, market access schedules (tariff tables, service and investment commitments). Website: https://vntr.moit.gov.vn/vi/fta/25/0
Implementation Guidelines
- Ministry of Industry and Trade (Import and Export Department): Provides detailed circulars and implementation guidelines on RCEP Rules of Origin (e.g., Circular No. 05/2022/TT-BCT).
- Ministry of Finance (General Department of Customs): Issues Government Decrees on Vietnam’s preferential import tariff schedules under RCEP (e.g., the latest decree for the current period) and customs clearance instructions. Website: https://www.customs.gov.vn/
- Vietnam Chamber of Commerce and Industry (VCCI) – WTO and Integration Center: Publishes guides and business handbooks summarising RCEP’s commitments to help enterprises effectively utilise the agreement. Website: https://wtocenter.vn/
