RCEP will have a big impact on Vietnam's export in the coming years, and will reshape the country's production structure, said a vietnamese government official.

The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, will create favorable conditions for Asia-Pacific economies, including Vietnam, to increase trade and investment from each other, and accelerate economic recovery, said local experts here.

"The RCEP is set to take effective in January 2022. So, in the next three years, when tariff reduction goes very quickly, Vietnam will make a breakthrough in export," Tran Toan Thang, a senior official and expert from Vietnamese Ministry of Planning and Investment, has told Xinhua recently.

Vietnam has signed numerous free trade agreements (FTAs), including RCEP, which will have big impact on Vietnam's export, especially in the coming years, said Thang, adding that the RCEP will also reshape the country's production structure.

"We are researching FTAs' impact on production structure, production chain and supply chain, because with lower tariffs, FTAs increase import, and bigger import will affect domestic production," he said.

Leaders attend the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) agreement after the fourth RCEP Summit, which is held via video link, Nov. 15, 2020.

The RCEP is focusing on promoting trade activities, thereby promoting investment, creating jobs, and contributing to economic growth. Under the RCEP, over 90 percent of tariffs will be eliminated, so when coming into force in January 2022, it will certainly boost trade of all 15 members, including Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam, the Vietnamese expert said.

The RCEP will create favorable conditions for countries like Vietnam in investment, export and import, he said.

According to many other Vietnamese experts and officials, the RCEP will help spur not only regional but also global trade, especially amid and after the COVID-19 pandemic when both big multinational companies and small- and medium-sized enterprises all over the world have been hard hit.

Meanwhile, the RCEP will create a massive free trade zone covering roughly 30 percent of the world's gross domestic product (GDP), trade and population.

Aerial photo taken on April 15, 2019 shows the Beilun river bridge on the border of China and Vietnam.

According to the Vietnamese experts and officials, the growth recovery of major trade and investment partners like China could support economic growth of many countries, including Vietnam, in the coming years.

In the short-term, Vietnam's economic recovery is prioritized, focusing on different solutions, including taking advantage of market opportunities, especially from FTAs to promote exports, especially in markets with plenty of room. "The RCEP can make big changes in reshaping of the supply chains, so it is necessary to assess opportunities and challenges from this agreement soon," he said.

In the longer-term, Vietnam will focus on some key issues, including increasing investment in supporting industries to take advantage of big FTAs; attracting high-quality foreign direct investment (FDI); and increasing local content in manufacturing.

Vietnam is showing its remarkable attractiveness to international investors with its strong economic resilience to the COVID-19, a prospect for post-pandemic recovery and the foreseen opportunities from the FTAs, including the RCEP. The country is also likely to benefit from supply chain shipment, experts said.