Trade ministers of 11 countries participating in the trade pact, namely Australia, Brunei, Canada, Malaysia, Mexico, Japan, New Zealand, Peru, Singapore and Vietnam, at the signing ceremony on March 8, 2018. (Photo: VNA) Hanoi (VNA) – Vietnam ought to run anaction programme which will enable the country to take full advantage of opportunitiesand overcome challenges from the Comprehensiveand Progressive Agreement forTrans-Pacific Partnership (CPTPP), thusbringing great benefits to its enterprises and people, experts have said.
According to them, what ultimately determines the success of the culminantintegration process are efforts to accelerate institutional reform, improvingcompetitiveness to reach leading standards of a modern and integrated marketeconomy in line with the 12th Party Congress’ resolution.
The Government assigned the Ministry of Justice to coordinate with relevantministries and agencies in reviewing existing laws, ordinances and decrees, aswell as propose amendments and issue new ones in line with trade-pact commitments.
Results of the review showed that of the 265 legal documents reviewed, thetotal number of laws proposed for amendment and supplementation is seven; 15 commitmentsand group of commitments were proposed to directly apply; and three internationaltreaties in the field of intellectual property were recommended to join.
In order to implement the commitments in the CPTPP, Vietnam will have to adjustand amend some legal provisions on trade, customs, intellectual property, and labour.
Vietnam’s experience in joining the World Trade Organisation (WTO) has shownthat with serious preparation and an increased effectiveness, the country cansuccessfully do this workload, especially when it is allowed to do following a specificroadmap.
Additionally, the Government needs to continue accelerating the restructuringof national economy and State-owned enterprises, promote reform and thesimplification of administrative procedures, create synergies among ministriesand sectors to enhance the competitiveness of the business environment, andfostering cooperation among domestic and foreign enterprises.
Chairman of the the Vietnam Chamber of Commerce andIndustry Vu Tien Loc suggested that the Government focus on implementing anaction programme, which needs to meet at least three basic requirements relatedto the building of policies and laws, the outline of specific plans for theimplementation, and the support for parties that affected by the agreement.
According to Loc, the actionprogramme must develop all possible scenarios to take the initiative in fulfillingCPTPP commitments and, at the same time, consult stakeholders to assess theimpact of each scenario and what Vietnam will lose if it fails to meet said commitments.
The programme should take into account plans foreach stage of CPTPP enforcement, keeping in mind not only compliance with thepact, but also maintaining attainable goals for the economy and businesscommunity, the official noted.
He added further that it should also includeactions to support businesses affected by the CPTPP, particularly micro-, small-and medium-sized enterprises, as well as those vulnerable in rural andagricultural sectors. If these businesses are not beneficial, the enforcementof the deal could be a failure, he said.
Enterprises are advised to actively explore more information about the tradepact to fully comprehend Vietnam’s commitments and partner markets, especiallythose related to tariff preferences for Vietnam’s main commodities and possibleexport items.
They should be active in seeking cooperation opportunities with foreign partnersto attract more investment into Vietnam, as well as in joining regional andglobal supply chains. –VNA
VNA
