Vietnam law is mostly compatible with TPP commitments in investment
Source: Internet |
The WTO and integration center (Vietnam Chamber of Commerce and Industry of -VCCI) in collaboration with the British Embassy organized a consultative workshop " Review Vietnam Law with the TPP commitments in investment: Results of review and suggestions for improving the law from the perspective of business interests " in Hanoi.
TPP is expected to help Vietnam attract FDI with high value and higher technology. At the same time, the developing the economy and the implementation of commitments will help Vietnam accelerate restructuring and renewal of the growth model and perfect the legal system in line with international practice and the development of the market economy.
Ms. Nguyen Thi Thu Trang, Director of the Centre for WTO and integration said that TPP will influence all investors and administrative decisions that State agencies and local authorities take in dealing with investors, and is committed to include the principles of open markets, and removal of barriers to investment.
In particular, the requirements of national treatment is non-discrimination between investors from TPP and domestic investors. The government must not interfere in business operation as well as senior personnel of investors from TPP, etc. In addition, investors from TPP also apply other requirements under asset protection principles and autonomy of investors.
Before the above requirements are in place, the review results showed that Vietnam has legislation which is compatible with the majority of TPP investment commitments, especially fundamental principles such as open markets, removal of barriers, senior personnel,etc.
However, the TPP commitments on compensation in the event of armed conflict and divesting ownership are only partly compatible due to the lack of detail in provisions about compensation for divesting ownership, etc.
Notably, the report pointed out the law of Vietnam was not compatible with the TPP commitments on transfer of assets abroad and investor-state dispute settlement mechanisms (ISDS). The reason is that the majority of the ISDS terms are not regulated by the law of Vietnam.
From the above results, Ms. Nguyen Thi Thu Trang proposed that the legislation which is compatible should continue to be implemented effectively. For some points which are not compatible, depending on each case, it can be fixed through common legal documents; with regard to specific sectors, individual documents and resolutions should be issued in order to implement its own TPP investment commitments.
Moreover, to enhance the compatibility of Vietnam Law with TPP commitments, according to Mr Dzung Pham, Operating Lawyers of Law firm Rajah & Tanh LCT Lawyers Ltd., the legal system should be reviewed and focus on the principle of open market cases related to FDI, intellectual property, recognition and enforcement of arbitration rulings in foreign countries, etc. This is also required of itself to improve the law.
Despite having to check to find out which points of the system are not compatible with legislation, Ms. Nguyen Thi Thu Trang also indicated that there are many "exceptions" in the commitments that Vietnam can take advantage of.
Typically, Vietnam may maintain the open market and discriminate against some investors in some specific areas that have been outlined in the commitments. Besides that, there are exceptions to all countries that they could discrimite in favor of investors in public procurement when it necessary.
Related News
Green transformation: It's time to force businesses to "get involved"
09:23 | 25/11/2024 Headlines
Accelerating investment to meet "green" standards
09:02 | 24/11/2024 Import-Export
Electronics industry overcomes challenges to penetrate deep into global supply chain
19:38 | 16/11/2024 Import-Export
Continue to handle cross-ownership in banks
10:35 | 02/11/2024 Finance
Latest News
Vietnam maintains political stability, economic success in 2024: scholar
14:16 | 09/12/2024 Headlines
Vietnam expected to create hi-tech breakthroughs following partnership with NVIDIA
14:15 | 09/12/2024 Headlines
Vietnam needs a competitive energy market: experts
18:23 | 08/12/2024 Headlines
PM calls for transformative energy projects
18:20 | 08/12/2024 Headlines
More News
November’s CPI grows 0.13%
20:33 | 07/12/2024 Headlines
PM urges extra efforts to fulfil all 15 targets set for 2024
20:29 | 07/12/2024 Headlines
Expansionary fiscal policy prevents recession, boosts aggregate demand
15:28 | 07/12/2024 Headlines
Economic, diplomatic achievements promote Vietnam’s image: Chinese scholar
14:21 | 06/12/2024 Headlines
Efforts made to complete EC’s recommendations on IUU combat
14:16 | 06/12/2024 Headlines
Vietnam-China e-commerce: A perspective from Lang Son border
13:39 | 06/12/2024 Headlines
Localities report progresses in IUU fishing combat
14:34 | 04/12/2024 Headlines
Apparatus restructuring difficult but indispensable: PM
14:33 | 04/12/2024 Headlines
Raising the position if Vietnam does not want to become a new "assembly factory"
13:41 | 04/12/2024 Headlines
Your care
Vietnam maintains political stability, economic success in 2024: scholar
14:16 | 09/12/2024 Headlines
Vietnam expected to create hi-tech breakthroughs following partnership with NVIDIA
14:15 | 09/12/2024 Headlines
Vietnam needs a competitive energy market: experts
18:23 | 08/12/2024 Headlines
PM calls for transformative energy projects
18:20 | 08/12/2024 Headlines
November’s CPI grows 0.13%
20:33 | 07/12/2024 Headlines