The Ministry of Industry and Trade (MoIT) is working to align Vietnam’s legal regulations with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a deal experts see as hugely important to the country.

The CPTPP is forecast to generate major opportunities for Vietnam

The CPTPP, which took effect in Vietnam on January 14, gathers 11 member states, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam that altogether make up 13.5 percent of global GDP.

Ngo Chung Khanh, Deputy Director of the MoIT’s Multilateral Trade Policy Department, said to make regulations in line with the agreement, the ministry issued Circular No. 03/2019/TT-BCT that stipulates rules of origin for products traded under the CPTPP. This circular came into force on March 8.

The MoIT is working with the Ministry of Science and Technology and the Ministry of Finance to compile a draft law amending and supplementing some articles of the Law on Insurance Business and the Law on Intellectual Property, he said, adding that the Government is preparing a dossier on this draft to submit to the National Assembly for consideration.

The MoIT is also drafting decrees and circulars in terms of competition and trade remedies to guide the CPTPP’s implementation, Khanh noted.

Shortly after the agreement took effect, the Government issued a plan on the CPTPP implementation.

The MoIT has received reports from 13 ministries, sectors and agencies at the central level and 35 units at the local level on their implementation of this trade pact.

Most of them plan to disseminate the contents of the CPTPP under various forms; overhaul legal documents to ensure they match the agreement’s provisions; carry out programmes to assist businesses to improve their competitiveness; and make support policies and mechanisms targeting firms operating in the fields under the agencies’ remit.

The official said his ministry has also been taking actions to ensure all enterprises understand Vietnam’s commitments under the CPTPP so as to make the best use of the agreement.

Notably, it has upgraded the website on the deal at http://cptpp.moit.gov.vn to meet people and firms’ demand for information, he noted, adding that meetings and workshops have also been held in many localities to popularise the CPTPP.

Experts have said the extensive commitments in the deal will provide Vietnam more chances to perfect its business climate. Additionally, they also require the country to revise its regulations in line with international standards.

Participating in the CPTPP generates major opportunities, and challenges are manageable if appropriate implementation plans are issued and all parties, including the Government, businesses and people, are proactive, according to experts.-VNA