Illustrative image (Source: VNA)
Hanoi (VNA) – Representatives from ministries, sectors and businesses associations as well as legal experts gathered at a conference in Hanoi on October 27 to discuss the compatibility between domestic laws and the country’s commitments under the Trans-Pacific Partnership regarding investment.

Nguyen Thi Thu Trang, Director of the World Trade Organisation and Integration Centre under the Vietnam Chamber of Commerce and Industry (VCCI), remarked that among new generation free trade agreements (FTA) that Vietnam has signed, the TPP and the Vietnam-EU FTA have the greatest influence on Vietnam’s institutions and laws, including policies in investment.

She said once the two deals take effect, TPP and EVFTA investment commitments, which are said to be at the highest level so far, will lead to considerable changes in investment policies in Vietnam .

The VCCI also reported that Vietnam ’s legal regulations are basically compatible with international commitments.

For a number of legal contents and law enforcement viewpoints that have yet to align with the commitments, it is necessary to collect ideas from ministries, sectors and trade associations in order to amend them in a way that ensures both compatibility with TPP commitments and balanced benefits for domestic and foreign investors.

Trang noted that Vietnam ’s laws, including the Law on Investment and Law on Enterprises have no regulations discriminating between domestic and foreign investors, except for a difference in investment procedure.

She added that domestic regulations on principles on market opening and barrier removal as well as requirements in operation and senior personnel are mostly compatible with TPP commitments.

However, the rules on transferring property abroad and procedures on consultation and mediation in case of disputes are not as specific as TPP commitments, she said.

Meanwhile, Pham Manh Dung, former head of the Ministry of Planning and Investment’s Legal Department, underscored the need to review regulations related to intellectual property.

The observance of intellectual property will help attract more FDI to Vietnam , he asserted, highlighting the need to complete legal system in the field.-VNA