Laws’ compatibility with EVFTA commitments on investment reviewed
A conference was held in Hanoi on March 16 to review Vietnam’s legal framework against the commitments of the EU – Vietnam Free Trade Agreement (EVFTA) on investment.
An automobile assembly factory (Photo: VNA)Hanoi (VNA) – A conference was held in Hanoi on March 16 to review Vietnam’s legal framework against the commitments of the EU – Vietnam Free Trade Agreement (EVFTA) on investment.
Nguyen Thi Thu Trang, Director of the Centre for WTO and Economic Integration under the Vietnam Chamber of Commerce and Industry (VCCI), said Vietnam’s laws should be compatible with the EVFTA. Thourough preparations are the foundation to realise the pact and facilitate the EU’s investments in Vietnam, as well as bilateral trade activities.
The EVFTA’s chapter on investment comprises three sections: liberalisation of investments, investment protection, and investor – State dispute settlement, according to the VCCI.
Trang said Vietnam’s laws are basically compatible with the EVFTA commitments.
However, the trade deal contains many issues in the settlement of disputes between investors and the State that are not in line with existing relevant regulations in Vietnam.
Vietnamese arbitrators and laws are also unable to solve such disputes. For example, local laws are now not in conformity with the EVFTA commitments on compulsory purchase and requisition, or compensation.
To address the incompatible points, Trang suggested the National Assembly make a specific law on implementing the EVFTA’s chapter on investment, instead of reviewing entire existing legal regulations on investment.
Vietnam and the EU concluded negotiations on their FTA in Brussels last December. The FTA is said to be an inclusive and high quality agreement that ensures the balance of interests for both Vietnam and the EU, with due consideration of the development gap between the two sides.
The pact covers the trade in goods, rules of origin, customs and trade facilitation, sanitary and phytosanitary measures, technical barriers in trade, trade in services, investment, trade remedies, competition, State-owned enterprises, Government procurement, intellectual property, sustainable development, cooperation and capacity building, legal and institutional issues, as well as new approaches to investment protection and settlement of investment disputes.
The EU is currently the second biggest trade partner of Vietnam, with two-way trade increasing from 17.75 billion USD in 2010 to 36.8 billion USD in 2014.-VNA
You should also see
Millions of children in Vietnam protected by vaccination over 40 years: UN agencies
Millions of children in Vietnam have been protected by immunisation over the past 40 years, said the World Health Organisation (WHO) and UNICEF offices in Vietnam on April 25 when they mark the World Immunisation Week from April 24-30.
See more
Business
Petrol prices decrease slightly on April 25
The retail prices of petrol were adjusted down from 3pm on April 25 by the Ministry of Industry and Trade and the Ministry of Finance.
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
