An overview of the conference (Source: VNA)
Hanoi (VNA) – The National Assembly, the Government and offices still have a lot of works to do to put the Trans-Pacific Partnership (TPP) agreement into practice, and to create a new motivation for the nation during its integration process once the agreement is ratified, stated a Government official.

Speaking at a conference on the TPP and its compatibility with Vietnam’s laws in Hanoi on July 5, deputy head of the NA Law Committee Le Minh Thong stressed the need to have revisions and supplementations to complete the law system and establish a legal corridor that conforms to the TPP.

According to the committee, among 194 legal documents reviewed, the Justice Ministry proposed the Government amends 34 documents, including 10 laws, 22 decrees and two directives of the Prime Minister, issue nine new documents, including one law, seven decrees and one directive, and remove one ordinance.

Bach Quoc An, head of the International Law Department under the Justice Ministry, said that the TPP contains a mechanism on competition among investors, which poses numerous challenges for Vietnam in the process of enforcing the law.

The agreement’s commitments also involve issues related to labour, corruption and environment, so that it is essential to improve the quality of State management officials and the capacity of lawyers in international competition-related issues.

Meanwhile, Ngo Quang At, deputy head of the Department on Administrative Affairs under the Ministry of Home Affairs, noted that the TPP requires transparency and equality between State and private enterprises, and between domestic and foreign enterprises.

Therefore, incentives for state-owned businesses in Vietnam and complicated administrative procedures will be obstacles for the implementation of the agreement.

He suggested eliminating more than 3,500 sublicenses which are annoying businesses to facilitate their operations.

The Trans-Pacific Partnership agreement may be ratified by the National Assembly by the end of this year.

It brings together Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Their economic ministers signed the trade pact in New Zealand on February 4, 2016.

The member states now have two years to complete domestic work for TPP ratification. The pact will take effect when ratified by the parliaments of at least six signatory countries, who comprise at least 85 percent of all members’ overall GDP.-VNA