A representative from the Ministry of Justice (MoJ) made the announcement yesterday at the Government’s regular meeting when the Cabinet discussed on legal laws and impacts of the Trans-Pacific Partnership (TPP) on Viet Nam with both opportunities and challenges.
Earlier, the PM assigned the MoJ and relevant agencies and ministries to evaluate the impacts of TPP on Viet Nam’s legal system.
The MoJ reported that a large number of TPP commitments were definitely clear and applicable to tariffs, market opening for services and investment.
The ministry noted that new FTA generations and other FTAs which Viet Nam have signed or is about to sign stipulate 'automatic' most favored nation - MFN status. Accordingly, a part of Viet Nam’s TPP commitments will be applied to 11 TPP non-members, including Russia, 28 EU members states, and the ASEAN bloc.
“Viet Nam’s commitments to TPP would duplicate to around 40 economies. Thus, legal impacts would be greater for Viet Nam,” said the senior official.
So far, 194 legal documents including 86 laws, 11 ordinances, 84 decrees, three Government’s resolutions, and seven PM’s decisions have been reviewed.
The MoJ reported that 34 documents, including ten laws, 22 decrees, and two decisions will be subjected to revision. In addition, one law, seven decrees, and one decision will be introduced. One ordinance will be abolished.
Minister of Industry and Trade Tran Tuan Anh assessed that TPP membership would chiefly create advantages. Meanwhile, challenges would be put under control with active, drastic, and appropriate measures, he added.
The Government assigned the Ministry of Industry and Trade to early submit the document to the Government, the State President, the National Assembly for ratification in accordance with the laws.
PM Nguyen Xuan Phuc tasked relevant ministries and agencies to seriously realize Viet Nam’s commitments.
The MoJ was asked to work with related ministries, agencies, and localities to continue legal reviews and propose necessary supplements./.