Deputy Minister of Industry and Trade Do Thang Hai (Photo: VNA)Hanoi (VNA) - The US’s withdrawal from the Trans-PacificPartnership may make certain impacts on Vietnam’s short-term plans but will notaffect the country’s long-term goals and integration direction, according to DeputyMinister of Industry and Trade Do Thang Hai.
In an interview granted to the Vietnam News Agency, the Deputy Minister,who is also secretary general of the inter-sectoral steering committee forinternational integration, stressed that the TPP is only one among many multi-lateralcooperative frameworks that Vietnam joins as part of its international process.
He said the country joined TPP with the main goals of restructuring itseconomic institutions, accessing external resources necessary for restructuringand sustainable growth, expanding export markets and increasing access tosupply chains.
The delay of TPP surely will affect those goals but it will not changeVietnam’s integration trend and direction, Deputy Minister Hai said, notingthat the renovation and reform of economic institutions are an inevitable need andthe policy of the Vietnamese Party and State, as seen in resolutions of recentNational Party Congresses and the Government’s National Strategy for SustainableDevelopment for 2011-2020. Therefore, Vietnam will continue to proactivelyreform its economic institutions, and the TPP only serves as a catalyst for thereform to take place quicker.
Hai pointed out that in terms of both extent and scale, TPP is animportant free trade agreement but not the only one, adding that Vietnam hassigned and enforced 10 other FTAs, concluded negotiations on one FTA and is negotiating4 others. Those FTAs involve almost all main trade partners of Vietnam, such asthe ASEAN, EU, Japan, Russia, China, the Republic of Korea and Australia.Meanwhile, Vietnam’s trade and investment ties with the US are covered by a bilateraltrade agreement (BTA), a framework agreement on trade and investment (TIFA) andWTO commitments.
According to the Deputy Minister, while the possible failure or delay ofthe TPP may weaken the driving force for growth, the past negotiations for thedeal have already created a momentum of institutional reform in Vietnam, andthe process will continue regardless of whether the TPP is enforced or not.
Furthermore, Vietnam’s comparative advantages in terms of productioncosts, geographical location, geo-political conditions and signed FTAs withmajor economic powers, such as the Eurasia Economic Union, EU, Japan and theRoK, continue to help promote economic-trade growth and attract foreigninvestors.
Deputy Minister Do Thang Hai said in order to make full use of FTAs, theMoIT has outlined six groups of solutions, one of which is to enhance theknowledge and consensus of society, particularly enterprises and business people,about international agreements, especially opportunities, challenges andrequirements when joining and implementing new-generation FTAs.
The legal system should be perfected and law enforcement capacitystrengthened to ensure the enforcement of FTAs, while key officials of allsectors and administrations at all levels as well as business executives,lawyers and prosecutors should receive training in international laws.
A group of solutions focus on increasing the competition capacity of thenational economy, of each sector, each locality and each enterprise. The Stateapparatus should be reformed to enhance its operation effectiveness andefficiency. The investment and business climate must be further improved alongwith perfecting institutions of the socialist-oriented market economy.
External relation work should be accelerated to enhance the country’sprestige and position and deepen ties with foreign partners.
Social affairs should receive due attention when enforcingnew-generation FTAs, especially the building of a full legal framework for labourrelations and issues arising during FTA enforcement, along with policies guaranteeingsocial support for disadvantaged and vulnerable groups in society.
Environmental issues are also very important when carrying out FTAcommitments, calling for a complete set of regulations on corporate socialresponsibilities for consumers and the environment, and ensure the effectiveand economical use of natural resources.-VNA
VNA
