Photo: Duc Anh
Procedures now in train for ratification at the earliest possible time, according to NA official.
The National Assembly (NA) may ratify the TPP by the end of this year, a senior leader with the NA said on July 4.
Deputy Chairman of the legislature’s Committee for External Relations Ngo Duc Manh was quoted by local media as saying that the NA would ratify the pact once the paperwork and documentation have been completed.
“The NA may ratify the TPP after referring to the law on signing, joining and implementing international treaties, and considering other TPP-related issues such as its constitutionality and compatibility with Vietnam’s legal documents, the possibility of enforcing the entire agreement or just part of the deal, and suggested revisions and supplements,” Mr. Manh said.
The legislature will issue a resolution to ratify the TPP that will approve Vietnam joining the pact and recognize the validity of the commitments that it will carry out, he added.
The new NA for the 2016-2021 term will gather for its first session on July 20 after May elections, with its second session likely to be held in October or November.
In order to speed up the TPP’s ratification, relevant ministries have been directed to work with the NA’s External Relations Committee and other agencies of the legislature.
The Ministry of Industry and Trade (MoIT) must provide full information about the TPP to NA delegates and assess the pact’s constitutionality and compatibility with legal normative documents issued by the NA and the NA’s Standing Committee.
MoIT is also tasked with evaluating the TPP’s impact on different industries, in particular the possible challenges, and to develop counter measures. “The opinions of organizations and businesses on the TPP will also be collected to help build a road map for its implementation,” Mr. Manh noted.
Vietnam is expected to benefit from the TPP, with $33 billion perhaps being added to the economy’s GDP annually. This figure could even rise to $68 billion by 2025, according to reports released at a June seminar on the TPP co-organized by the NA’s Committee for External Relations and USAID in Ba Ria Vung Tau province.
Vietnam’s 2015 GDP has been reported at $193 billion, with total exports of $162 billion, an increase of 7 per cent year-on-year, according to the General Statistics Office (GSO).
GDP slowed to 5.52 per cent during the first half of 2016, while total exports stood at $82.2 billion, an increase of 5.9 per cent year-on-year. Imports stood at $80.7 billion, down 0.5 per cent year-on-year.
Knowledge about the TPP among Vietnamese enterprises is on the rise and so is the positive perception of the agreement, with 72 per cent in favor last year, up from 62 per cent in 2014, according to a survey by the Vietnam Chamber of Commerce and Industry (VCCI).
The TPP brings together Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam. Their economic ministers signed the trade pact in New Zealand in February.
Member states now have two years to complete domestic work for its ratification. The pact will take effect when ratified by the parliaments of at least six signatory countries who comprise at least 85 per cent of all members’ overall GDP.