[Round-up] Lawyer Calls for End to Illegal Business Conditions as Parliament Set to Ratify TPP

Tuan Minh

18:28 15/06/2016

BizLIVE - A Vietnamese lawyer has called for the termination of illegal business conditions to boost competitiveness and improve the investment climate as the National Assembly is set to approve the Trans-Pacific Partnership agreement soon.

[Round-up] Lawyer Calls for End to Illegal Business Conditions as Parliament Set to Ratify TPP

The TPP agreement may not me enacted if the U.S. Congress disapproves it. (Photo: www.kaplan-financial.com)

Vietnam Mulls $701 Million Expressway to Cambodia
The Vietnamese government is mulling over a plan to build 55-kilometer expressway linking Ho Chi Minh City and Cambodia at an estimated cost of $701 million, local media reported on Wednesday.
The road is part of a Japanese ODA-funded expressway linking the Vietnamese metropolis and Cambodian capital city Phnom Penh, news website Dau Tu said, citing a proposal by the Ministry of Transport.
Romania Calls for More Vietnamese Investment
Romania is calling for more Vietnamese investment in multiple fields, the Vietnam News Agency reported, citing Oana Bizgan, Counsellor for the Minister of Economy, Commerce and Business Environment Relations of Romania, as saying at a business forum in Ho Chi Minh City on June 15.
Romania welcomes domestic and foreign investments and encourages enterprises to shift towards high-tech industries, Bizgan said, suggesting investors from Vietnam search for business opportunities in electronics, electrics, telecommunications and information technology, agriculture, and gas & petroleum.
State President’s Visit Marks New Milestone in Vietnam-Cambodia Trade
Vietnamese President Tran Dai Quang’s official visit to Cambodia on June 15-16 marks a milestone in the two countries’ two-way trade and investment, Khmer Times reported.
The visit will consolidate strong commitments and trust of Vietnamese investors in Cambodia, which helps increase investment flow to the country in the coming time, Khmer Times quoted Length Rithy, a representative from the Vietnamese Investment Association in Cambodia and President of the Vietnam Rubber Group in Cambodia.
Vietnam’s Textile Exports Rise 6.1% in 5 Months
Vietnam earned $8.6 billion from garment and textile industry exports in the first five months of this year, rising 6.1% from a year earlier, lower than the targeted growth of 10% set for this year, according to the Ministry of Industry and Trade.
The U.S. was the largest export market of the industry, with $3.4 billion, up 6%. The European Union, Japan and South Korea followed with $936 million, $845.17 million and $677.2 million, respectively.
200 Vietnamese Firms to Join CAEXPO in China
About 200 Vietnamese enterprises will take part in the 13th China-ASEAN Expo (CAEXPO) which is scheduled to be held from September 23-26 in Nanning city in the Chinese province of Guangxi, said Yang Yanyan, deputy secretary general of the CAEXPO Secretariat, in Hanoi on June 14.
The Vietnamese businesses will display their products in an area of 5,000 square meters, forming the largest exhibition space among the ASEAN nations at the expo.
Vietnam Prepares Legal Foundations for Power Wholesale Market
Regulations on a competitive power wholesale market are scheduled to be completed in June 2017, said Nguyen Anh Tuan, head of the Electricity Regulatory Authority under the Ministry of Industry and Trade at a workshop in Hanoi on June 14.
The set of regulations, which will be submitted to relevant agencies for issuance, is important to operate the competitive power wholesale market, he said, stressing the need to lay a legal foundation for the market, develop infrastructure and have staff knowledgeable about the electricity market.
Lawyer Calls for End to Illegal Business Conditions
Vietnam should abolish illegal business conditions to boost competitiveness, lawyer Truong Thanh Duc made the proposal at a conference hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on June 14.
Thousands of business conditions stipulated in various circulars issued by ministries, ministry-level agencies, people’s councils and all-level people’s committees in the past ten years are basically illegal, Duc, who is also Chairman of law firm Basico, added.
Central Bank Asks for Monthly Reports on Lending Interest Rate
The State Bank of Vietnam (SBV), the country’s central bank, has recently issued a document demanding monthly reports on lending interest rate in the Vietnamese dong in a move to keep rates stable to support local businesses.
On the 20th day of each month starting from June, foreign credit institutions and commercial banks must report on the situation relating to borrowing and lending interest rates in VND, and
build plans and implement measures to decrease lending interest rate in VND.
ADB Trade Finance Program Expands Presence in Vietnam
The Asian Development Bank (ADB) and Orient Commercial JS Bank (OCB) have signed an agreement under which ADB’s Trade Finance Program (TFP) will provide guarantees of up to $20 million a year to support trade in Vietnam.
OCB’s participation brings the number of partner banks joining TFP in Vietnam to 12, ADB said in a release on Wednesday.  
The Trans-Pacific Partnership agreement (TPP) may fail to come into force if the U.S. Congress does not ratify it, said Tran Quoc Khanh, deputy minister of industry and trade, at the “Vietnam: Seizing the opportunities of new-generation free trade agreements” in Hanoi on June 15.
Mr. Khanh explained that the U.S.-brokered deal will take effect within 60 days from the date when all the countries notify New Zealand (the main depository country) of the fulfillment of domestic legal procedures for the approval of TPP.
Vietnam’s gross domestic product (GDP) is expected to expand 6.3% this year, the highest rates among ASEAN-5 countries that include Indonesia, Malaysia, the Philippines and Vietnam, according to the Organization for Economic Cooperation and Development (OECD).
The country’s GDP growth is set to slow to 6.1% in 2017, equal to that of the Philippines, says the Update of the OECD Economic Outlook for Southeast Asia, China and India 2016.