Impact of TPP on the legal system on business investment According to the assessment of the Ministry of Planning and Investment, the participation and implementation of [...]
According to the assessment of the Ministry of Planning and Investment, participating in and implementing the Trans-Pacific Partnership Agreement (TPP) will promote the completion of the market economic mechanismharmonize and improve policies and laws on investment and business in a more open and consistent manner, in accordance with international practices.
Accordingly, discriminatory requirements and conditions for investment activities are eliminated. The State recognizes and protects property ownership, investment capital, income and legitimate interests of investors; Ensure compensation for damages in case of nationalization or expropriation of investment assets; Equal treatment, encouragement and creation of favorable conditions for investors to carry out business investment activities and sustainable development in industries and sectors of the economy; Respect and ensure workers' rights, environmental protection and corporate social responsibility; The agreement applies the investment dispute resolution mechanism according to the arbitration mechanism according to international practices... This meets the requirements of innovation, reform of administrative procedures, restructuring and upgrading.increase the competitiveness of the economy, thereby having a positive impact and contributing to improving the attractiveness and competitiveness of the investment environment.
During the process of negotiating to join the TPP Agreement, requirements for investment policy transparency have been improved through the institution of constitutional principles on freedom of business investment in the Investment Law. Accordingly, areas where business investment is prohibited and conditional business investment industries and professions are specifically identified. The number of industries and occupations banned from business investment has decreased from 51 to 6 industries and occupations, and the number of industries and occupations subject to conditional business investment has also decreased from 386 to 267 industries and occupations. At the same time, business investment conditions have also been reviewed, compiled and posted on the National Business Registration Portal to facilitate searching and implementation.
The promulgation of the List of conditional investment and business sectors according to the "opt out" principle has contributed to ensuring the transparency of the investment environment, facilitating market access for foreign investors in accordance with Vietnam's commitment to open the market and liberalize investment under the TPP Agreement and other free trade agreements. This makes the legal system and investment policies transparent, and investors trust in them. investment environment.
Up to now, the business environment in Vietnam has been assessed as more favorable, open and transparent. According to the Global Competitiveness Report 2015-2016 of the World Economic Forum, Vietnam's competitiveness position in 2015 increased 12 places compared to 2014 (from position 68/144 to position 56/140). According to Doing Business 2016, Vietnam's business environment increased 3 places, from position 93 to position 90/189 economies./.
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