Experts have said Vietnam will face challenges caused by impacts of foreign investments on domestic firms. Vietnamese businesses should make preparations in order to make the best use of incentives offered by the deal. Minister of Industry and Trade Tran Tuan Anh said the CPTPP is a quite comprehensive agreement as it covers principles not only in trade and investment but also in intellectual property. It requires Vietnam to reform investment and business environment, as well as institutions, he said. The minister added the agreement will put competitive pressure on enterprises and the economy, helping Vietnam grow more sustainably. Pham Quynh Mai, deputy head of the Ministry of Industry and Trade (MoIT)’s Multilateral Trade Policy Department, said 66% of tariff lines will be eliminated immediately after the agreement takes effect, 86.5% three years after the deal comes into force and 97.8% after 11 years. It targets not only traditional sectors like goods, services and investment but new realms such as e-commerce, public procurement, labourt and the environment, the official noted. With a market of nearly 500 million people and 13.5% of global GDP, the CPTPP is a free trade agreement with strategic significance to Vietnam and the business community, as… Read full this story
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