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Vietnam's parliament discussed the CPTPP, and a majority of delegates approved its approval

Jan 16, 2019

The 6th session of the 14th congress of Vietnam is scheduled to carry out the ratification process of the trans-pacific partnership comprehensive progress agreement (CPTPP) within this week.

Congress recently set the agenda for discussions on issues related to the CPTPP, and most of the delegates agreed on the need to ratify the CPTPP.

Delegates said the CPTPP is the most comprehensive new generation of trade agreements with ever high standards.

Vietnam is one of the first member states to participate in the CPTPP, which fully reflects Vietnam's initiative to integrate into the international community and enhance Vietnam's important role and geopolitical status in the regional and international arena.

Delegates said participating in the CPTPP would boost Vietnam's gross domestic product by 1.32 per cent by 2035 and its total exports by 4.04 per cent.

CPTPP's commitments on services and investment will encourage Vietnam to improve its investment climate and thus attract more foreign investment.

Participating in the CPTPP is a good opportunity for Vietnam to continue to improve its economic and legal system.

In addition, participating in the CPTPP will also help create more employment opportunities, increase people's income and do a good job in poverty alleviation.

Delegates also mentioned the impact of CPTPP on Vietnam, including the crisis of imbalanced import and export, and the possible competitive challenges faced by industries such as advertising services and logistics services.

In addition, in order to implement the CPTPP commitment, Vietnam must adjust and amend relevant legal provisions related to trade, customs, intellectual property and services.

Pham Binh Minh, deputy prime minister and foreign minister of Vietnam, said that during the CPTPP negotiations, the government has sought opinions from domestic and foreign experts about the impact of CPTPP on various industries in Vietnam.

In implementing CPTPP, the government will periodically update its impact assessment on the country's overall economy and specific sectors to develop appropriate solutions to ensure Vietnam's core national interests.

The predecessor of the CPTPP, the trans-pacific partnership (TPP), reached consensus at the APEC summit in November (2017) and changed its name to CPTPP. CPTPP has 11 member states, each of which accounts for 13.6% of global GDP.

As of 31 October this year (2018), six member states have completed the CPTPP ratification process, reaching the entry into force threshold of the agreement.

The CPTPP will take effect on December 30, with the first round of tariff cuts entering the penultimate phase.