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Legal changes needed under EVFTA

Released at: 08:17, 19/03/2016

Legal changes needed under EVFTA

Conference reviewing Vietnam legal framework against Europe-Vietnam Free Trade Agreement (EVFTA) commitments on investment

Participants at VCCI conference hear of need to amend laws to reflect agreement's investment provisions.

by Hồng Nhung

The “Reviewing Vietnam's Legal Framework against EVFTA Commitments on Investment” conference was held by the Center for WTO and Economic Integration under the Vietnam Chamber of Commerce and Industry (VCCI) on March 16 in Hanoi.

Addressing the conference, Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Economic Integration, said that potential major investors from Europe are very much interested in issues surrounding investment.

The EU would like to be supported by standards on investment protection and the legal framework on investment in Vietnam, Ms. Trang noted.

In order to abide by commitments made in the EU - Vietnam Free Trade Agreement (EVFTA), Vietnam should make certain legal amendments and adjustments.

Regarding investment protection, there must be provisions for loss compensation, late interest payments, and indirect compulsory purchase and requisition.

In dispute resolution between the State and foreign investors, the Investor State Dispute Settlement (ISDS) regime of the EVFTA should be included in Vietnamese legal documents.

Ms. Trang also proposed the National Assembly create a separate law on implementing the investment commitments instead of reviewing existing legal documents.

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