Institutions must improve to adapt to CPTPP challenges

Vietnam must make efforts to effectively strengthen an institutional system that goes beyond its commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to improve the business environment and support businesses, analysts said at the “Implementing the CPTPP from a law-making perspective - Review of current results and policy implications for the future” online conference organized by the Vietnam Chamber of Commerce and Industry (VCCI) on November 10.

The CPTPP has high standards and will require Vietnam have a greater institutional system than what is currently in place. The agreement will create pressure and motivation for it to accelerate institutional reform and in particular create favorable conditions for Vietnamese businesses, according to senior economist Ms. Pham Chi Lan.

The country must soon upgrade its institutional system in all respects and strengthen what has been built to help Vietnam be competitive, which in turn will help it overcome the challenges and give it new competitive advantages. Vietnam must also create opportunities for local businesses to develop, not just foreign investors.

It also needs to proactively prepare for future commitments that exceed current international commitments, Mr. Tran Huu Huynh, Chairman of the Advisory Committee on International Trade Policies (INTAC VCCI) emphasized. Many standards in Vietnam’s economy need to be further improved and must prioritize the interests of the country and its businesses.