Investors are impatient for the implementation of WTO commitment

29/05/2007 12:00 - 997 Views

On 30th May 2007, Vietnam Enterprise Forum was held in Hanoi. Regular activity happening before this Counselor Group Meeting (CG) was the first forum after Vietnam had become official member of WTO. Therefore, the implementation of WTO commitment of Vietnam became the most concern of enterprises and investors.

According to WTO commitment, right after joining WTO, Vietnam's commitment comes into force. This means that at this moment many commitments start being implemented and other open- market commitments are going to come into effect. Whilst foreign investors are looking forward to seeking opportunities in Vietnam, the promulgation of instruction documents seems to be late. Minister of Planning and Investment Vo Hong Phuc himself understand that reformation to implement WTO commitments will be the most concern of enterprises and sponsors.

I
mpatient foreign investors

The President of Euro Chamber of Commerce in Vietnam (Eurocharm)- Alain Cany stresses foreign investors are paying their attention to the implementation of WTO commitments of Vietnam. The representative of Korea Chamber of Commerce and Industry in Vietnam (KORCHAM)- Gunwhan offers that Vietnam needs to further promulgation and enforcement of laws and regulations, which are synchronous with WTO commitments. Those regulations were introduced in order to implement Vietnam WTO commitments. Yet, it seems that there has been lack of documents and if have, they remain many ambiguous points, sometimes even contradicted each other.

According to Mr. Alain Cany, a specific area, which should be paid attention to but nothing has been done, is the timetable when companies can carry out exporting and distributing right. Whereas decree related to import and distribution was promulgated in February of this year, up to now there has not been any detail instructions and no licenses has been issued.

Discussing the implementation of WTO commitments, Australian Association of Enterprises in Vietnam (AusCham) listed matters related to the implementation of WTO commitments from cargo commitment to service one such as distribution and tourism, etc. that all face difficulties or be late in giving the implementing instruction.

AusCham stresses that now the implementation of Vietnam commitment on services has not been much progress that makes investors question the rate of Vietnam conformation to commitments in some cases. It is important that those commitments should be implemented under the law that has not existed in many areas. Vietnamese government should be concentrate on pushing the preparation of necessary instruction documents so that foreign investors can rely on those clear documents to invest promptly.

Fred Burke, the leader of the working group of production and distribution says most enterprises expect to gain benefit from Vietnam joining WTO but it is still out of reach.

It is still reminded of the story about importing and distributing right for foreign companies. Representatives of foreign companies are not satisfied when the Government's Decree No. 23 about this matter was issued at the beginning of this year but now instruction circular has not been introduced yet. Moreover, issuing authorities was directed to stop granting licenses while waiting for the instruction circular.

Besides, another quite hot area is the instruction of establishing 100% foreign capital banks in Vietnam coming into effort in 1st April 2007. Before that, the Government's Decree No. 22 also mentioned to this matter. However, this commitment is not implemented because instruction document has not been promulgated yet.

Even an important decree controlling the process of implementing WTO commitment is decree on instruction of implementing WTO commitments, has still been on draft. Therefore, it is easy to understand why foreign investors feel impatient. They have rights to put question when instruction circular will be issued so that they can get benefit due to WTO commitments and while waiting for administration office's instruction, how does Vietnam solve investors' interest?

Pledge to implement and complete urgently...


Exchanging view with the press on this matter, Minister of Planning and Investment Vo Hong Phuc confirms that Vietnam assumes to follow the committed roadmap in WTO. Ministry of Trade and Ministry of Planning and Investment are going to announce to locals about specific steps on implementing WTO commitments to open- market, services, some kinds of goods, the matter of establishing trade branches in Vietnam, retailed super markets, etc. With regard to promulgate decree directing WTO implementation, Ministry of Planning and Investment are now drafting and will summit it to the government in July or August so that it will be promulgated soon.

Mr. Tran Quoc Khanh, the Head of the Cross-border Department, Ministry of Trade emphasized that Vietnam intends to implement WTO commitment immediately. The country considers it as not only an obligation of WTO member but also a way to improve investing environment. Vietnamese agencies are boosting drafting process of instruction documents of WTO implementation but without expected pace because of difficulties as well as interdisciplinary characteristics of those commitments. Thus, Ministry of Trade needs to have more time and enterprises' distribution to solve hard problems without antecedent.

The matter enterprises' representatives expect from Ministry of Trade at this forum is the instruction circular for the Decree No. 23 about import and distribution goods. Mr. Khanh says now the draft has been sent to ministries and soon posted to Website of Ministry of Trade to get ideas. Besides, on 21st May Ministry of Trade announced the roadmap of buying and selling goods activities and others related directly to trading in goods. This is a key document related to implement the Decree No. 23 and can be the foundation to push ranking for provinces to carry out this matter earlier.

Not only committing to open areas due to WTO commitments under the roadmap, at this forum Ministry of Planning and Investment shows its broad view in the decree implementing WTO commitments which makes investors surprised.

Mr. Pham Manh Dung- Head of Legal Department- Ministry of Planning and Investment says: “We see WTO commitment during its development. We all know that in some areas Vietnam has performed opening more than commitment for many years. Therefore, in order to meet developing requirements, the decree expresses its view that Vietnam will open some areas, which is needed and advantageous to economy.

Relating to WTO commitment on services, the opinion of Ministry of Planning and Investment when creating the decree is that which areas Vietnam commits to implement among 108 service branches will be certainly done. Moreover, it does not mean that investors are not permitted to invest in some areas that Vietnam has not committed.

The representative of Ministry of Planning and Investment even says that according to view of this Ministry in which area that Vietnam law is effective more favorable than WTO commitment, regulations under the law will be applied instead of WTO commitment. This shows that Vietnam always respects, protects and makes good condition for investors who are close-knit and contribute to the development of Vietnamese economy.

Phuoc Ha

30/05/2007

Source: vietnamnet
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