Socialist Republic of Vietnam

President Tran Duc Luong on November 23, proposed the National Assembly ratify the Vietnam-US Bilateral Trade Agreement (BTA).

The President's submission says that the BTA contains Vietnam's important legal commitments in the fields of goods and service commerce, investment and intellectual property, revisions of and adjustments to currently-effective policies are required. Hence, the State should build a close roadmap to strictly follow the revisions, supplements or promulgation of laws and legal documents as well as to examine Vietnam's adherence to international treaties relating to the commitments in the BTA.

Once the BTA is ratified by both Vietnam and the United States and comes into effect, it will directly affect not only the relations between the two countries but also economic relations between Vietnam and other countries worldwide, and regional and international economic organisations to which Vietnam is a party, the submission notes.

Implementation of the BTA will have profound and long-lasting effects on the country's economy, culture, society, security, and national defence, the submission says, adding that this requires a careful and close preparations with a view to making full use of advantages and minimising disadvantages while carrying out the BTA. (VNA)