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The Ministry of Finance to engage in the 2nd Trade Policy Review in WTO

Thu Giang  5/03/2020 12:00 AM
 Trade policy review (TPR) is an activity mandated in Annex 3 on the Trade Policy Review Mechanism (TPRM) under the Agreement establishing the World Trade Organization (WTO) in 1995. The objectives of the TPRM include facilitating the smooth functioning of the multilateral trading system by enhancing the transparency of Members’ trade policies

The Trade Policy Review is conducted by the Trade Policy Review Body (TPRB) with the participation of all members and is reported to the General Assembly and the WTO Ministerial Conference. The Annex mandates that the four Members with the largest shares of world trade (currently the European Union, the United States, Japan and China) be reviewed each two years, the next 16 be reviewed each four years, and others be reviewed each six years. As a result of an amendment to Annex 3 in July 2017,  these review cycles will be three, five and seven years respectively, beginning on 1 January 2019. Viet Nam is in the group of membes with seven years review cycle.

Implenting its membership obligations, Viet Nam has conducted its first TPR session in September 2013. According to the announcement of the WTO Secreteriat, Vietnam is going to conduct its second TPR session at the WTO from 9-11 December 2020.

To prepare for the review session, in 2020 the Ministry of Finance will coordinate with the Ministry of Industry and Trade in: (i) developing a database to provide information for the preparation of the content of the trade policy review session; (ii) answering the Questionnaire (providing information) of the WTO Secretariat; (iii) studying, analyzing and commenting on the draft review report prepared by the Secretariat (May 2020); (iv) working with WTO Secretariat to Viet Nam (July 2020); (v) drafting national official report; (vi) answering members' questions before, during and after the Review Session; (vii) Participate in a review session at the WTO headquarters in Geneva (December 2020

The tasks of the Ministry of Finance include tax policy, customs policy, financial services, price management, budget management. In the field of customs policy, the WTO Secretariat has shown great interest in import and export data; customs procedures for imports and exports; customs modernization strategy; measures to ensure uniform application of HS codes at the time of importation; laws and regulations applicable to customs valuation; and Viet Nam's regulations and measures on imported goods that infringe intellectual property rights.

Currently, the Ministry of Finance has completed the database and is in the process of cooperating with the Ministry of Industry and Trade to provide initial information at the request of the WTO Secretariat. In order to have an effective TPR session, the Ministry leaders has agreed to  establish a Trade Policy Review Task Force. The Task Force is expected to be established  in March which will be composed of representatives from units in the Ministry. In the coming time, the Task Force will actively implement the follow-up activities, the most important of which is to research, analyze and comment on review report drafted by the WTO Secretariat and drafting the Viet Nam National Report./.

 

CurrencyEffective dateExchange rate
USD21/09/202023,090.00 đ
EUR21/09/202026,896.26 đ
JPY21/09/2020218.22 đ
GBP21/09/202029,566.48 đ
CHF21/09/202025,024.76 đ
AUD21/09/202016,635.28 đ
CAD21/09/202017,279.23 đ
SEK21/09/20202,574.80 đ
NOK21/09/20202,506.53 đ
DKK21/09/20203,606.05 đ
RUB21/09/2020307.71 đ
NZD24/09/202015,322.90 đ
HKD21/09/20202,945.49 đ
SGD21/09/202016,784.99 đ
MYR21/09/20205,545.22 đ
THB21/09/2020730.20 đ
IDR24/09/20201.57 đ
KRW21/09/202019.01 đ
INR21/09/2020313.85 đ
TWD24/09/2020797.59 đ
CNY21/09/20203,390.77 đ
KHR24/09/20205.70 đ
LAK24/09/20202.55 đ
MOP24/09/20202,911.09 đ
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