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Impacts of FTAs on state budget collection discussed

A workshop assessing the impacts of free trade agreements (FTAs) on State budget revenues was organised in Hanoi on June 19 by the National Institute for Finance (NIF) and the US Agency for International Development (USAID).
A workshop assessing the impacts of free trade agreements (FTAs) onState budget revenues was organised in Hanoi on June 19 by the NationalInstitute for Finance (NIF) and the US Agency for InternationalDevelopment (USAID).

According to NIF DeputyDirector Truong Ba Tuan, the USAID and NIF have been working together inthe Vietnam Governance for Inclusive Growth (GIG) project to establish aset of assessment tools for FTA impacts on key sectors as well as statebudget collection.

The workshop would provide aplatform for attendees to discuss methodologies for assessing thepotential impacts of FTAs, such as the Trans-Pacific Partnership (TTP),on state budget, he noted.

Prof. Inkyo Cheong fromInha University in the Republic of Korea (RoK) said that the analysis ofthe TPP impacts on state budget is very complicated, requiringevaluation of all components of the TPP.

NIFDirector Nguyen Duc Thanh believed that Vietnam joining FTAs mightreduce direct tax collection from import-export activities, howevereconomic growth fueled by the FTAs would benefit state budget in return.

As the private sector, including the SMEs, is thekey driver of economic growth, there should be reform of administrativeinstitutions and favourable business climate for them to develop, thedirector added.

Integration has double-edged effecton domestic production, requiring efforts of not only the government butalso the entrepreneurs. Domestic firms need to actively look forinformation on the FTAs and its impacts on the market.

Vietnam is seeking to conclude the TPP with eleven other countrieswhich is expected to fuel the country’s economy by reducing tradebarriers, boosting exports and increasing employment opportunities forits citizens.-VNA
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