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| Seafood production for exports. (Photo: VNA) |
The workshop would provide a platform for attendees to discuss methodologies for assessing the potential impacts of FTAs, such as the Trans-Pacific Partnership (TTP), on state budget, he noted.
Prof. Inkyo Cheong from Inha University in the Republic of Korea (RoK) said that the analysis of the TPP impacts on state budget is very complicated, requiring evaluation of all components of the TPP.
NIF Director Nguyen Duc Thanh believed that Vietnam joining FTAs might reduce direct tax collection from import-export activities, however economic growth fueled by the FTAs would benefit state budget in return.
As the private sector, including the SMEs, is the key driver of economic growth, there should be reform of administrative institutions and favourable business climate for them to develop, the director added.
Integration has double-edged effect on domestic production, requiring efforts of not only the government but also the entrepreneurs. Domestic firms need to actively look for information on the FTAs and its impacts on the market.
Vietnam is seeking to conclude the TPP with eleven other countries which is expected to fuel the country’s economy by reducing trade barriers, boosting exports and increasing employment opportunities for its citizens
