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VN, US discuss FTA impacts

Update: June, 20/2015 - 08:53
Members of the TPP -Viet Nam, Australia, Bruinei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and the United States - make up 30 per cent of global GDP. — Photo ndh

HA NOI (VNS)— Viet Nam National Institute for Finance (NIF) alongside the United States Agency for International Development (USAID) held a conference yesterday to discuss the impact of free trade agreements, like the Trans Pacific Partnership (TPP), on the country's socio-economic development and Government's revenue.

Nguyen Duc Thanh, head of the Viet Nam Institute for Economic and Policy Research, said global economic integration might result in decreased revenue from import-export activities, but economic growth would more than make up for it.

Thanh stressed the importance of pushing for administrative reforms and improving the country's business environment to boost the development of small and medium sized enterprises (SMEs) and the private sector.

Truong Ba Tuan, deputy head of the NIF, said increased global economic integration would have a large impact on the country's domestic production, requiring both the Government and domestic enterprises to proactively seek more market shares for Vietnamese products.

Professor Inkyo Cheong, from Korea's Inha University Economics Department, said the impact of the TPP on the Government's revenue and socio-economic development was particularly complicated.

He said, in order to benefit from the TPP, countries must provide its economic enterprises, especially SMEs, with numerous support policies, business consultation and extensive information and knowledge about the global market.

Members of the TPP -Viet Nam, Australia, Bruinei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and the United States - make up 30 per cent of global GDP. — VNS


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