Ha Duy Tung, deputy head of the Department of International Co-operation Tariff cuts mean reduced collections from export-import activities, from there having adverse impacts on the budget. Why did you say the EU-Vietnam Free Trade Agreement (EVFTA) would have a positive impact on budgetary contributions? With common FTAs, import tariff cuts range from 87 to 92 per cent, except the ASEAN Trade in Goods Agreement (ATIGA) that allows cutting 98 per cent of tax lines by the end of the implementation roadmap (2018). For new-generation FTAs like the EVFTA, tariff cuts and reductions could surpass 98 per cent of the tax lines by the end of implementation roadmap with a faster tax reduction process. In addition, new-generation FTAs also feature commitments on cutting export tariffs and the implementation of non-traditional commitments related to labour, trade union, public procurement, environmental protection, among others. With the EVFTA, Vietnam commits to removing import tax lines right after the deal comes into force after the approval of the National Assembly (expected this June) with 48.5 per cent of tax lines, equal to 64.5 per cent of the import value from EU. For new-generation FTAs like the EVFTA, tariff cuts and reductions could surpass 98… Read full this story
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