REVIEW
of
FINANCE -
Jan. 2018
15
Assembly’s and Government’s Resolutions, the
financial integration and cooperation works of
the Ministry of Finance will be focused on the
following key tasks:
Firsly,
continuing implementation and
following up implementation of commitments of
import tariffs within the frameworks of the signed
FTAs as announced roadmaps.
In 2016, the Ministry of Finance will continue
put into practices commitments on import tariffs
in accordance with the issued Circulars of FTA
tariff schedules, follow up implementation and
enhance exchanges, account for opinions of
enterprises. The year 2016 is also a liberalization
milestone of several goods under the respective
frameworks such as ATIGA (15 tariff lines of
petroleum categories will be reduced to 0%
rate, of which Diesel is inclusive, besides CBU
automobiles will be further reduced to 40% of
tariff rate), AKFTA (additional 362 lines reduced
to 0% rate), AANZFTA (additional 2,453 lines cut
to 0% rate), AJCEP (additional 6 lines will be at
0%) and VJEPA (additional 312 lines will be at
0%).
Secondly,
building up schedules to implement
import and export tariff commitments; studying
commitments in financial sector made in the TPP
and EU before the Agreements come into effects.
In 2016, it is expected that the member
countries will sign the TPP and Viet Nam – EU
FTA, though they may not come immediately into
effects but these new generation FTAs with higher
liberalization level and broader commitments, the
Ministryof Finance shouldcooperatewith relevant
Ministries and provinces to review domestic
policies, from which to recommend adjustments
to comply with Viet Nam’s commitments in the
Agreements.
Thirdly,
working out negotiation positions
exchange in financial –monetary sector to promote
the investment environment and financial market
of a region’s emerging economy
The financial cooperation activities have been
carried out compatible with the international
financial and economic conditions changes,
such as improved efficiency of the Chiangmai
Multilateralization Initiative Mechanism – a
mechanism supporting liquidity for payment
balance when financial crisis occurs, research for
new cooperation contents with high practicality
for developing Asian bond markets, at the same
time strengthen dialogue and regional economic
review regimes and brain storm new cooperation
priorities for the future.
Zealously arranged and participated in the
portfolio investment roadshowinNewYork -USA,
within the framework of the ASEAN Financial
Ministerial Meeting; organized dialogue with
business communities of Korea, Japan, and USA;
successfully organized high level policy dialogue
meeting for the Public Finance Partnership Group
(PFPG), fromwhich presented investment policies
and environment of Viet Nam and accommodated
the need of enterprises in identifying investment
opportunities in Viet Nam.
Financial integration orientation
in the new landscape
In 2016, the world and regional economy is
predicted of continued recovery with slow pace
and much volatility in economic and political
terms and uncertainty in some regions. The
Asian-Pacific region would be still a dynamic
center of the world economy. The formulation
of the ASEAN Community in 2015 determined
further the connecting hub of the ASEAN
in regional institutions. For Viet Nam, the
international economic integration would be
keeping the important role in pressing economic
development and sustaining position of Viet Nam
in the world. Facing with the final commitment
implementation stage of some FTAs at the same
time with preparing for new FTAs’ commitment
implementation, the international economic
integrationprocess of VietNamwill be undertaken
more drastically, intensively and extensively. To
satisfactorily fulfill the financial and budgeting
tasks of 2016 in accordance with the National
The economic integration has created
opportunities for promoting exports due to
advantages of FTA partners’ market access.
The expansion of FTA negotiation with
different partners is not only helping avoiding
heavy reliance on traditional markets for raw
materials but also diversifying exporting
markets, especially to trading advantages
with new markets.
