Vietnam advances financial cooperation with Australia, Japan, Singapore

Vietnamese Finance Minister Ho Duc Phoc met bilaterally with Treasurer of Australia Jim Chalmers, Japanese State Minister of Finance Katsuo Yakura, and Singaporean Second Minister for Finance Indranee Rajah on November 12, on the occasion of their attendance at the 2023 APEC Finance Ministers’ Meeting in San Francisco.

Finance Minister Ho Duc Phoc meets with Treasurer of Australia Jim Chalmers. (Photo: VNA)

The Vietnamese and Australian officials discussed Australia's Southeast Asia economic strategy until 2040 and cooperation in climate change response and sustainable finance, and explored the possibility of signing a memorandum of understanding on financial cooperation between the Vietnamese Ministry of Finance (MoF) and the Department of Treasury of Australia.

The MoF expects Australia to always value strategic partnership with Vietnam, Phoc said, adding that Vietnam treasures Australia’s priorities and support for climate change adaptation in the Mekong Delta during the 2023-2034 period; improvement of the MoF officials’ capacity regarding policy systems to establish a carbon market and a legal framework for carbon projects, carbon offsetting, and carbon credit trading; as well as bilateral energy ties.

Phoc expressed his hope that both sides will continue strengthening collaboration in financial areas related to climate change, energy transition, carbon markets, and green bonds in the near future.

Both pledged to further consolidate bilateral ties to improve capacity and share experience in financial and budget management, including taxation, customs, securities and capital markets, through the signing of an MoU for the new period.

At a reception for Japanese State Minister of Finance Katsuo Yakura (L). (Photo: VNA)

At a reception for Minister Katsuo Yakura, Phoc suggested that said based on the new-generation Official Development Assistance (ODA) framework agreed upon during Prime Minister Pham Minh Chinh’s Japan visit in May 2022, the Japanese Government should support the implementation of the new ODA programne proposed by the MoF, focusing on transportation infrastructure, agriculture, and health care.

Sharing the view that the two finance ministries have been working closely and effectively in the fields of taxation, customs, securities, insurance, debt financing and aid, they promised to support each other at multilateral and regional cooperation forums.

In their meeting, Phoc and the Singaporean minister commended the cooperation between the two economies, with a focus on financial collaboration in modernising customs, electronic customs, and managing securities markets. They also acknowledged Singapore's assistance in enhancing Vietnam's capacity in these priority areas.

Vietnam and Singapore are both active members of regional financial cooperation, such as within ASEAN and ASEAN+3. Relevant agencies of both countries have been closely partnering in ASEAN working committees groups on cooperation in taxation, customs, insurance, financial services liberalisation, capital market development while collaborating on ASEAN+3 initiatives, including the multilateralisation of the Chiang Mai Initiative (CMIM), the ASEAN+3 Asian Bond Markets Initiative (ABMI), and the ASEAN+ 3 Macroeconomic Research Office (AMRO).

Recognising the increasing role of ASEAN in global and regional trade and investment, both ministers committed to stepping up the implementation of free trade agreements between ASEAN and its partners, thus facilitating their trade and investment and active involvement in global supply chains./.

VNA