Vietnamese Finance Minister Ho Duc Phoc (Photo: VNA) In aninterview granted to the Vietnam News Agency on the sidelines of the meeting in SanFrancisco on November 13, Phoc said the meeting focused its discussions on sustainabledevelopment, finance for sustainable development, digital assets andsupply-centric economic models.
Addressing discussionson finance for climate change response, the official affirmed that Vietnam is committedto achieving net-zero emissions by 2050 and supports the Just Energy TransitionPartnership (JETP).
For Vietnam,the funding from JETP has been committed at 15.5 billion USD which is requiredwithin the next 6 years, he said, adding that it has issued mechanisms to draw private investment into renewable energyprojects, such as solar and wind energy,and hydropower.
According tohim, Vietnam is also attracting investments from international financialinstitutions such as the World Bank (WB), the Asian Development Bank (ADB),European banks, and investment funds to support climate change mitigationprojects.
Concerningfinance for climate change response, Vietnam proposed that financialinstitutions accelerate the disbursement of committed funds, as early andspecifically as possible, he said.
He addedthat finance ministers had debated the increasing public debt and solutions forshort and medium term. Other topics included funding for climate change investmentand energy transition, fair and infrastructure investment, aging populationaffecting fiscal policy and measures, and tax-related matters to increasepublic financial resources.
In the longterm, the sides will amend several tax laws, increase tax rates, and expandsome tax bases, such as valued added tax or new areas taxed at 5%, which mayrise to 10%. Import-export and special consumption taxes may also see hikes, he added./.
VNA
