Finance Minister Ho Duc Phoc meets with Treasurer of Australia Jim Chalmers. (Photo: VNA) Washington (VNA) – Vietnamese Finance Minister Ho Duc Phoc metbilaterally with Treasurer of Australia Jim Chalmers, Japanese State Ministerof Finance Katsuo Yakura, and Singaporean Second Minister for Finance IndraneeRajah on November 12, on the occasion of their attendance at the 2023 APECFinance Ministers’ Meeting in San Francisco.
The Vietnamese and Australian officials discussedAustralia's Southeast Asia economic strategy until 2040 and cooperation in climatechange response and sustainable finance, and explored the possibility ofsigning a memorandum of understanding on financial cooperation between the VietnameseMinistry of Finance (MoF) and the Department of Treasury of Australia.
The MoF expects Australia to always valuestrategic partnership with Vietnam, Phoc said, adding that Vietnam treasuresAustralia’s priorities and support for climate change adaptation in the MekongDelta during the 2023-2034 period; improvement of the MoF officials’ capacityregarding policy systems to establish a carbon market and a legal framework forcarbon projects, carbon offsetting, and carbon credit trading; as well as bilateralenergy ties.
Phoc expressed his hope that both sides willcontinue strengthening collaboration in financial areas related to climatechange, energy transition, carbon markets, and green bonds in the near future.
Both pledged to furtherconsolidate bilateral ties to improve capacity and share experience infinancial and budget management, including taxation, customs, securities andcapital 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) Ata reception for Minister KatsuoYakura, Phoc suggested that said based on the new-generation OfficialDevelopment Assistance (ODA) framework agreed upon during Prime Minister Pham MinhChinh’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.
Sharingthe 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 andregional cooperation forums.
In their meeting, Phoc and the Singaporean minister commended the cooperation between thetwo economies, with a focus on financial collaboration in modernising customs,electronic customs, and managing securities markets. They also acknowledgedSingapore's assistance in enhancing Vietnam's capacity in these priority areas.
Vietnam and Singapore are both active membersof regional financial cooperation, such as within ASEAN and ASEAN+3. Relevantagencies of both countries have been closely partnering in ASEAN working committeesgroups on cooperation in taxation, customs, insurance, financial servicesliberalisation, capital market development while collaborating on ASEAN+3initiatives, including the multilateralisation of the Chiang Mai Initiative(CMIM), the ASEAN+3 Asian Bond Markets Initiative (ABMI), and the ASEAN+ 3Macroeconomic Research Office (AMRO).
Recognising the increasing role of ASEAN in globaland regional trade and investment, both ministers committed to stepping up theimplementation of free trade agreements between ASEAN and its partners, thus facilitatingtheir trade and investment and active involvement in global supply chains./.
