Strengthening Comprehensive anh In – Depth Cooperation in Finance between Vietnam and Australia 03/08/2024 04:55:00 51

Continuing the business trip, on the afternoon of August 1, 2024, Minister Hồ Đức Phớc and the delegation from the Ministry of Finance had a working session with the Australian Treasury Department. Minister Hồ Đức Phớc and the delegation were received and worked with the participation of Mr. Andrew Leigh - Assistant Treasurer responsible for Competition, Charities and the Treasury, and also Assistant Treasurer responsible for Employment in Australia.

The working session was attended by Vietnamese Ambassador Extraordinary and Plenipotentiary to Australia Pham Hung Tam; General Director of the General Department of Taxation Mai Xuan Thanh; General Director of the State Treasury Tran Quan; Chairwoman of the State Securities Commission Vu Thi Phuong; and Deputy General Director of the General Department of Customs Chan Dinh Ngoc Thang, along with leaders from several units under the Ministry of Finance.

Minister Ho Duc Phoc and Mr. Andrew Leigh - Assistant Treasurer responsible for
Competition, Charities and the Treasury, as well as Assistant Treasurer responsibl
e for Employment in Australia

At the meeting, Minister Andrew Leigh sent his sincere and profound condolences to the Government and people of Vietnam on the death of General Secretary Nguyen Phu Trong.

Mr. Andrew Leigh emphasized that since the bilateral relationship was elevated to a Comprehensive Strategic Partnership, Australia has set specific goals and implemented cooperative programs in various areas, particularly in collaborating with Vietnam on issues such as addressing climate change and promoting clean energy, in which Australia has expertise.

Minister Andrew Leigh also highlighted the significance of the Memorandum of Understanding on cooperation between the Australian Treasury and the Vietnamese Ministry of Finance signed in Hanoi last June, as a reflection of the strengthened ties between the two countries in recent times.

Expressing his appreciation for Minister Andrew Leigh's reception of the Ministry of Finance delegation, Minister Ho Duc Phoc extended profound gratitude to the Australian people, the Australian Parliament, and the Minister himself for extending condolences to the Party, State, Government, and People of Vietnam following the loss of General Secretary Nguyen Phu Trong. Minister Ho Duc Phoc emphasized that over the 50 years of diplomatic relations, Vietnam and Australia have developed a strong, reliable, and increasingly deep cooperative partnership across all sectors, with particular emphasis on advancing comprehensive financial cooperation.

Minister Ho Duc Phoc at the working session

Minister Andrew Leigh received a briefing from Minister of Finance Ho Duc Phoc regarding Vietnam's economic situation in the first half of 2024. Minister Ho Duc Phoc also discussed the plans and agenda of the Ministry of Finance's working group during their visit to Australia. It was mentioned that in addition to bilateral and multilateral meetings with state management agencies, the working group will organize the Vietnam - Australia Financial Market Connection Seminar in Sydney on August 2. Minister Ho Duc Phoc expressed satisfaction in continuing to organize this working group to effectively implement the Vietnam - Australia Comprehensive Strategic Partnership Agreement, which was signed by the two countries' Prime Ministers in March 2024. The Vietnamese finance sector also noted positive growth in Vietnam's import and export situation in the first 6 months of the year, including growth in Vietnam-Australia import and export turnover. However, it was mentioned that the value of Vietnam - Australia trade relations still does not fully match the potential and existing relations between the two countries. Minister Ho Duc Phoc hopes for continued collaboration between the Vietnamese Ministry of Finance and the Australian Treasury to promote and increase the value of trade turnover between the two countries. Additionally, Minister Ho Duc Phoc emphasized the need for more focus on two-way import and export of goods between the two countries to facilitate the exchange of goods data and recognition of goods origin by customs agencies. Furthermore, Vietnam's strong measures against drug crimes and cross-border smuggling prompted the request for information support, experience sharing, and expertise training from the Australian customs agency.

Assistant Treasurer Andrew Leigh shared valuable information to enhance the substantive
and mutually beneficial relations between the two countries

The Vietnamese Minister of Finance has mentioned that there has been an exchange of documents between the tax authorities of Vietnam and Australia. He expressed hope for Australia's support in several areas including information technology application, e-commerce tax management, and practical experience sharing for strong tax reforms, particularly in the field of e-commerce. Minister Ho Duc Phoc emphasized the significance of this support for Vietnam's ongoing tax reforms.

Regarding the financial market, Minister Ho Duc Phoc highlighted that building a sustainable financial market is a top priority for the Vietnamese Ministry of Finance. While acknowledging the positive outcomes in the stock market and securities sector, he expressed hope for more effective development of cooperative relations in the future. He also mentioned that specific programs will be pursued to implement the upcoming Memorandum of Understanding on Cooperation between the State Securities Commission of Vietnam and the Securities and Investment Commission of Australia.

Additionally, Minister Ho Duc Phoc noted Vietnam's efforts to establish a carbon credit market, mentioning that Vietnam looks forward to further support from the Australian Treasury in this area, considering it as one of Australia's strengths.

The overall view of the working session

Minister Andrew Leigh expressed his appreciation to Minister Ho Duc Phoc for the informative discussion. He hopes that the cooperative relationship between the two countries continues to grow in various aspects. Minister Leigh also mentioned that he and his family have visited Vietnam, and now many Australians are interested in exploring Vietnam for tourism and work.

During the visit, the State Securities Commission of Vietnam and the Australian Securities and Investments Commission will sign a Memorandum of Understanding, which is an important step for further comprehensive cooperation in the future.

Further, Minister Leigh highlighted Australia's keen interest in green finance and green bonds. He noted that the Australian Government issued $7 billion in green bonds last June to support the development of clean energy. As a result, Australia is prepared to assist Vietnam in developing its green finance market.

The delegates took a commemorative photo

Investment is a key focus of the Australian Government, particularly in Southeast Asia. Australia has a representative office in Ho Chi Minh City dedicated to increasing investment activities in Vietnam. Mr. Andrey Leigh expressed his appreciation and gratitude to Minister Hồ Đức Phớc for supporting investment activities between the two countries.

At the conclusion of the working session, Minister Hồ Đức Phớc once again thanked Minister Andrey Leigh and the leadership of the Australian Treasury for the warm reception. He also sincerely invited the Minister to visit the Ministry of Finance of Vietnam in the near future to discuss in more depth the practical and comprehensive relations between the two sides./.

Translator: Thúy Nga