Deputy Finance Minister Huynh Quang Hai met with the Director of Global Finance, Competition and Innovation Department (FCI)

Deputy Finance Minister Huynh Quang Hai met with the Director of Global Finance, Competition and Innovation Department (FCI) 23/01/2019 08:37:00 581

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January 17, Deputy Minister Huynh Quang Hai had a working session with Ms. Zoubida Kherous Allaoua - Director of the Global Finance, Competition and Innovation Department (FCI). Attending the meeting were representatives from relevant departments of the Ministry of Finance and World Bank officials.

January 17, Deputy Minister Huynh Quang Hai had a working session with Ms. Zoubida Kherous Allaoua - Director of the Global Finance, Competition and Innovation Department (FCI). Attending the meeting were representatives from relevant departments of the Ministry of Finance and World Bank officials.  

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Deputy Minister Huynh Quang Hai at the meeting

At the meeting, Deputy Minister Huynh Quang Hai highly appreciated the WB's support in public financial reform, including the financial market sector.

Regarding cooperation between WB and Vietnam in general, Ministry of Finance in particular, Deputy Minister congratulated and thanked WB in the past years for actively supporting the development of Vietnam's economy through grants and technical assistance, especially the support from WB experts in the areas of budget, tax, treasury and customs has contributed to stabilizing fiscal, public debt sustainability, and significantly promoting reforms in public financial management policies and institutions.

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Overview of the meeting

At the meeting, the two sides focused on discussing the current support and future cooperation plan of the World Bank to promote government reforms in the financial sector. In addition, exchange of cooperation between WB and Vietnam, Ministry of Finance in the field of capital market, pension fund and financial solutions on disaster risks, orientation and ways that WB would further support for the Government of Vietnam in the coming time.

The Deputy Minister shared with the visiting mission issues related to securities market development. Accordingly, the Ministry of Finance has widely consulted across the country on the draft of the amended Securities Law, which has been sent to the Ministry of Justice for appraisal. The Ministry of Finance would submit to the Government for consideration and comment on the draft Law in February 2019, to the National Assembly in early May 2019, and expected to be passed by the National Assembly by the end of 2019.

“In the time to come, the Ministry of Finance will continue to finalize the draft Law as well as develop the Decree guiding the Law when the Law is passed by the National Assembly. We will be happy to receive the support, comments from experts from the WB ”- Deputy Minister said. Besides, in 2019, the Ministry of Finance will direct the Securities Commission to develop a project on upgrading the Vietnam stock market and expect to receive the support from the WB.

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Mrs. Zoubida Kherous Allaoua at the meeting

Ms. Zoubida Kherous Allaoua said that over past time, WB has supported the development of a legal framework to monitor capital market development, the State Securities Commission to complete the amended Securities Law. WB has supported the State Securities Commission to improve capacity through conferences, workshops and review legal documents and provide recommendations and expert opinions.

In further discussion at the meeting, Deputy Minister Huynh Quang Hai said that in Vietnam, besides developing the government bond by the Ministry of Finance, the implementation of the issuance of local bonds are still limited. Currently only a few localities are interested in issuing local government bonds such as: Hanoi, Ho Chi Minh City, Da Nang, Bac Ninh, Quang Ninh ... The Deputy Minister proposed that in the coming time, WB shall provide specific advice for Vietnam to promote the development of local government bonds.

Agreeing on the proposal, Ms. Zoubida Kherous Allaoua said that this was the area where WB has a lot of experience and commitment to support Vietnam. “We have a division under WB, FCI is also supporting a lot in developing the corporate bond market as well as local government bonds, this is the field we have supported a lot globally. ".

Mai Ly