On November 19, Vietnamese Minister of Finance Ho Duc Phoc and Australian Treasurer Josh Frydenberg virtually signed the Memorandum of Understanding (MOU) on financial cooperation between the Ministry of Finance of Vietnam and the Australian Treasury for the 2021-2023 period. In Viet Nam, the signing ceremony was held in the presence of the Minister & Deputy Head of Mission, Australian Embassy in Vietnam and Directors of some functional departments of the Ministry of Finance of Viet Nam.
Vietnamese Minister of Finance Ho Duc Phoc and Australian Treasurer Josh Frydenberg virtually signed the Memorandum of Understanding on financial cooperation
between the Ministry of Finance of Vietnam and the Australian Treasury for the 2021-2023 period
In his remarks, Minister Ho Duc Phoc underlined that: The signing of the Memorandum of Understanding is an outstanding event that plays a crucial role in organizing and concretizing cooperation activities between the Ministry of Finance of Vietnam and the Australian Treasury. It also lays the foundation for Australia and Vietnam to carry out collaborative activities and provide technical assistance. The MOU will help to enhance bilateral dialogues and cooperation in areas of mutual interest, especially budgetary and fiscal management, financial market management, macroeconomic stability and other economic-financial issues. These are the sectors that Australia has strengths and wishes to assist Vietnam in research, policy development and implementation.
Minister Ho Duc Phoc made his speech at the signing ceremony
Minister Ho Duc Phoc affirmed that: The signing of the MOU between the Ministry of Finance of Vietnam and the Treasury of Australia demonstrates the great efforts of both sides in the current context and it is of great importance given that Vietnam and Australia just announced the Enhanced Economic Engagement Strategy on November 1, 2021. This strategy aims to deepen the two countries’ shared commitments on trade and investment liberalization and economic connectivity.
The Minister also highly appreciated Australia’s commitments to support Vietnam’s efforts to reform and manage the economy in order to create a more favorable environment for trade and investment, in which financial cooperation makes significant contributions to intensifying economic partnership between two nations.
Overview of the signing ceremony at the Ministry of Finance of Vietnam
According to Minister Ho Duc Phoc, the signing of the MOU at the Ministerial level will frame future cooperation and further strengthen the economic and financial collaboration between Vietnam and Australia in the coming time.
Speaking at the signing ceremony, the Treasurer of Australia Josh Frydenberg emphasized Australia's efforts in sharing and exchanging experiences with Vietnam to map out cooperative programs in the future, particularly for the post Covid-19 economic recovery period. Mr. Josh Frydenberg reaffirmed that Australia will always accompany and support Vietnam not only through the existing cooperative initiatives but also by further deepening the economic ties.
Mr. Josh Frydenberg also reiterated that the signing ceremony of the Memorandum of Understanding was based on the two governments’ joint statement to advance Vietnam-Australia economic cooperation. He expects this event will boost Ministerial collaboration and build on the commitments made by the Australian Prime Minister when he was the Treasurer.
Minister Ho Duc Phoc and delegates attending the Signing Ceremony
As stated by the Australian Treasurer, the economic cooperation between two countries has achieved remarkable achievements: the two-way trade turnover reached over USD 2 billion and Viet Nam – Australia have become each other’s major trading partners. Mr. Josh Frydenberg hoped that, with the contents of the signed MOU, the cooperation between the Ministry of Finance of Vietnam and the Treasury of Australia would be further tighten through activities of sharing experiences and technical assistance in developing economic policy frameworks and fiscal policies in the near future.
Minister Ho Duc Phoc and Minister & Deputy Head of Mission, Australian Embassy in Vietnam discussed on the sidelines of the Signing Ceremony
Translator: Thanh Loan