Strengthening bilateral cooperation in the financial field between Vietnam and Germany

Strengthening bilateral cooperation in the financial field between Vietnam and Germany 11/07/2022 07:31:00 475

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In the framework of cooperation between Vietnam and Germany through the German Development Cooperation Agency (GIZ), a delegation of the Ministry of Finance led by Minister of Finance, Dr. Ho Duc Phoc is visiting and working in the Federal Republic of Germany and the Swiss Federation. On July 11, 2022, Minister Ho Duc Phoc had talks with the Minister of State of the Ministry of Finance, the Minister of Economic Cooperation and Development and the Deputy Minister of Economy and Climate Protection of Germany.

In the framework of cooperation between Vietnam and Germany through the German Development Cooperation Agency (GIZ), a delegation of the Ministry of Finance led by Minister of Finance, Dr. Ho Duc Phoc is visiting and working in the Federal Republic of Germany and the Swiss Federation. On July 11, 2022, Minister Ho Duc Phoc had talks with the Minister of State of the Ministry of Finance, the Minister of Economic Cooperation and Development and the Deputy Minister of Economy and Climate Protection of Germany.

The mission was to exchange experiences on public financial management towards green growth; promoting bilateral cooperation in finance between the Ministry of Finance of Viet Nam and the agencies of the Federal Republic of Germany and the Swiss Federation on green finance towards green growth; stability and development of financial market and securities market; accelerating the upgrading securities market according to the market development strategy approved by the Government; mobilizing the Swiss Government's ODA to support the renovation of financial management in Viet Nam; strengthening cooperation in tax and customs fields with Germany and Switzerland.

Minister Ho Duc Phoc and the delegation of the Ministry of Finance of Viet Nam worked with
the German Federal Ministry for Economic Cooperation and Development

At the talks, Minister Ho Duc Phoc shared about Viet Nam's macroeconomics over the past years in the context of the global COVID-19 pandemic and how Viet Nam has overcome the pandemic to stabilize economic development. The Minister emphasized with the leadership of the Communist Party, State and Government of Viet Nam toghether with the right policies to respond to the pandemic as well as the support of the international community, including the companionship and precious resources support of the Government and people of Germany (with more than 10 million doses of covid-19 vaccine) have contributed to helping Vietnam overcome the pandemic and soon return to economic growth. Currently, Vietnam is focusing resources on economic recovery through programs to support social security, health and people's health care, support businesses and build infrastructure systems.

Regarding the policy of sustainable development towards green growth, the Minister said that the Government of Viet Nam has made great efforts to find effective solutions to implement activities for the purposes of energy conversion, protecting earth from climate change, developing solar energy projects for production and consumption. For Viet Nam, the obvious and serious signs of climate change's impact on production are saltwater intrusion and prolonged drought in the Southeast provinces of Viet Nam. Minister Ho Duc Phuc shared.

Minister Ho Duc Phoc and Ms. Svenja Schulze - Minister of Cooperation Economy and Development of the Federal Republic of Germany at the meeting

To solve this situation, the Minister said that it +-is necessary to have a comprehensive solution from the domestic combined with international cooperation. Accordingly, from the perspective of bilateral cooperation between Germany and Viet Nam, the two sides need to promote cooperation with such contents as: financial policy/fiscal policy to promote carbon emission reduction; experience in development of capital market; green bond market; experience in perfecting institutions and policies to support enterprises to transform production towards greening and reducing emissions in order to fulfill commitments at COP26 on emission reduction and committed to 2050, Viet Nam will reduce to 0%...

With those contents, the Minister expressed his wish that the German Government would coordinate to support Viet Nam in promoting innovation for green growth and sustainable development as long as continuing to support Viet Nam through ODA programs and projects to implement solutions to cope with sea level rise, salt marsh, and convert fossil energy to renewable energy such as renewable solar, wind and hydrogen energy. The Minister expressed his hope that the German Government would cooperate and share new technologies applied in projects and activities that change the economic structure and are environmentally friendly, such as projects using hydrogen energy, development technologies, etc. Wind and solar energy... are the fields that Viet Nam is prioritizing for the sake of sustainable development and environmental protection.

Minister Ho Duc Phoc and Ms. Luise Hölscher - Secretary of StateMinistry of Finance of the Federal Republic of Germany at the meeting.

Speaking with Ms. Luise Hölscher - State Secretary of the Ministry of Finance of the Federal Republic of Germany, the Minister expressed his wish to further strengthen cooperation in the field of taxation and customs through: (i) promoting the signing of the Agreement on the avoidance of double taxation; (ii) continuing to negotiate and sign a Customs Cooperation Agreement as well as strengthening cooperation in application of information technology in customs management and exchanging information in service of customs clearance, anti-smuggling, customs law violations and commercial fraud.

At the talks, with high appreciation of Viet Nam's economic achievements during the global difficult period during the COVID-19 pandemic, leaders of the Ministry of Finance, the Ministry of Economic Cooperation and Development, Ministry of Economy and Climate Protection of Germany expressed its pleasure that Germany has accompanied Vietnam in effectively responding to the pandemic and continuing to promote green economic growth cooperation with Viet Nam. Germany highly appreciates Viet Nam's active efforts in formulating policies and plans for the development of clean energy sources, combating global climate change, and building a power grid system to replace fossil fuels towards producing renewable energy such as solar and wind energy.

Delegation of the Ministry of Finance of Viet Nam and the Ministry of Economy and Climate Action of Germany at the working session on 11/7

The Ministry of Finance, the Ministry of Economic Cooperation and Development, the Ministry of Economy and Climate Protection of the Federal Republic of Germany also proposed to Minister Ho Duc Phoc, on the basis of the functions of the Ministry of Finance of Viet Nam, to consider accelerating the handle the disbursement of approved ODA for the cooperation program in 2022 and make effective use of this capital to serve Viet Nam's renewable energy projects. At the same time, they expressed desire to continue accompanying, supporting and cooperating and supporting Viet Nam in its efforts towards achieving the energy transition goals, completing the technological infrastructure for macroeconomics development and green growth./.

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