Strengthening financial cooperation between Viet Nam and Switzerland

Strengthening financial cooperation between Viet Nam and Switzerland 06/07/2022 09:41:00 557

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On July 5 afternoon, at the headquarter of the Ministry of Finance, Minister Ho Duc Phoc had a meeting and worked with Mr. Ivo Sieber, Ambassador of Switzerland to Viet Nam. Attending the meeting were representatives of leaders of functional units under the Ministry of Finance.

On July 5 afternoon, at the headquarter of the Ministry of Finance, Minister Ho Duc Phoc had a meeting and worked with Mr. Ivo Sieber, Ambassador of Switzerland to Viet Nam. Attending the meeting were representatives of leaders of functional units under the Ministry of Finance.

Minister Ho Duc Phoc welcomes the Swiss Ambassador to Viet Nam visit and work with the Ministry of Finance

Welcoming Ambassador Ivo Sieber, Minister Ho Duc Phoc said that Viet Nam and Switzerland have established diplomatic relationship since 1971 and the relationship has developed very well. Two-way trade turnover has reached 2 billion USD/year, up to now, 140 leading Swiss companies have effectively invested in Viet Nam and Switzerland is the 6th largest European investor in Viet Nam. .

Regarding cooperation in the financial sector, the Minister said that the Ministry of Finance and the Swiss Federal Economic Service (SECO) have a good and effective cooperation. Through the World Bank (WB), SECO has assisted in consulting and analyzing public financial management in Viet Nam. This is a good tool for Viet Nam to manage its budget more and more effectively.

Minister Ho Duc Phoc spoke at the meeting

Regarding disaster risk insurance, the units of the Ministry of Finance have been supported with advice in such areas as: disaster risk assessment; ensuring the state budget responds to natural disaster risks; developing disaster risk property insurance; strengthening capacity and sharing international experiences.

Within the framework of the global tax program, from 2019 to 2021, SECO has entrusted more than 1 million USD through the World Bank to support the Ministry of Finance in tax administration and develop a strategy for tax system reform. Up to now, the Ministry of Finance has completed the formulation of the Strategy and has been approved by the Prime Minister.

Regarding information on Viet Nam's macroeconomic situation, the Minister said that in 2021, the COVID-19 pandemic has had a heavy impact on Viet Nam, however, Viet Nam has made effective efforts to implement response solutions. As a result, Viet Nam's GDP in 2021 reached 2.58%, budget revenue exceeded 16.4%, CPI reached 1.87%, public debt was within the allowable level, budget deficit was at 3.41% , lower than the 4% assigned by the National Assembly.

Panorama of the meeting

In the first 6 months of 2022, Viet Nam's GDP reached 6.42%, CPI was 2.44%, state budget revenue reached over 66%, major balances of the economy continued to be maintained.

Discussing the contents of the desire to promote cooperation in the coming time, the Minister said that the challenges after the Covid-19 pandemic and the Russia-Ukraine conflict have affected other countries, and Viet Nam is also facing many challenges, especially inflation, the price of some goods and materials increased. This is a challenge for Viet Nam, especially in industrial production.

Ambassador Ivo Sieber spoke at the meeting

Speaking at the meeting, Mr. Ivo Sieber was pleased that Switzerland had established successful cooperation in many fields with Viet Nam. Regarding modernization and public finance reform, the Ambassador congratulated and highly appreciated the results achieved by the Government and the Ministry of Finance of Viet Nam. Mr. Ivo Sieber reaffirmed his commitment to continue accompanying the Ministry of Finance of Viet Nam in public financial reform, especially in the context of the growing Viet Nam economy.

 

 

Regarding capital market development, Ambassador Ivo Sieber said that Switzerland has accompanied the Ministry of Finance through the State Securities Commission in various fields such as: listed corporate governance, capital market infrastructure development, capacity building... Viet Nam's capital market has received attention of foreign businesses, which are large Swiss corporations that want to invest in Viet Nam market. Currently, many business delegations from Switzerland have come to Viet Nam to implement market study and survey.

Excited by the growing relationship not only in diplomacy but also in commercial cooperation, Ambassador Ivo Sieber hopes that the relationship between the two will continue to develop further in the coming time./ .

HT (Translator: Du Na)

 

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