On June 4th, Deputy Minister Nguyen Duc Chi at the headquarters of the Ministry of Finance, had a working session with a delegation from Australia. The elegation was composed of major investment funds and advisory agencies and was led by Mr. Andrew Goledzinowski, the Australian Ambassador to Vietnam. Representatives from various functional units under the Ministry of Finance also attended the working session.
Deputy Minister Nguyen Duc Chi's spoke during the working session
Deputy Minister Nguyen Duc Chi announced during a working session at the Ministry of Finance that the collaboration between the two nations has been elevated to a Comprehensive Strategic Partnership in 2024. Both governments have pledged to enhance economic integration and bolster trade, investment, and the business environment, focusing on attracting high-quality investment from Australia to Vietnam.
Providing insights into Vietnam's macroeconomic situation, the Deputy Minister noted that the Vietnamese economy is interconnected with the regional and global economy, encountering numerous difficulties and challenges. The Vietnamese government has exerted significant efforts and implemented measures to uphold macroeconomic stability and stimulate growth.
Regarding fiscal and budgetary policy, Deputy Minister Nguyen Duc Chi remarked that Vietnam has adhered to a prudent fiscal policy in recent years, ensuring financial stability and safety, and directing resources towards investing in the development of transportation infrastructure. Consequently, Vietnam has gained more leeway to deploy support measures for the populace, businesses, and the economy to surmount challenges. The state budget continues to secure government expenditure for administrative operations, social security, national defense, and security while keeping the public debt ratio below the safety threshold.
The Deputy Minister emphasized that the fiscal policy pursued by the Vietnamese government has been suitable, adaptable, and effective in recent times. "Foreign investors have evaluated that the policies implemented by the Vietnamese government in recent years have facilitated the continued stabilization and positive growth of the Vietnamese economy," the Deputy Minister stated.
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Overview of the working session
Concerning the money-related participation between the two nations, Appointee Serve Nguyen Duc Chi profoundly acknowledged the endeavors of the Australian Government office and the Australian Government's Exchange and Venture Office in Vietnam in organizing an assignment of major venture reserves and Australian counseling organizations to investigate speculation and commerce openings in Vietnam. This illustrates the Australian government's endeavors to execute activities to extend speculation in Vietnam.
"Inside the capacities and assignments allowed, the Vietnamese Service of Fund will back and make favorable conditions to completely share essential data and upgrades with Australian speculation stores and endeavors concerning the lawful approach system, the venture and trade environment, and the execution of Vietnam's arrangements in compliance with the law and agreement with interface," the Delegate Serve emphasized.
Appointee Serve Nguyen Duc Chi communicated his trust that the Australian Government office and the Australian Government's Exchange and Speculation Organization in Vietnam would proceed to go with and reinforce the financial, budgetary, and venture participation between Australia and Vietnam. At the same time, to effectively actualize the comprehensive vital association activities with Vietnam in common and the Vietnamese Service of Fund in specific, and to welcome unused stores and ventures that are investigating venture openings in Vietnam within the coming time.
Amid the working session, agents of the useful units beneath the Service of Back too shared data on the stock advertise circumstance, the overhaul of the Vietnamese stock showcase from a wilderness showcase to a rising advertise, controls on corporate bond showcase administration - measures taken by the Ministry of Fund in this field to advance showcase straightforwardness, upgrades on particular assess approaches and the execution of the worldwide least charge in Vietnam... in arrange to assist Australian venture reserves and endeavors superior get it the budgetary showcase as well as the legitimate systems in Vietnam.
Ambassador Andrew Goledzinowski of Australia to Vietnam spoke at the working session
During the meeting, Ambassador Andrew Goledzinowski expressed gratitude to the Ministry of Finance for their productive exchange of information with the Australian delegation. He explained that the Australian investment funds and enterprises were visiting Vietnam to gain insights into the investment landscape, identify potential investment opportunities and challenges, and gain a better understanding of Vietnam's investment policies and legal framework.
Throughout the meeting, the Ministry of Finance's departments discussed various topics of mutual interest with the Australian investment funds. These included managing the stock market and plans to transition Vietnam's stock market from a frontier market to an emerging market, regulation of the corporate bond market, and measures taken by the Ministry of Finance to enhance market transparency in this area. Additionally, they provided updates on tax policies and the implementation of the global minimum tax in Vietnam.
Ambassador Andrew Goledzinowski announced that Vietnam and Australia would elevate their strategic partnership to a Comprehensive Strategic Partnership beginning in March 2024. He also highlighted Australia's new strategy to strengthen economic ties with Vietnam, particularly emphasizing the importance of promoting business investment in Vietnam.
The Ambassador emphasized the Australian Government's commitment to increasing investment in Vietnam due to Vietnam's status as one of the fastest-growing economies and its highly attractive investment environment in the region.
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A delegation of 15 representatives from major investment funds, large investment funds, and leading advisory agencies in Australia visited Vietnam. Notable participants included: the Australian Government Future Fund, the largest financial fund in the country with over AUD 223 billion in assets under management; AustralianSuper, the largest superannuation fund in Australia, managing over $315 billion in retirement savings; and Plenary Group, an independent long-term investor, developer, and manager of public infrastructure. The visit aimed to understand the investment landscape in Vietnam, identify potential opportunities and challenges, and deepen knowledge of Vietnam's investment environment and policy framework.
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Translator: Thuy Nga
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