Finance minister pays working visit to Australia

During a working session with Assistant Minister for Competition, Charities and Treasury and Assistant Minister for Employment Andrew Leigh on August 1, Phớc briefed the Australian side on the Vietnamese economic situation in the first half of the year, and expressed his hope that Leigh will pay more attention to bilateral trade so that the customs authorities of both sides could exchange commodity data as well as recognise the origin of each other's goods.

Minister of Finance Hồ Đức Phớc (4th from right) and Assistant Minister for Employment Andrew Leigh (5th from right) take a photo with the Vietnamese delegates. — VNA/VNS Photo

Besides, he said he wishes to receive support from the Australian customs force in sharing experience and training experts in combating drug-related crimes and cross-border smuggling.

He also suggested the Australian side assist the Vietnamese General Department of Taxation (GDT) in the areas of its strength, including the application of information technology, e-commerce tax management, the sharing of practical experience, as well as the training of risk management specialists and tax inspectors.

Regarding the financial market, Phớc affirmed that both sides have carved out positive results in the stock market, hoping for more effective cooperation in the future.

Việt Nam is developing a carbon credit market - a strength of Australia, and looking for further support from the Australian Treasury, he added.

Leigh, for his part, voiced his hope for more robust cooperation in various domains between the two countries, highlighting that following the upgrade of bilateral ties to a comprehensive strategic partnership, Australia sketched out specific targets to concretise the cooperation, with an array of programmes that cover the areas of climate change response and clean energy, among others.

Australia, he said, issued AUD$7 billion (US$4.55 billion) worth of green bonds to support the development of clean energy in June, adding the country stands ready to support Việt Nam in the development of a green financial market.

The same day, Phớc visited and had working sessions with the Clean Energy Regulator and the Department of Climate Change, Energy, the Environment and Water of Australia to exchange experience in developing the carbon market, build plans to operate the carbon credit exchanges in Việt Nam and Australia, and discuss cooperation opportunities in the area.

CER Chair David Parker said Australia laid foundation for the carbon credit market 12 years ago, and is ready to assist as well as step up cooperation with Việt Nam in this field. He shared CER’s experience in building the National Greenhouse and Energy Reporting Scheme, the Renewable Energy Target, and the Australian Carbon Credit Unit Scheme, among others.

On August 2, Phớc and the MoF delegation attended the Việt Nam - Australia Connecting Financial Markets Forum, during which investors, customers and enterprises of both sides presented their strengths, their interest in the green financial market, and readiness to provide financial support for green and sustainable development projects.

Australia's Special Envoy for Southeast Asia Nicholas Moore held that Việt Nam has demonstrated its impressive economic growth that lures the attention of the whole world and helps the nation gain various advantages.

Việt Nam is striving to upgrade its stock market into an emerging one, which is a significant move to create more favourable conditions for foreign investors to access its market, he said.

He told the Vietnam News Agency on the sidelines of the forum that the Australian Government is keen on bolstering trade and investment with Southeast Asian countries, particularly Việt Nam – a nation with huge potential and standout economic growth in the region.

The MoF delegation also had a working session with the Australian Securities and Investments Commission (ASIC), during which the ASIC and the State Securities Commission of Vietnam signed a memorandum of understanding on information sharing, enhancement of dialogues and discussions, technical cooperation, and experience exchange through a programme on improving capacity between the two sides as sponsored by the Australian Department of Foreign Affairs and Trade.

The same day, GDT General Director Mai Xuân Thành had a meeting with Kirsten Fish, Second Commissioner for Law Design and Practice under the Australian Taxation Office. Both sides shared information and experience in tax and risk management.

At a working session with the Vietnamese Embassy in Australia on August 1, Minister Phớc laid stress on the importance of the new strides in the Việt Nam - Australia relations, expressing his belief that the comprehensive strategic partnership will bring about substantive results, particularly in trade - economy, finance and customs.