Bilateral financial dialogue between Vietnam and Japan

VCN - The Ministry of Finance of Vietnam and the Ministry of Finance of Japan just held a bilateral online financial dialogue on the afternoon of December 19. At the dialogue, the representative of the Ministry of Finance of Vietnam highly appreciated the support and experience sharing of the Japanese side in the fields of tax cooperation, customs, securities and especially natural disaster insurance.
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Scene of the dialogue at the bridge of the Ministry of Finance of Vietnam.
Scene of the dialogue at the bridge of the Ministry of Finance of Vietnam.

Speaking at the opening of the dialogue, Mr. Pham Tuan Anh, Deputy Director of the Department of International Cooperation (Ministry of Finance of Vietnam) said that the dialogue took place in the context that in 2023 The two countries have taken many big steps in their cooperative relationship.

Currently, Japan is Vietnam's leading economic partner and largest ODA donor. Regarding investment, Japanese FDI capital flows are present in 57/63 localities in Vietnam. Accumulated to December 2022, Japan has 4,978 valid FDI projects in Vietnam with a total registered investment capital of more than 68.89 billion USD, ranking 3rd among 141 investing countries and territories into Vietnam.

Regarding trade, Japan is always in the group of partners with the largest trade among more than 200 countries that import and export goods with Vietnam. By the end of October 2023, Vietnam - Japan trade turnover reached nearly 37 billion USD.

Along with that, trade exchange between the two countries in recent times has been relatively balanced, sustainable and has grown steadily. Bilateral trade turnover in 2022 will reach nearly 50 billion USD, of which Vietnam's exports to Japan reach 24.2 billion USD and imports from Japan reach 23.4 billion USD. Japan is currently the 4th largest trading partner, the 3rd largest export partner and the 3rd largest import partner of Vietnam.

The leader of the International Cooperation Department also affirmed that in recent times, the Ministry of Finance of Vietnam and Japan has had close cooperation in many multilateral, regional and bilateral frameworks. In ASEAN+3 cooperation, Vietnam recognizes Japan's contributions to the ASEAN+3 cooperation process in general and the activities of the ASEAN+3 Macroeconomic Research Organization (AMRO).

According to Mr. Pham Tuan Anh, in other areas of cooperation such as tax, customs, securities, insurance, Vietnam also appreciates the support, sharing of experiences, and capacity building from Japan. Therefore, with the purpose of strengthening bilateral cooperation in the financial sector between the two countries, the dialogue will be an opportunity for the two sides to exchange information and share openly, effectively and positively.

Delegates at online bridge points.
Delegates at online bridge points.

In the first dialogue session, the representative of the Japanese Ministry of Finance introduced and presented contents related to ODA capital and the Japan Global Financial Cooperation Center (GLOPAC). At the same time, representatives of the two Ministries of Finance also presented cooperation contents on taxes, customs, securities, and ODA capital management.

In the second dialogue session, chaired by the Ministry of Finance of Vietnam, representatives of the Institute of Financial Strategy and Policy exchanged background information on the situation of natural disaster damage in Vietnam and natural disaster risk insurance. ; Representative of the Japanese Ministry of Finance introduced public property insurance of the SEADRIF fund, and also introduced the earthquake insurance system in Japan.

According to the Ministry of Finance of Vietnam, with a long coastline and influenced by the monsoon, Vietnam is greatly affected by the El Nino phenomenon and Pacific tropical storms. It is estimated that each year natural disasters cause damage to the Vietnamese economy about 1.5% of GDP, equivalent to 40,000 billion VND, including damage to housing, property in the industrial sector, agriculture and establishments. Infrastructure. It is forecast that in the next 50 years, storms, floods, and earthquakes will cause damage to Vietnam of over 6.7 billion USD.

Regarding the issue of natural disaster insurance, a representative of the Ministry of Finance of Vietnam shared that Vietnam currently does not have separate natural disaster risk insurance products provided on the market. Natural disaster risk is commonly deployed by insurance companies as an expanded risk content in property and damage insurance operations, including: construction and installation insurance, complete civil works insurance. construction, property all-risk insurance, industrial all-risk insurance, fire insurance and special risks.

Within the ASEAN+3 framework, Vietnam supports the SEADRIF initiative of the Japanese Ministry of Finance. Accordingly, the Minister of Finance signed a letter of participation in the MOU for this content in January 2022. At the ASEAN+3 Finance Ministers and Central Bank Governors Meeting held in May 2023, Ministers and Governors agreed to approve the Action Plan on Natural Disaster Risk Finance developed by Japan. Proposal; At the same time, we welcome the inclusion of this content in the regular agenda of the ASEAN+3 Conferences. With such advances, Vietnam will join ASEAN+3 member countries in efforts and actively discuss this initiative.

By Hoai Anh/ Huu Tuc

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