Minister Hồ Đức Phớc works with ADB Vice Chairman via zoom meeting

VCN – The Minister of Finance Hồ Đức Phớc worked with the Vice President of Asian Development Bank (ADB) Abmed Saeed via zoom meeting on Thursday on priorities in cooperation between the two sides.
ADB funds US$60 million to improve climate resilience of infrastructure in Vietnam ADB funds US$60 million to improve climate resilience of infrastructure in Vietnam
ADB revises down growth outlook for Vietnam ADB revises down growth outlook for Vietnam
ADB helps boost Vietnam’s private sector development ADB helps boost Vietnam’s private sector development
The online meeting at the Ministry of Finance
The online meeting at the Ministry of Finance

At the meeting, ADB Vice President Ahmed Saeed congratulated Minister of Finance Hồ Đức Phớc on his new position and proposed contents of cooperation with the Ministry of Finance of Vietnam; ADB's initiatives in the region relevant to Vietnam and ADB's expected support for Vietnam in the 2021-2025 period; a program to support countries in COVID-19 prevention and control; projects on support loans without government guarantees.

The ADB Vice President expects Vietnam to join the above programs to bring the ties between the ADB and Ministry of Finance of Vietnam to a new level.

The Minister Hồ Đức Phớc at the meeting.
The Minister Hồ Đức Phớc at the meeting.

Minister of Finance Hồ Đức Phớc highly appreciated ADB's cooperation initiatives and thanked ADB for its support for the Ministry of Finance, which have contributed to the country’s socio-economic development.

Minister Hồ Đức Phớc spoke about Vietnam's macroeconomic situation. Vietnam is facing a resurgence of the Covid-19 pandemic, seriously affecting socio-economic life.

Up to 23 provinces and cities of Vietnam are implementing social distancing, affecting the production and business of the business community, reducing economic growth as well as state budget revenue. However, the Government of Vietnam still focuses on pandemic prevention and control and economic development.

ADB Vice President Ahmed Saeed and ADB delegates at the meeting
ADB Vice President Ahmed Saeed and ADB delegates at the meeting

Regarding ADB's cooperation initiatives, the Minister said that he welcomed ADB's initiatives, especially the project to combat climate change with the mechanism to use clean energy to replace coal and financial support policies to help Vietnam contain the Covid-19 pandemic.

The Ministry of Finance of Vietnam is also interested in ADB's technical assistance program for the Ministry of Finance in carrying out priority tasks in the near future such as tax administration reform, financial market development, and other public financial management services.

At the meeting, the two sides discussed cooperation proposals. Minister Hồ Đức Phớc and ADB Vice President Ahmed Saeed both expressed their desire for closer and more effective coordination between the two sides for the common goal of bringing prosperity to Vietnam.

By Hoai Anh/ Huyen Trang

Related News

Amendment of Special Preferential Import and Export Tariff Schedule to Implement CPTPP Agreement for the 2022-2027 Period

Amendment of Special Preferential Import and Export Tariff Schedule to Implement CPTPP Agreement for the 2022-2027 Period

VCN - The Ministry of Finance is drafting a decree amending and supplementing a number of articles of Decree No. 115/2022/ND-CP dated December 30, 2022 of the Government promulgating Vietnam's preferential export tariff schedule and special preferential import tariff schedule to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for the 2022-2027 period. The Decree is expected to take effect from the date of signing.
Budget expenditure in the first three quarters of 2024 reached about VND 1,256.3 trillion

Budget expenditure in the first three quarters of 2024 reached about VND 1,256.3 trillion

VCN - The Ministry of Finance said that in the first 9 months of 2024, the state budget spent about VND 1,256.3 trillion, equal to 59.3% of current apropriation, an increase of 1.4% over the same period in 2023.
Support policies needed for businesses to recover after the super typhoon No. 3

Support policies needed for businesses to recover after the super typhoon No. 3

VCN - Super Typhoon No. 3 has left severe consequences. The livelihoods of the people and the operations of businesses have been significantly affected, making timely and appropriate support policies from regulatory agencies essential.
Urgent measures to restore production post-disaster

Urgent measures to restore production post-disaster

VCN - To quickly restore agricultural production after storm No. 3 and floods, the Prime Minister assigned the Ministry of Finance to guide the immediate implementation of financial support policies, tax exemptions, reductions, and extensions, land rents, water surface rents, etc. for those affected by storms and floods; continue to research to have policies to exempt and reduce fees and charges for those affected.

Latest News

E-commerce tax collection in Hanoi increased by 265%

E-commerce tax collection in Hanoi increased by 265%

VCN - As of August 2024, the Hanoi Tax Department has built a tax management directory for e-commerce business activities including more than 75,000 organizations and individuals. In particular, there are more than 37,000 business households and more than 9,000 individuals.
Solving necessary and urgent issues in financial and budgetary sectors

Solving necessary and urgent issues in financial and budgetary sectors

VCN - Most of members of the Standing Committee of the National Assembly's Finance and Budgetary Committee agreed that it is necessary to study, amend and supplement laws in the financial sector in order to focus on immediately removing difficulties and institutional obstacles in the financial and budgetary sectors to improve the investment and business environment, and to attract maximum state and non-state resources to promote the country's socio-economic development.
Banks reduce profit expectations for 2024

Banks reduce profit expectations for 2024

A majority of banks have lowered their profit expectations for 2024.
A new tax management approach needed to promote business household development

A new tax management approach needed to promote business household development

VCN - The Tax Department needs to change tax management methods to facilitate the business environment, promote the development of business households, ensure accurate, sufficient, and timely tax collection, and prevent budget losses.

More News

Fifteen Vietnamese banks named in the global top 500 banking brands

Fifteen Vietnamese banks named in the global top 500 banking brands

Fifteen Vietnamese banks are named on the world’s top 500 banking brands, announced by the world’s leading brand valuation consultancy Brand Finance.
Digital infrastructure strategy approved

Digital infrastructure strategy approved

Permanent Deputy Prime Minister Nguyen Hoa Binh recently signed a decision approving the digital infrastructure by 2025 with a vision to 2030.
Drastically handle tax debts in the last months of the year

Drastically handle tax debts in the last months of the year

VCN – The General Department of Taxation has directed tax branches to closely supervise and control the implementation of enforcement measures to ensure the debt collection targets and limit new debts.
Realized social investment capital is estimated at VND2,417.2 trillion

Realized social investment capital is estimated at VND2,417.2 trillion

VCN - Lending interest rates tend to decrease, production for export has grown well; policies on tax exemption, reduction, extension and deferral continue to be implemented to support businesses and production establishments, promoting new investment and production expansion, increasing the attraction and implementation of total social investment capital.
State-owned banks struggle to increase capital

State-owned banks struggle to increase capital

While private joint stock commercial banks have increased capital significantly so far this year, the capital for State-owned commercial banks has remained stagnant.
State budget revenue reached 85.1% of estimate

State budget revenue reached 85.1% of estimate

VCN - The Ministry of Finance said that in the first 9 months of 2024, the total state budget revenue is estimated at 1,448.2 trillion VND, equal to 85.1% of the estimate, of which many revenue items have achieved good collection progress and growth compared to the same period in 2023. However, in recent months, budget revenue has begun to face difficulties, etc.
Increasing institutional investors – improving quality of corporate bond market

Increasing institutional investors – improving quality of corporate bond market

VCN - The structure and quality of investors have been one of the limitations of the corporate bond market in recent times. To improve the quality of the market, increasing institutional investors and improving the quality of investors, including individual investors, is one of the solutions that have been implemented by management agencies, thereby building a sustainable corporate bond market.
Risks for the economy when cash flow has not yet been put in to production and business

Risks for the economy when cash flow has not yet been put in to production and business

VCN - Investment channels in Vietnam have a lot of potential, but financial and banking expert Dr. Nguyen Tri Hieu, Director of the Institute for Research and Development of Global Financial and Real Estate Markets, said that cash flow into production and business is still modest, leading to risks for the economy.
An open banking system is essential for a smart city

An open banking system is essential for a smart city

Building a smart city with a smart payment system playing a key role has helped Hanoi gradually transform and make breakthroughs in the process of development, said Ha Minh Hai, Vice Chairman of the municipal People's Committee.
Read More

Your care

Latest Most read
E-commerce tax collection in Hanoi increased by 265%

E-commerce tax collection in Hanoi increased by 265%

As of August 2024, the Hanoi Tax Department has built a tax management directory for e-commerce business activities including more than 75,000 organizations and individuals
Solving necessary and urgent issues in financial and budgetary sectors

Solving necessary and urgent issues in financial and budgetary sectors

VCN - Most of members of the Standing Committee of the National Assembly's Finance and Budgetary Committee agreed that it is necessary to study, amend and supplement laws in the financial sector in order to focus on immediately removing difficulties and i
Banks reduce profit expectations for 2024

Banks reduce profit expectations for 2024

A majority of banks have lowered their profit expectations for 2024.
A new tax management approach needed to promote business household development

A new tax management approach needed to promote business household development

VCN - The Tax Department needs to change tax management methods to facilitate the business environment, promote the development of business households, ensure accurate, sufficient, and timely tax collection, and prevent budget losses.
Fifteen Vietnamese banks named in the global top 500 banking brands

Fifteen Vietnamese banks named in the global top 500 banking brands

Fifteen Vietnamese banks are named on the world’s top 500 banking brands, announced by the world’s leading brand valuation consultancy Brand Finance.
Mobile Version