Minister of Finance Ho Duc Phoc works with Korean Ambassador to Vietnam

VCN - On the afternoon of November 24, at the headquarters of the Ministry of Finance, Minister of Finance Ho Duc Phoc had a meeting with Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam Park Noh- Wan.
Insurance industry in conditional business line required for strict management: Minister of Finance Ho Duc Phoc Insurance industry in conditional business line required for strict management: Minister of Finance Ho Duc Phoc
Minister of Finance Ho Duc Phoc appointed as Deputy Director of the Permanent Committee of the Steering Committee 389 Minister of Finance Ho Duc Phoc appointed as Deputy Director of the Permanent Committee of the Steering Committee 389
Handover of duty to new Minister of Finance Ho Duc Phoc Handover of duty to new Minister of Finance Ho Duc Phoc
Minister of Finance Ho Duc Phuc speaks at the meeting.
Minister of Finance Ho Duc Phuc speaks at the meeting.


Speaking at the meeting, Minister Ho Duc Phuc said Vietnam and South Korea have close ties for mutual development. Korea has been a large foreign investor in Vietnam. Korean official development assistance (ODA) projects in Vietnam have been very successful.

Vietnam has always created favorable conditions for foreign businesses, especially Korean investors. Many Korean investors have been very successful in Vietnam, such as Samsung. Hopefully, Korean enterprises will continue to invest in Vietnam. The Vietnamese Ministry of Finance and the Korean Ambassador to Vietnam are responsible for supporting enterprises.

Minister Ho Duc Phoc said the Covid-19 pandemic has had a severe impact on economic development since 2021. The Ministry of Finance has advised the Government and the National Assembly on many solutions, including fiscal policy packages to support extensions of payment deadlines, reduction of taxes and fees for enterprises and supporting people to ensure social security, especially solutions to have funds to spend on pandemic prevention and control.

The meeting
The meeting

Informing the Korean Ambassador about Vietnam's economic development this year, the Minister said Vietnam's economy saw a 5.64% growth in the first half of 2021. However, due to the severe impact of the 4th outbreak of the Covid-19 pandemic, GDP in the third quarter recorded negative growth.

In the fourth quarter of 2021, the Government has carried out the dual goal of fighting the pandemic while developing the economy in a new normal state, so Vietnam's economic growth in the rest of the year is forecast to be better than the third quarter and the whole of 2021.

Speaking at the meeting, Ambassador Park Noh-wan highly appreciated the Vietnamese Government's implementation of the dual goals. He said the Korean Government and the Korean Embassy in Vietnam will work closely with the Vietnamese Government to support Vietnam to overcome this period and continue its economic development in the future.

He hoped that the cooperation relationship between the Ministry of Finance of Vietnam and the Korean Embassy in Vietnam will be further consolidated and strengthened and will jointly contribute to mutual benefits of the two sides

Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam Park Noh- Wan at the meeting
Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam Park Noh- Wan at the meeting

Nearly 900 Korean enterprises are investing in Vietnam. As reflected by Korean enterprises, they have received practical and timely support from the Vietnamese Government to overcome difficulties caused by the Covid-19 pandemic, thereby reducing their burden. It is hoped that the Vietnamese Government and the Ministry of Finance will continue to have policies to support Korean enterprises.

At the meeting, the Minister of Finance exchanged common views and recognized the contributions of Korean businesses in Vietnam to socio-economic development. He affirmed that the Vietnamese Government has always created favorable conditions for foreign-invested enterprises in general and Korean enterprises in Vietnam to operate within the framework of the law. The minister said that during the operation of Korean enterprises in Vietnam, for problems arising, the two parties should cooperate actively and creating open dialogue frameworks to remove problems on policies, solve difficulties for enterprises and promote the sustainable development of the Korean business community.

At the meeting, the two sides also discussed coordination in organizing a dialogue conference on tax and customs policies and procedures with Korean enterprises in 2021. The Ministry of Finance agreed with the proposal of the Korean Ambassador in holding offline and online conferences to attract more businesses to participate in this event.

At the same time, representatives of leaders of departments and competent units of the Ministry of Finance such as General Department of Taxation, General Department of Customs, Department of Debt Management and External Finance answered a number of questions related to Korean businesses.

By Hoai Anh/ Huyen Trang

Related News

Preliminary assessment of Vietnam international merchandise trade performance in the second half of November, 2024

Preliminary assessment of Vietnam international merchandise trade performance in the second half of November, 2024

The Vietnam Customs Statistics announced that in the second half of November, 2024 the total Vietnam’s exports of US dollars 16.9 billion and imports of nearly US dollars 15.73 billion resulted in a trade surplus of US dollars 1.17 billion.
Customs sector deploys work in 2025

Customs sector deploys work in 2025

VCN - On December 16, the General Department of Customs held an online conference to review the results of work in 2024 and deploy tasks for 2025. Minister of Finance Nguyen Van Thang attended and directed the conference. Director General Nguyen Van Tho chaired the conference. Attending the conference were former Director General of Customs General Department Nguyen Van Can, former Deputy Director General of Customs General Department of Customs Hoang Viet Cuong and Deputy Directors General: Luu Manh Tuong, Dinh Ngoc Thang, Au Anh Tuan, Tran Duc Hung and representatives of a number of departments, bureaus and general departments under the Ministry of Finance.
Total import-export turnover reaches US$715.55 billion in 11 months

Total import-export turnover reaches US$715.55 billion in 11 months

VCN - In November, total import-export turnover amounted to US$66.4 billion, down 4.1% compared to the previous month but up 9.0% compared to the same period last year.
Customs sector collects over VND384 trillion in revenue

Customs sector collects over VND384 trillion in revenue

VCN - By the end of November, the Customs revenue exceeded the estimate by 2.6% and increased by 14.8% compared to the same period in 2023, the General Department of Vietnam Customs released on December 11.

Latest News

Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

VCN - According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND, an increase of 4.9% compared to the beginning of the year, but the rate was still slower than credit, which could put pressure on interest rates.
Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses and land for the right purposes, and to avoid loss and waste.

More News

Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN – Motivated by the revenue collection by the end of December 2024, the General Department of Taxation has accomplished the revenue collection.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by a representative of the Department of Public Asset Management (Ministry of Finance) at the press conference on the implementation of the General Inventory Project of public assets organized by the Ministry of Finance on the afternoon of December 18.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
PM urges stronger measures to manage interest rates

PM urges stronger measures to manage interest rates

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to proactively, flexibly, promptly, and effectively manage the monetary policy in combination with the expansionary fiscal policy and others.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Vietnamese products: Conquering foreign customers in supermarket systems

Vietnamese products: Conquering foreign customers in supermarket systems

VCN - According to the Ministry of Industry and Trade, the proportion of Vietnamese goods in distribution channels currently reaches more than 80% in supermarkets and 60% or more in traditional retail channels. For many retailers, Vietnamese goods have become a growth driver as they not only do business successfully in the domestic market but also export.
Answering many questions from businesses at dialogue conference on tax and customs policies

Answering many questions from businesses at dialogue conference on tax and customs policies

VCN - Many opinions and recommendations related to tax and customs issues were raised by the business community at the dialogue on tax and customs policies and administrative procedures in 2024, organized by the Ministry of Finance.Representatives of the Ministry of Finance, the General Department of Taxation, and the General Department of Customs provided specific responses, and affirmed that they will continue to research and advise on the assessment, review, and amendment and supplementation of appropriate regulations.
Read More

Your care

Latest Most read
Slower mobilization than credit may put pressure on interest rates

Slower mobilization than credit may put pressure on interest rates

According to the latest data from the State Bank of Vietnam (SBV), deposits in the banking system as of the end of September 2024 reached more than 14 million billion VND
Fed’s foreseen rate cuts affect foreign exchange rate

Fed’s foreseen rate cuts affect foreign exchange rate

After the Fed’s move, the US dollar index (DXY) on December 19 hit nearly 108, the highest level in the past year.
Untying the knot for green finance

Untying the knot for green finance

VCN - Green finance is a crucial resource for greening businesses. Completing the policy framework for green finance is urgently needed to unlock this capital flow.
Ensuring efficiency and transparency in use and management of houses and land at State enterprises

Ensuring efficiency and transparency in use and management of houses and land at State enterprises

VCN - According to the Ministry of Finance, the issuance of Directive on strengthening management, improving the efficiency of use and handling of houses and land at State-owned enterprises to ensure the effective management, use and handling of houses an
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Mobile Version