MoF signs MoU on financial cooperation with Australian Treasury

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Deputy Minister of Finance Bui Van Khang and Minister of Australian Treasury at the signing ceremony.

A bilateral talk between Deputy Minister of Finance Bui Van Khang and Minister for Competition, Charities, Treasury and Employment Andrew Leigh, took place on March 7, at headquarters of the Australian Treasury.

The talk took place in the new context and position when the Vietnam’s Prime Minister announced to upgrade the partnership with Australia to a comprehensive strategic partnership. The two sides discussed in-depth financial cooperation, especially the contents of the Prime Minister's Joint Statement.

At the talk, Deputy Minister of Finance Bui Van Khang emphasized the need to further promote the cooperative relationship between the two ministries based on the assessment of bilateral financial cooperation that has been comprehensively promoted. Minister Andrew Leigh said that the cooperation would be promoted based on the long, trusting, substantive and effective cooperation history between the two ministries over the past time.

Representatives of the two ministries highly appreciated the exchange process and the signing of a MoU on financial cooperation between the two sides for 2024 - 2028. According to Minister Andrew Leigh, the signing of MoU with the Ministry Vietnamese finance contributed to implementing Australia's Southeast Asia Economic Strategy as well as developing the Comprehensive Strategic Partnership with Vietnam.

The MoU concretizes major directions and potential for cooperation of the two parties in the new period, and realizes the goal of enhancing dialogue, exchanging and sharing experiences in financial and budget policy planning and management to boost sustainable economic growth, especially in sectors that Australia has advantages and good practices.

Delegates of the Vietnamese Ministry of Finance and the Australian Treasury take souvenir photos.

Deputy Minister Bui Van Khang and Minister Andrew Leigh discussed key contents and priority areas for the policy dialogue mechanism within the MoU framework.

Accordingly, the Vietnamese Ministry of Finance hopes that the Australian Treasury will support resources as well as practical experience in the field of tax, especially when the Ministry conducts research and review to report to competent authorities to comprehensively amend and supplement Tax Law and reform the tax system for 2021-2030, which will greatly impact the legal reform to improve the investment environment; the financial market management and supervision, especially in the context of the growth of the digital economy, improving market transparency; and the field of fiscal risk management for climate change, energy transition finance as well as mobilization and allocation of financial resources to implement the Vietnamese Government's commitment of net- zero emissions by 2050.