Promoting cooperation and strategic partnership between Vietnam and Australia

View of the meeting

Speaking at the meeting, Minister of Finance Ho Duc Phoc expressed his pleasure to welcome Australia’s Ambassador Andrew Goledzinowski and the delegation to visit and work at the Ministry of Finance of Vietnam.

The Minister of Finance also informed the Australian mission about the results in socio-economic development of Vietnam. Accordingly, as the world economy has experienced many fluctuations, Vietnam's economy in 2022 still showed a positive recovery with a GDP growth of 8.02%. Macroeconomic fundamentals are maintained, and core inflation is under control.

The minister said that in 2023, Vietnam's economy would continue to be supported by the recovery of domestic consumption, especially the positive impact of the socio-economic recovery and development program. Vietnam would continue to try to direct more drastically to ensure GDP growth at 6-6.5%.

Affirming that Vietnam in general and the Ministry of Finance in particular always cherish the Vietnam-Australia cooperation relationship and consider Australia as an important partner, Minister Ho Duc Phoc said that, regarding bilateral financial cooperation, in 2022, the Ministry of Finance of Vietnam coordinated with the Australian Department of Treasury to organize “the second Vietnam-Australia Financial Cooperation Seminar" within the framework of implementing the Memorandum of Understanding on financial cooperation (MOU) in 2021-2023 which aimed to share experiences on macroeconomic policy and capital markets.

In terms of multilateral financial cooperation, Vietnam and Australia continue to strengthen cooperation at multilateral forums such as financial cooperation within the framework of Asia-Pacific Economic Cooperation (APEC); Agreement establishing the ASEAN - Australia - New Zealand Free Trade Area (AANZFTA); and Regional Comprehensive Economic Partnership (RCEP).

In particular, the Ministry of Finance of Vietnam has seriously taken full responsibility for the implementation of import and export duties commitments, committed to opening the market on financial service and customs procedures, and facilitating trade.

Minister of Finance Ho Duc Phoc made a speech at the working session.

At the meeting, the Minister also mentioned the cooperation in the field of Customs between the two sides. The Minister said that Vietnam Customs and Australia Customs have had a regular and substantive cooperation relationship. Australian Border Force (ABF) supported Vietnam Customs in enhancing professional capacity through domestic and international training. Vietnam Customs also regularly coordinated and provided professional information at the request of Australian Customs in accordance with regulations in order to support Australian Customs in the investigation, typically for tobacco products.

The Minister hoped that in the future, Australia would continue to coordinate and further promote the cooperative relationship and strategic partnership between the two sides, especially promoting Vietnamese businesses to invest in Australia as well as Australian businesses investing in Vietnam. They would have more favorable conditions for development.

At the working session, Minister Ho Duc Phoc also suggested that Australia should strengthen cooperation with Vietnam in general and the Ministry of Finance in other fields such as training students and staff at academies and universities majoring in economics and finance; ODA funding; technical support in the field of securities, customs and tax.

Mr. Andrew Goledzinowski, Australia’s Ambassador to Vietnam

Speaking at the meeting, Mr. Andrew Goledzinowski, Australia’s Ambassador to Vietnam, thanked the Ministry of Finance of Vietnam for the thoughtful reception and affirmed that Australia always attaches great importance to the bilateral cooperation relationship, especially cooperation in the financial field with Vietnam.

Noting that in the future, Vietnam would also face difficulties and challenges, Mr. Andrew Goledzinowski expressed his desire and commitment to stand side by side with Vietnam to solve these challenges in order to maintain the momentum of economic growth as the target was set.