Vietnam bolstering financial cooperation with Germany

Minister of Finance Ho Duc Phoc (L) and BMZ Minister Svenja Schulze (Photo: VNA)

Berlin (VNA) – A working delegation of the Ministry of Finance led by MinisterHo Duc Phoc is paying a working visit to Germany from July 9-13, with the aimof exchanging experience in public finance management towards green growth, andboosting bilateral cooperation in finance.

In his trip, Phoc worked with leaders of Germany’s FederalMinistry of Finance (BMF), Federal Ministry for Economic Cooperation andDevelopment (BMZ), Federal Ministry for Economic Affairs and Climate Action (BMWK),German Development Bank (KfW), and German Agency for International Cooperation(GIZ).

During their working sessions with BMZ Minister SvenjaSchulze, BMWK Minister of State Patrick Graichen, and BMF Minister of State LuiseHölscher, Phoc informed the hosts of Vietnam’s macro-economy in the context ofthe COVID-19 pandemic, as well as its ways to overcome the pandemic tostabilise and develop its economy.

He emphasised that the leadership of the Party, State andGovernment, together with the right policies in response to the pandemic aswell as the support of the international community, including the GermanGovernment and people (with more than 10 million doses of vaccines), has helped Vietnam overcome the pandemic and soon recover its economic growth.

Working session between leaders of the Vietnamese Ministry of Finance and BMWK (Photo: VNA)

Currently, Vietnam is focusing resources on economicrecovery through programmes to support social welfare, health and health carefor people, and assist businesses and infrastructure building, he added.

Regarding the sustainable development policy towards greengrowth, Minister Phoc said that the Vietnamese Government has exerted effortsto seek effective solutions to carry out activities serving energy transition,climate change response and development of solar energy projects.

He proposed the two sides boost cooperation in financialand fiscal policies to promote carbon emission reduction, and share experiencein developing the capital market, the green bond market, and experience in institutionand policy improvement to support businesses to shift to green production inorder to fulfill commitments at the 26th UN Climate Change Conference (COP26).

He expressed his wish that the German Government willcontinue to assist Vietnam in promoting innovation in the growth model andsustainable development, and support the country through ODA programmes andprojects to implement solutions to sea level rise and saltwater intrusion.

Working session between leaders of the Vietnamese Ministry of Finance and BMF (Photo: VNA)

The German ministries’ leaders appreciated Vietnam’seconomic achievements as well as the country’s efforts to build clean energydevelopment policies and plans, and to join hands in the global climate changeresponse task.

They suggested Vietnam consider speeding up ODA disbursementfor the 2022 cooperation programme, and take advantage of the capital to servethe country’s renewable energy projects.

Germany also hopes to continue accompanying, cooperating withand supporting Vietnam in its efforts to achieve the energy transition goal,perfect technological infrastructure for macroeconomic development and greengrowth, they said.

After Germany, the working delegation of the VietnameseMinistry of Finance will visit Switzerland./.

VNA