Viet Nam expects to boost cooperation with Australia, Japan, Singapore on climate financing

Vietnamese Minister of Finance Ho Duc Phoc had bilateral meetings with Treasurer of Australia Jim Chalmers, Japanese State Minister of Finance Katsuo Yakura and Singaporean Second Minister for Finance Indranee Rajah on the sidelines of the 2023 APEC Finance Ministers' Meeting in San Francisco, the U.S., on November 12.

At the meeting with the Treasurer of Australia, both sides discussed the Australia's Southeast Asia eonomic strategy toward 2040, and cooperation in climate change adaption and sustainable finance.

They underscored the need of signing a memorandum of understanding on financial cooperation between the Vietnamese Ministry of Finance and Australia's Treasury.

The Vietnamese minister appreciated Australia's assistance for climate change adaptation in the Mekong Delta in the 2023-2024 period and for strengthening Vietnamese officials' capacity in formulating a policy system for the establishment of a carbon market and a legal framework for carbon projects, carbon credit transactions, and energy cooperation.

Both sides agreed to share experience in financial and budget management such as taxes, customs, securities, and capital markets.

During his meeting with the Japanese State Minister of Finance, Ho suggested the Japanese Government support the implementation of the new official development assistance (ODA) program, focusing on the development of transportation infrastructure, agriculture, and health care.

The two ministers noted with pleasure at the close and effective collaboration between the two ministries in the fields of taxation, customs, securities, insurance, debt financing and aid, pledging to support each other at multilateral and regional cooperation forums.

At their meeting, the Vietnamese and Singaporean ministers spoke highly of the two ministries' cooperation, particularly in modernizing customs, electronic customs, and managing securities markets.

The pair pledged to promote the implementation of free trade agreements between ASEAN and its partners, thus facilitating their trade and investment and active involvement in global supply chains./.