Việt Nam bolsters financial cooperation with Germany

The Vietnamese delegation working with the Federal Ministry for Economic Cooperation and Development of Germany. —VNA/VNS Photo

BERLIN — A delegation from the Ministry of Finance led by Minister Hồ Đức Phớc is paying a working visit to Germany between July 9-13, with the aim of exchanging experience in public finance management towards green growth, and boosting bilateral cooperation in finance.

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

During working sessions with BMZ Minister Svenja Schulze, BMWK Minister of State Patrick Graichen, and BMF Minister of State Luise Hölscher, Phớc informed the hosts of Việt Nam’s macroeconomy in the context of the COVID-19 pandemic, as well as its ways to overcome the pandemic to stabilise and develop its economy.

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

Currently, Việt Nam is focusing resources on economic recovery through programmes to support social welfare, health and health care for people, and assist businesses and infrastructure building, he added.

Regarding the sustainable development policy towards green growth, Minister Phớc said that the Vietnamese Government has exerted efforts to 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 financial and fiscal policies to promote carbon emission reduction and share experiences in developing the capital and green bond markets, and in institution and policy improvement to support businesses to shift to green production, in order to fulfil commitments made at the 26th UN Climate Change Conference (COP26).

He expressed his wish that the German Government will continue to assist Việt Nam in promoting innovation in the growth model and sustainable development and support the country through ODA programmes and projects to implement solutions to sea-level rises and saltwater intrusion.

The German ministries’ leaders praised Việt Nam’s economic achievements, as well as the country’s efforts to build clean energy development policies and plans, and willingness to be part of the global climate change response.

They suggested Việt Nam consider speeding up ODA disbursement for the 2022 cooperation programme and take advantage of the capital to serve the country’s renewable energy projects.

Germany also hopes to continue accompanying, cooperating with and supporting Việt Nam in its efforts to achieve the energy transition goal and perfect technological infrastructure for macroeconomic development and green growth, they said.

After Germany, the working delegation of the Vietnamese Ministry of Finance will visit Switzerland. — VNS