Work scene between Minister of Finance Ho Duc Phoc and Japanese Minister of Finance Shunichi Suzuki. (Photo: Pham Tuan/VNA)
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On March 11, a delegation from the Vietnamese Ministry of Finance, led by Minister Ho Duc Phoc, had working sessions with Japanese Minister of Finance Shunichi Suzuki and leaders of Japanese partners to further enhance bilateral cooperation in the financial sector.
Attending the working session at the Japanese Ministry of Finance were Mai Xuan Thanh, Director General of the General Department of Taxation; Vu Thi Chan Phuong, Chairwoman of the State Securities Commission; Luu Manh Tuong, Deputy Director General of the General Department of Customs; Ambassador of Vietnam to Japan Pham Quang Hieu; and representatives of other units under the Ministry of Finance.
During the working session, the two ministers expressed their joy at the increasingly strong development of the bilateral relationship, particularly the elevation of the relationship to a “Comprehensive Strategic Partnership between Vietnam and Japan for peace and prosperity in Asia and the world” in November last year.
At the same time, the two ministers wished to further strengthen cooperation so that the overall relationship between the two countries and the two ministries of finance in particular would be more effective.
The two ministers discussed in detail the financial cooperation between the two countries in several areas including taxation, customs, borrowing and lending, Official Development Assistance (ODA), and shared experiences as well as solutions to enhance the management capacity and professional activities of functional units.
Minister Ho Duc Phoc mentioned that Vietnam’s public debt is currently about 37% of GDP, much lower than the target set at 60%.
This is a great opportunity for Vietnam to attract more foreign capital to invest in infrastructure and socio-economic development.
Also at the working session, Minister Ho Duc Phoc informed the Japanese Ministry of Finance about the North-South High-Speed Railway Project, with an expected total investment of 67 billion USD and planned implementation in 2027.
The capital for this project will be mobilized by 30% from foreign capital and the rest from domestic capital. Therefore, Vietnam hopes that Japan will participate in providing capital for this project.
In addition, the two ministers also exchanged and expressed mutual support in multilateral financial cooperation such as within the framework of ASEAN+3, focusing on areas such as the Chiang Mai Initiative Multilateralization (CMIM) and Disaster Risk Financing (DRF) to enhance financial stability and self-reliance in the region.
For his part, Minister Shunichi Suzuki appreciated the efforts of the Vietnamese government in creating favorable conditions for Japanese businesses and banks to cooperate and invest in Vietnam.
Minister Shunichi Suzuki also expressed his interest and readiness to participate in the North-South High-Speed Railway Project, as well as other infrastructure projects that Vietnam is preparing to implement.
On the same day, Minister Ho Duc Phoc and the delegation had working sessions with Masahiko Kato, Chairman and CEO of Mizuho Bank.
At the working session, Minister Ho Duc Phoc emphasized that Vietnam needs a very large source of funding for investment and development, including mobilizing domestic and foreign financial resources to achieve socio-economic development goals, especially financial resources to achieve the commitment made by the Vietnamese government at the 26th United Nations Climate Change Conference (COP26) to achieve net-zero emissions by 2050.
Minister of Finance Ho Duc Phoc visits the Tokyo Stock Exchange (JPX). (Photo: Pham Tuan/VNA)
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For his part, Masahiko Kato stated that Vietnam is one of Mizuho’s strategic markets through investment cooperation with Vietcombank.
Many Japanese businesses are currently looking to expand their investment scale in Vietnam, and Mizuho is always there to support these businesses with capital.
Mizuho’s leadership also stated that the bank is always ready and will work more specifically with Vietcombank to provide green credit according to ESG standards (Environment Social and Governance).
Prior to that, Minister Ho Duc Phoc and the delegation visited the Tokyo Stock Exchange (JPX) and had working sessions with the Chairman of the Japan Financial Services Agency (JFSA) and the President of the Japan International Cooperation Agency (JICA)./.
Tuan Xuan Pham
