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Vietnamese Minister of Finance Ho Duc Phoc meets with Belgian Deputy Prime Minister and Minister of Finance Vincent Van Peterghem in Brussels on July 4. (Photo: VNS) |
Vietnamese Minister of Finance Ho Duc Phoc has expressed his wish to learn from Belgium’s experience in green finance as Vietnam's green bond market is now in the early stages of developing a legal framework and launching pilot projects.
Minister Phoc, who led a Vietnamese delegation to Belgium from July 1-4, made the statement during a meeting with Belgian Deputy Prime Minister and Minister of Finance Vincent Van Peterghem in Brussels on July 4.
He said it is one of the tasks in the roadmap for green bond market development for 2017 to 2020 with a vision to 2030.
Briefing the host about Vietnam’s macroeconomic situation, he said Vietnam ran a trade surplus of US$9.8 billion in the first five months of this year while foreign direct investment hit $10.86 billion, or 92.7 percent of that recorded in the same period last year.
Regarding the outcomes of his working session with several Belgian corporations and enterprises, Phoc vowed to expedite and support Belgian investment plans in Vietnam.
He suggested the Belgian Government consider adjusting the ODA-funded projects in line with Vietnam's laws, and consider reducing fees, extending loan terms, and increasing the number of loans to Vietnam.
Regarding the global minimum tax, the Vietnamese minister said Vietnam supports and is actively studying the tax for early enforcement. Hence, he wished that the Belgian Ministry of Finance and tax authorities would share their experience with Vietnam in the process.
Peterghem, for his part, stressed that Belgium's foreign aid contributions are showing success, and the projects continue to be highly effective. Concerning ODA loans and grants to Vietnam, the Belgian Government is making policy changes to continue the support, he said, hoping that Vietnam’s proposals will soon be resolved.
Belgium is ready to share its experience and offer assistance to Vietnam in green finance, sustainable development, and the global minimum tax, he said.
The two ministers expressed their wishes that, in the near future, they will strengthen bilateral cooperation mechanisms between the two ministries.
During an earlier working session with the Chairman of the Financial Services and Markets Authority (FSMA) and Chair of the International Organization of Securities Commissions (IOSCO) Board Jean-Paul Servais, Minister Phoc proposed several initiatives to boost bilateral cooperation, with the participation of the State Securities Commission of Vietnam (SSC) as an official member of IOSCO.
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Vietnamese Minister of Finance Ho Duc Phoc visits the Brussels Stock Exchange, a member of Euronext – the European stock exchange group. |
Vietnam wishes to receive support from the FSMA and IOSCO Board Chair to further expand assistance for the development of the Vietnamese stock market through activities such as information sharing, training and capacity building for SSC officials, and improvement of expertise in new financial products, digital assets, and digital applications, he said, adding that the FSMA or relevant IOSCO committees may share experience and provide technical assistance for the Vietnamese Finance Ministry and SSC in establishing a modern and effective market supervision system to early detect violations in the securities market.
The Vietnamese official also expressed Vietnam's desire to host the IOSCO Annual Conference in the near future.
Servais, in reply, said Belgium is willing to share its experience with the SSC. He also backed Vietnam’s bid to host the IOSCO Annual Conference and encouraged the country to submit its application for hosting the event.
Talking with the Vietnam News Agency correspondent in Brussels, he said he is impressed by the Vietnamese Government's action plan to develop the stock market to support economic growth, protect investors, encourage intermediaries and supervise financial products. These are crucial pieces of information that Belgium sees as opportunities to strengthen cooperation with Vietnam in this field.
Visiting the Brussels Stock Exchange, a member of the Euronext – the European stock exchange group, Phoc sought Euronext’s support for Vietnam’s bourses in expertise, and connecting Belgian and European investors for green and eco-friendly projects in need of capital in Vietnam.
He proposed that Euronext and either the Hanoi Stock Exchange (HNX) or the HCMC Stock Exchange (HOSE) of Vietnam establish a framework for bilateral cooperation and carry out joint activities to operate the securities market. This includes connecting financial service organizations and investors from both regions.
During the visit, Mr. Phoc also held a working session with Francois Mitchell, CEO of the John Cockerill Group, which is investing in energy technology in Vietnam. The group aims to make its operation in Vietnam a core firm serving the Southeast Asian market and potentially the Northeast Asian market.
He asserted to the host that Vietnam could fully meet and support the group's needs, including finding suitable partners to build factories and seek favorable locations in Vietnam for its future exports.
