Finance ministers cement fiscal cooperation

Finance ministers cement fiscal cooperation

Vietnam and the Czech Republic are deepening fiscal ties and strategic cooperation for sustainable development.

Minister of Finance Nguyen Van Thang held a working session with a delegation from the Ministry of Finance of the Czech Republic, led by Minister Zbynek Stanjura, in Hanoi on April 21.

At the meeting, Stanjura revealed that the Czech Republic attached great importance to strengthening bilateral relations with Vietnam, particularly following the elevation of the two countries’ relationship to a strategic partnership in January.

Stanjura expressed interest in expanding bilateral cooperation in key sectors such as the economy, trade, taxation, customs, investment, education, healthcare, digital transformation, and science and technology.

Minister Nguyen Van Thang at the meeting

In response, Thang noted that the Czech Republic and Vietnam share a long-standing friendship and aligned development orientations, and both countries are deeply integrated into the global economy and international financial cooperation frameworks.

Promoting bilateral cooperation, particularly in trade, investment, and tourism, alongside mutual support and experience-sharing in fiscal policy, tax administration, and investment management, would help both nations advance towards faster and more sustainable development.

To further unlock the cooperation potential between the two countries, especially in the fields of economy, finance, and investment, Thang proposed that the two finance ministries study the possibility of developing a Bilateral Economic Cooperation Agreement, aimed at establishing a more favourable legal framework for trade and investment.

He also suggested initiating a dialogue mechanism between relevant ministries and agencies of both countries to resolve issues faced by businesses.

Thang also suggested enhanced cooperation in priority and complementary sectors such as mechanical and manufacturing technologies, renewable energy and the environment, agriculture and food, IT, and digital transformation.

In the area of public financial management, the MoF chief called for joint efforts to share experiences in green finance development, green bond market building, and digital transformation in the finance sector, including e-taxation, digital treasury, and financial data security.

He also proposed training programmes and expert exchanges in diverse fields such as public debt management, fiscal policy, and tax reform, as well as customs cooperation to facilitate trade under the EU-Vietnam Free Trade Agreement.

Additionally, Minister Thang asked the Czech Ministry of Finance to share its experience in designing a global minimum tax framework, including tax base determination, minimum rates, and tax collection mechanisms, and support for Vietnam to develop supplementary tax adjustment policies.

The two finance ministers and other delegates taking a photo for remembrance

Stanjura agreed, and provided updates on Czech tariff policies and the country’s economic and fiscal outlook.

He also requested support from Vietnam’s Ministry of Finance for Czech businesses and investors in Vietnam, such as Skoda Auto Group’s car plantin the northeastern province of Quang Ninh.

Thang underlined the Vietnamese government and local authorities’ commitment to creating a fair and enabling environment for both domestic and foreign enterprises.

He pledged the most favourable conditions for Czech investors, especially for major projects like Skoda Auto’s plant.

During the meeting, the two finance ministers also exchanged views on recent US tariff policy adjustments and their impacts. Thang stated that Vietnam considers this a common challenge for global finance, affecting both Vietnam and the Czech Republic.

Vietnam is actively negotiating with the United States to reach an agreement at the earliest opportunity, aiming to enhance economic and trade relations in a stable, sustainable manner that serves the interests of businesses and citizens in both countries.

“This is also an opportunity to deepen our cooperation with other partners, including the Czech Republic,” Thang noted.

VIR