Minister of Finance strengthens financial partnerships at APEC meeting

Minister of Finance strengthens financial partnerships at APEC meeting

Minister of Finance Nguyen Van Thang strengthened regional economic ties through a series of high-level meetings on the sidelines of the APEC Finance Ministers’ Meeting in South Korea.

During the APEC Finance Ministers’ Meeting held in Incheon on October 21, Minister Thang met with senior officials and representatives from international financial institutions to advance bilateral cooperation in economic and financial sectors. He also held talks with South Korea’s Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol, Singapore’s Minister for Finance Shawn Huang, and Australia’s Treasurer Jim Chalmers.

Minister Thang provided updates on Vietnam’s economic and financial situation over the first nine months of 2025, outlined future development orientations, and key directions to deepen bilateral cooperation in finance and economics.

Minister of Finance Thang (left) and Singapore’s Minister for Finance Shawn Huang. Photo: Duc Minh

During the meeting with Singaporean Finance Minister Huang, both sides renewed their commitment to implementing the upgraded Comprehensive Strategic Partnership established in March during Party General Secretary To Lam’s official visit to Singapore.

Singapore continues to be a strategic economic and financial partner for Vietnam, with bilateral cooperation extending across trade, investment, and fiscal management. The two finance ministries have strengthened coordination through initiatives on taxation, customs, and securities in line with existing international agreements.

These include cooperation between the two stock exchanges and co-chairing the 19^th Vietnam-Singapore Connectivity Ministerial Meeting, which achieved positive progress in investment, trade in agricultural products and sustainability, energy and transport, as well as digitalisation and innovation.

Minister Thang outlined several directions to further enhance cooperation with Singapore, including support for developing international financial centres in Ho Chi Minh City and Danang – particularly in governance, risk management, legal frameworks, and green finance innovation. These initiatives are expected to help Vietnam attract more medium- and long-term capital for sustainable growth.

He also proposed negotiating amendments to the bilateral tax treaty to facilitate two-way investment, and sought Singapore’s assistance as Vietnam prepares to chair APEC 2027, through experience sharing and capacity-building initiatives to ensure the event’s overall success.

Minister Thang and Australia’s Treasurer Jim Chalmers. Photo: Duc Minh

In the talk with Australia’s Treasurer Jim Chalmers, both ministers reaffirmed that Vietnam and Australia’s more than 50-year partnership has continued to grow stronger and deeper, expanding across a wide range of fields, particularly in economic, trade, and investment cooperation.

In the financial sector, Minister Thang expressed appreciation for Australia’s non-refund official development assistance (ODA) to support Vietnam’s socioeconomic development plans. Australia currently ranks among the top five ODA providers to Vietnam. The development partnership between the two countries goes beyond financial and technical support, it represents a long-term collaboration based on experience sharing, capacity building, and fostering sustainable values for both sides.

Both sides also confirmed continued implementation of the 2024 memorandum of cooperation between the Vietnamese Ministry of Finance and the Australian Treasury, which includes plans to hold a Policy Dialogue on Finance by the end of 2025.

They also agreed to deepen collaboration within APEC initiatives, particularly in areas of structural reform and AI-driven digital transformation.

Minister Thang and Koo Yun Cheol, South Korea’s Deputy Prime Minister and Minister of Economy and Finance. Photo: Duc Minh

In the meeting with Koo Yun Cheol, South Korea’s Deputy Prime Minister and Minister of Economy and Finance, both sides reaffirmed that South Korea remains one of Vietnam’s key partners, currently the largest foreign investor in Vietnam and the second-largest provider of ODA. Bilateral trade is entering a period of robust growth, creating new opportunities for deeper cooperation.

The two ministries have been effectively implementing joint programmes in customs, including organising a successful Dialogue Conference with Korean Enterprises in Vietnam on tax and customs policies, a platform for open discussion and problem-solving between regulatory agencies and foreign businesses operating in Vietnam.

Vietnam proposed that South Korea continue supporting the implementation of projects under the EDCF Framework Agreement on loans and aid; share experience in digital asset management to help lay the groundwork for developing and operating Vietnam’s future digital asset market; and cooperate in training and knowledge exchange in preparation for Vietnam’s APEC 2027 chairmanship.

Delegates from the Ministry of Finance attending the 2025 APEC Finance Ministers' Meeting. Photo: Duc Minh

Minister Thang also met with the vice president of the Development Bank of Latin America and the Caribbean to explore joint initiatives in sustainable development; the acting president of the Export-Import Bank of Korea to discuss expanding credit schemes that bolster bilateral trade and investment; and the executive director of the Green Climate Fund to accelerate the rollout of GCF-backed projects in Vietnam.

VIR