Việt Nam, Australia strengthen all-round financial cooperation

Việt Nam, Australia strengthen all-round financial cooperation

Minister of Finance Ngô Văn Tuấn called on the Australian Government to continue providing official development assistance (ODA), particularly for climate-resilient infrastructure projects, share experience, and provide technical assistance in public financial management reforms.

Australian Treasurer Jim Chalmers (right) and Vietnamese Minister of Finance Ngô Văn Tuấn at their meeting in Sydney on August 11. — Photo courtesy of Ministry of Finance

 Vietnamese Minister of Finance Ngô Văn Tuấn met with Australian Treasurer Jim Chalmers in Sydney on Tuesday to discuss bilateral financial cooperation, the implementation of the memorandum of understanding (MoU) on financial cooperation for 2024-28, and coordination in the preparation for Việt Nam’s hosting of APEC 2027.

The meeting took place during General Secretary of the Communist Party of Việt Nam Central Committee and President Tô Lâm’s state visit to Australia.

Tuan said Việt Nam–Australia relations are developing positively, with the elevation of bilateral ties to a comprehensive strategic partnership on March 7, 2024 opening opportunities for stronger cooperation in various fields, including the economy, finance, trade, investment, innovation, energy transition and sustainable development.

Việt Nam is pursuing fast and sustainable growth, targeting double-digit economic expansion in 2026 and subsequent years, while striving to become a developed country with modern industry by 2045.

The ambitious goal requires continued reforms, more efficient mobilisation and use of resources, and enhanced economic resilience, he added.

Affirming that Việt Nam attaches importance to its relations with Australia in diplomacy, politics, the economy, trade, and investment, Tuấn called on the Australian Government to continue providing official development assistance (ODA), particularly for climate-resilient infrastructure projects, share experience and provide technical assistance in public financial management reforms.

Regarding the MoU on financial cooperation for 2024-28, he said it provides an important foundation for the two ministries to move from general exchanges towards policy dialogue and concrete professional cooperation. This time's meeting offered an opportunity to review implementation results and discuss future cooperation orientations.

Under the MoU, the two ministries conducted policy dialogues in 2024 and 2025, focusing on macroeconomic issues, fiscal and budget policies, financial market supervision, taxation, and sustainable finance.

Building on these results, Tuấn proposed increasing expertise exchanges in areas matching Australia's strengths and Việt Nam's demand, including medium-term budget and fiscal frameworks, taxation and business support, financial and capital market development, climate finance, and energy transition.

He also proposed Australia continue supporting Việt Nam in human resources development, including English-language capacity building, to help with efforts to make English a second language in the country.

Regarding APEC, the minister said Việt Nam is actively preparing to host APEC events in 2027 and spoke highly of Australia’s role in the forum. He called for closer coordination between the two sides in APEC financial activities.

Việt Nam’s planned priorities for APEC 2027 include mobilising capital for innovation, promoting data-driven finance, facilitating small- and medium-sized enterprises’ access to long-term capital, diversifying resources and financing methods for development, and improving the quality of young human resources in finance.

He went on to say that Việt Nam wishes to listen to Australia’s views on these priorities and hopes Australia to back them in principle. He suggested the two sides’ technical-level agencies continue discussions towards consensus in the preparation for APEC 2027.

The two officials agreed to enhance the effectiveness of the MoU on financial cooperation 2024-28, step up policy dialogue and expertise sharing, and coordinate closely in preparing for and implementing finance-related activities during APEC Year 2027.

The Vietnamese Ministry of Finance affirmed its readiness to facilitate Australia and its businesses' connections with the Vietnamese and ASEAN markets while working closely with Australia at regional forums, thereby helping reinforce the Comprehensive Strategic Partnership between the two countries. 

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