Vietnam seeks Australia's technical support in four key financial areas

Vietnam seeks Australia's technical support in four key financial areas

Minister of Finance Ngo Van Tuan has held bilateral talks with Australian Treasurer Jim Chalmers to review financial cooperation and agree on future technical and multilateral coordination.

Minister of Finance Ngo Van Tuan. Photo: Pham Dung Hung

During talks in Australia on August 11, Minister Tuan praised Treasurer Chalmers' role in economic policymaking and budget management, as well as his efforts to strengthen Australia's economic resilience through reforms.

He said the elevation of bilateral ties to a Comprehensive Strategic Partnership in March 2024 had opened a broader framework for cooperation across the economy, finance, energy transition, and sustainable development.

Providing an overview of Vietnam’s macroeconomic situation, he explained that the country is pursuing rapid and sustainable growth. Vietnam’s GDP grew 8.18 per cent in the first half of 2026, the highest six-month growth rate in 15 years. The Ministry of Finance (MoF) is pursuing a flexible fiscal policy, directing resources towards infrastructure and social welfare while maintaining budget discipline and public debt safety.

Reviewing the 2024–2028 MoU on financial cooperation, the two ministers welcomed the shift in bilateral cooperation from general exchanges towards practical technical activities. Through the Financial Policy Dialogues held in 2024 and 2025, the two sides exchanged valuable experience in macroeconomic management, market supervision and sustainable finance.

For 2026–2028, the MoF proposed that Australia continue providing technical assistance and policy advice in four areas where Australia has strong expertise. First, budget and fiscal management, including sharing experience in federal budget formulation, medium-term fiscal frameworks and long-term forecasting models in response to challenges posed by population ageing and climate change.

Second, tax policy and economic management, including technical assistance in tax system reform, digital economy management and the development of the small business sector. Third, financial market development, including sharing experience in developing transparent, long-term capital markets, strengthening investor protection, and mobilising green finance.

Fourth, climate finance, including strengthening capacity to assess fiscal risks arising from natural disasters, financing the energy transition, and mobilising private capital for infrastructure to support Vietnam’s commitment to achieving net-zero emissions by 2050.

Regarding multilateral cooperation, Minister Tuan praised Australia for taking the lead on the fiscal policy pillar under the Incheon Plan for 2026–2030.

Ahead of APEC 2027, which Vietnam will host, the MoF has proposed four priority themes expected to be presented at the 2027 APEC Finance Ministers’ Meeting: financing for innovation; data-driven finance for small and medium-sized enterprises; diversification of resources for development investment; and development of young financial professionals. Minister Tuan asked Australia to support these priority themes in principle.

On the occasion, Minister Tuan formally invited Treasurer Chalmers to visit Vietnam and attend the 2027 APEC Finance Ministers’ Meeting in Halong in October 2027.

Australian Treasurer Jim Chalmers. Photo: Pham Dung Hung

In response, Treasurer Chalmers congratulated Vietnam on its impressive economic achievements, particularly its progress in financial reforms, efforts to upgrade its stock market and development of an international financial centre.

Treasurer Chalmers explained that amid a volatile global economic environment, the Comprehensive Strategic Partnership between the two countries has become increasingly important. Australia is committed to supporting Vietnam’s development goals through all available channels of cooperation, including ministerial-level mechanisms, embassies and partner organisations.

The talks concluded in an open and constructive atmosphere, providing fresh momentum for the specialised agencies of the two ministries to translate the agreed areas of cooperation into concrete initiatives and implementation timelines in the coming period.

VIR