Australia committed to supporting Vietnam to develop a legal framework for public financial management

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Minister Dinh Tien Dung presented the symbol of the Vietnam’s Ministry of Finance to the ambassador

At the meeting, Minister Dinh Tien Dung said that the meeting was a good opportunity for the two sides to exchange and share mutual concerns about prospects for cooperation between Vietnam and Australia. At the same time, discussing the arrangements for a bilateral meeting between the Australian Treasury Minister and the Vietnamese Finance Minister within the framework of the forthcoming APEC summit and the possibility of signing a new Memorandum of Understanding (MOU) for new period between the two Ministries of finance as well as the orientation of effective ODA management in the coming time..

At the meeting, Minister Dinh Tien Dung expressed his pleasure at the continuous development of Vietnam - Australia relations in all fields of economics, finance, trade, and investment. He also highly appreciated the assistance provided by the Australian Treasury Ministry through the cooperation activities between the two sides, especially the effective and practical support from the Australian Government in perfecting the policy system to improve the management and use of public assets.Mr. Dung would like to continue to receive support from Australia in activities related to the dissemination of new policies and documents on the management and use of public assets; Development of documents detailing and guiding the Law on management and use of public assets such as the decree on management, use and operation of infrastructure assets: seaports and aviation; the decree on standards and norms of working offices, cars; Development and implementation of project on upgrading and expanding the national database on state assets; Assessment of impact of the Law on management and use of public assets in the coming time.

In addition, the Minister assumed that Australia had been the pioneer sponsor for Vietnam in the form of budget support, authorization of operation and use of Vietnam Government's budget management system. He suggested that Australia would continue to increase its aid in this form, as well as support the Ministry of Finance to develop software for financial aid management to improve its management capacity and aid policy planning to provide sponsors in general and the Government of Australia in particular with clear and transparent information on non-refundable aid activities, thereby raising the efficiency and quality of foreign aids to Vietnam.

Regarding the possibility of signing a new MOU between the two Ministries of Finance, Minister Dinh Tien Dung stated that signing the MOU would create a framework orienting the implementation of cooperation between the two ministries. At the same time, through the implementation of the MOU, the two Ministries had the basis to reconsider and evaluate their cooperation. Mr. Dung believed that the MOU would play an active role in the cooperation between the two Ministries in order to make appropriate adjustments to strengthen the cooperation in a more effective manner.

In response, the Australian Ambassador said that financial and economic cooperation was one of three key pillars of bilateral relations between the two countries. He emphasized, "The MOU will be an important part of the partnership between the two ministries and will be discussed on the sidelines of the APEC Finance Ministers Summit”.

Vietnam, Australia hold foreign affairs, defense strategic dialogue The fifth foreign affairs and defense strategic dialogue at the deputy ministerial level between Vietnam and Australia ...

The Ambassador affirmed that Australia would be committed to supporting Vietnam to facilitate the private sector’s development, to develop a legal framework for public finance management, to share experiences in the macroeconomics, tax and public debt management. They would be mentioned in the forthcoming MOU between the two ministries of finance.