Vietnam and New Zealand exchange and share experiences in fiscal and budget management

Attending the seminar at the bridge point of the Ministry of Finance, there were Ms. Ginny Chapman – New Zealand Deputy Ambassador to Vietnam; delegates from units under the Ministry of Finance such as: Department of International Cooperation, Department of State Budget, State Securities Commission, State Treasury, Institute of Financial Strategy and Policy, Department of Management Debt and External Finance, Securities Depository Center…

At the meeting point on the side of the New Zealand Ministry of Treasury, there were the participation of Mr. Tim Hampton – Director, Economic Systems Department and experts from the New Zealand Ministry of Treasury (Macroeconomic and Fiscal Policy Department, Board of Green Bonds, Board of International Cooperation) via an online platform.

In the opening speech, Mr. Ha Duy Tung – Director of the International Cooperation Department, Ministry of Finance emphasized that the workshop demonstrated the deepening cooperation between the Ministry of Finance of Vietnam and the Ministry of Treasury of New Zealand. , as well as demonstrating the close coordination of the New Zealand Embassy in promoting economic cooperation, especially financial cooperation, between Vietnam and New Zealand in general and between the Ministry of Finance of Vietnam. and the New Zealand Ministry of Treasury in particular, contributing to the implementation of the strategic partnership between the two countries.

At the seminar, New Zealand’s Ministry of Treasury shared many of New Zealand’s experiences and practices in financial management, including two contents: fiscal and budgetary management (Fiscal framework and financial strategy). government; Adjustment of government fiscal indicators; New Zealand’s approach to net debt ceiling) and green government bond market development.

These are two areas that the Ministry of Finance of Vietnam is very interested in, especially in the context of the world economy with many challenges, requiring a flexible fiscal and budgetary policy response for recovery and growth. economy; as well as the priorities of the Government of Vietnam in perfecting economic institutions in the direction of greening, developing green capital markets and green financial products.

The Ministry of Finance of Vietnam also provided information on Vietnam’s budget management framework, including the budget allocation process and deadlines; budget expenditure control; budget transfer process; accounting and finalization of the state budget; as well as updates on the provision of new financial services associated with green finance in Vietnam.

The seminar was a great success and the discussions and exchanges at the seminar brought a lot of experience and perspectives on the economic context of the region, the outstanding features of capital markets and politics. the fiscal and budgetary policies of each country, contributing to concretizing the results of cooperation in the management and policy formulation of the Ministry of Finance of Vietnam.

It is known that the Memorandum of Understanding on financial cooperation between the Ministry of Finance of Vietnam and the Ministry of Treasury of New Zealand (MOA) for the 2021-2023 period has entered its final year. Despite the implementation during a difficult period due to the impact of the Covid-19 pandemic, the two ministries still enhanced coordination and information exchange. The two ministries are expected to conduct an evaluation of the effectiveness of the implementation of the MOA and study the potential for future cooperation.