Vietnamese Minister of Finance Hồ Đức Phớc meets with Belgian Deputy Prime Minister and Minister of Finance Vincent Van Peterghem in Brussels on July 4. — VNA/VNS Photos Hương Giang

BRUSSELS — Vietnamese Minister of Finance Hồ Đức Phớc has expressed his wish to learn from Belgium’s experience in green finance as Việt Nam's green bond market is now in the early stages of developing a legal framework and launching pilot projects.

Phớc, who led a Vietnamese delegation to Belgium from July 1-4, made the statement during a meeting with Belgian Deputy Prime Minister and Minister of Finance Vincent Van Peterghem in Brussels on July 4.

He said it is one of the tasks in the roadmap for green bond market development for 2017 to 2020 with a vision to 2030.

Briefing the host about Việt Nam’s macro-economic situation, he said Việt Nam ran a trade surplus of US$9.8 billion in the first five months of this year while foreign direct investment hit $10.86 billion, or 92.7 per cent of that recorded in the same period last year.

Regarding the outcomes of his working session with several Belgian corporations and enterprises, Phớc vowed to expedite and support Belgian investment plans in Việt Nam.

He suggested the Belgian Government consider adjusting the ODA-funded projects in line with Việt Nam's laws, and consider reducing fees, extending loan terms, and increasing the number of loans to Việt Nam.

Regarding the global minimum tax, the Vietnamese minister said Việt Nam supports and is actively studying the tax for early enforcement. Hence, he wished that the Belgian Ministry of Finance and tax authorities would share their experience with Việt Nam in the process.

Peterghem, for his part, stressed that Belgium's foreign aid contributions are showing success, and the projects continue to be highly effective. Concerning ODA loans and grants to Việt Nam, the Belgian Government is making policy changes to continue the support, he said, hoping that Việt Nam’s proposals will soon be resolved.

Belgium is ready to share its experience and offer assistance to Việt Nam in green finance, sustainable development and the global minimum tax, he said.

The two ministers expressed their wishes that, in the near future, they will strengthen bilateral cooperation mechanisms between the two ministries.

Vietnamese Minister of Finance Hồ Đức Phớc visits the Brussels Stock Exchange, a member of Euronext – the European stock exchange group.

During an earlier working session with the Chairman of the Financial Services and Markets Authority (FSMA) and Chair of the International Organisation of Securities Commissions (IOSCO) Board Jean-Paul Servais, Phớc proposed several initiatives to boost bilateral cooperation, with the participation of the State Securities Commission of Vietnam (SSC) as an official member of IOSCO.

Việt Nam wishes to receive support from the FSMA and IOSCO Board Chair to further expand assistance for the development of the Vietnamese stock market through activities such as information sharing, training and capacity building for SSC officials, and improvement of expertise in new financial products, digital assets, and digital applications, he said, adding that the FSMA or relevant IOSCO committees may share experience and provide technical assistance for the Vietnamese Finance Ministry and SSC in establishing a modern and effective market supervision system to early detect violations in the securities market.

The Vietnamese official also expressed Việt Nam's desire to host the IOSCO Annual Conference in the near future.

Servais, in reply, said Belgium is willing to share its experience with the SSC. He also backed Việt Nam’s bid to host the IOSCO Annual Conference and encouraged the country to submit its application for hosting the event.

Talking with the Vietnam News Agency correspondent in Brussels, he said he is impressed by the Vietnamese Government's action plan to develop the stock market to support economic growth, protect investors, encourage intermediaries and supervise financial products. These are crucial pieces of information that Belgium sees as opportunities to strengthen cooperation with Việt Nam in this field.

Visiting the Brussels Stock Exchange, a member of the Euronext – the European stock exchange group, Phớc sought Euronext’s support for Việt Nam’s bourses in expertise, and connecting Belgian and European investors for green and eco-friendly projects in need of capital in Việt Nam.

He proposed that Euronext and either the Hanoi Stock Exchange (HNX) or the Hồ Chí Minh City Stock Exchange (HOSE) of Việt Nam establish a framework for bilateral cooperation and carry out joint activities to operate the securities market. This includes connecting financial service organisations and investors from both regions.

During the visit, Phớc also held a working session with Francois Mitchell, CEO of the John Cockerill Group, which is investing in energy technology in Việt Nam. The group aims to make its operation in Việt Nam a core firm serving the Southeast Asian market and potentially the Northeast Asian market.

He asserted the host that Việt Nam could fully meet and support the group's needs, including finding suitable partners to build factories and seek favourable locations in Việt Nam for its future exports. — VNS