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Finance Ministry and SBV tighten co-operation

Update: March, 01/2012 - 10:07

HA NOI — Representatives of the Ministry of Finance and the State Bank of Viet Nam yesterday signed an agreement to tighten co-operation and spur information exchange under the Government's direction.

They pledged to build financial and monetary policies with a focus on managing the State Budget, developing payment systems and controlling national debts and official development assistance (ODA) capital.

The two sides would jointly develop and supervise the financial market and manage taxation and customs affairs, especially as regards to tax collection through the banking system, the import and export of precious metals, and money trafficking and laundering.

They would also co-ordinate on the international stage, sharing viewpoints in bilateral and multilateral forums on financial and monetary matters and boosting exchange in scientific and training activities.

The ministry and the bank agreed to establish a mutual working party to assure the efficient implementation of the agreement.

"This is an important event," Deputy Prime Minister Vu Van Ninh said at the signing ceremony. "Financial and monetary policies can be considered the circulatory and nervous systems of the economy. I expect that with closer co-operation, the ministry and the bank can help the Government make the best decisions for the economy."

Ninh said the move was especially important now at a time when global economic conditions remain unpredictable and when the country needs to control inflation and stabilise the economy in the short term to lay a foundation for sustainable development. — VNS

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