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Viet Nam and the UK push up financial co-operation

Update: February, 28/2012 - 13:48

HA NOI – The Vietnamese Ministry of Finance and the United Kingdom's Foreign and Commonwealth Office signed a memorandum of understanding (MoU) on financial co-operation in Ha Noi yesterday.

The MoU will cover five areas – public debt management, public-private partnership in public investment, financial policies and markets (including stock, insurance and bond), macro-economic stabilisation and national credit rating.

Under the MoU, which will be valid for three years, there will be delegation exchanges, symposiums, short-term training courses, information sharing and joint macro-economic reports designed to boost the quality of public policies and the work of Vietnamese Finance Ministry's staff on public finance management.

At the signing ceremony, Vietnamese Finance Minister Vuong Dinh Hue said the agreement was an important development in financial co-operation between the two countries, and would help boost ties between the Vietnamese Finance Ministry, the Department of Foreign Affairs and the UK.

Hue said the Ministry of Finance was committed to taking concrete action following the signing of the MoU.

UK Ambassador to Viet Nam Antony Stokes expressed the hope that the two sides would expand co-operation in other fields.

The UK Department for International Development in public financial management has already granted non-refundable loans to the Vietnamese Finance Ministry for two projects. They included a US$71.46 million project on public financial management reform – of which $54.35 million came from the World Bank, $9.99 million from the UK and $7.14 million from Viet Nam. The second project involved the setting up of the Multi-Donor Trust Fund for Public Finance Management. _ VNS

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