Vietnam, OECD Cooperate Towards Sustainable Economic Development

Deputy Minister Vo Thanh Hung appreciated the effective cooperation between Vietnam and the OECD over the years. Photo: Minh Duy

At the meeting at the Organization for Economic Cooperation and Development (OECD) Headquarters in Paris, Deputy Minister of Finance Vo Thanh Hung appreciated the effective cooperation between Vietnam and the OECD over the years.

Most recently, Vietnam collaborated with the OECD to release the “OECD Economic Survey: Vietnam 2023.”

Aiming to further strengthen cooperation between Southeast Asian countries and the OECD, Vietnam will host the second OECD-Southeast Asia Ministerial Forum next October in Hanoi.

Deputy Minister Vo Thanh Hung said that the Vietnamese Government is focusing on socio-economic recovery and development after the severe impact of the Covid-19 pandemic, as well as the complicated developments of the economic and geopolitical situation in the world.

In the field of public finance, Vietnam is reviewing tax laws to make adjustments to further improve the business investment environment.

At the same time, Vietnam also promotes the process of economic restructuring towards sustainable development, promoting green transformation, digital transformation, and application of science and technology.

Vietnam is reviewing the Law on State budget to reform budget decentralization towards the goal of strengthening the role of the central budget and the initiative of the local budget.

Vietnam wishes OECD support to improve the quality of State financial reporting. Photo: Minh Duy

Deputy Minister Vo Thanh Hung added that the integrated budget is currently making the process of finalizing state and local budgets take a long time.

Currently, Vietnam belongs to the group with the longest time in the world, with a process of 18 months after the end of the budget year.

Therefore, the National Assembly of Vietnam is requesting a review in the direction of shortening the time for finalization of the state budget, strengthening budget discipline and having higher requirements for the responsibility of the units directly using the budget.

In addition, Vietnam has only compiled and prepared state financial statements for four years. Participating in the preparation of the report are agencies and units in the state sector. However, the quality of the report is still limited.

In Vietnam, the State Financial Statements have not yet fully developed and published public accounting standards, and have not aggregated many public assets, especially infrastructure.

Therefore, the Ministry of Finance hopes to receive support from the OECD in defining a model for making reports, as well as sharing experiences and solutions to improve the quality of state financial statements, and state budget settlement reports.

According to Janos Bertok, deputy director of Public Governance Directorate, the OECD continues to accompany Vietnam in the process of economic development towards green and sustainable direction. Photo: Khai Hoan

With the sharing of Deputy Minister Vo Thanh Hung, Janos Bertok, deputy director of OECD Public Governance Directorate affirmed that the contents of Vietnam's interest are consistent with the OECD's ability to cooperate and support.

Janos Bertok said that the OECD continues to accompany Vietnam in the process of economic development in a green and sustainable direction.

The OECD will also send members of the Secretariat and some experts in the field of public finance from some countries to learn about the actual situation of Vietnam, to agree on the content and methods of support for issues of concern to Vietnam.

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