Accordingly, Phoc affirmed that the Vietnamese Ministry of Finance and major Vietnamese commercial banks would strive for enhancing and supporting the investment plans of Belgian businesses in Vietnam during his working sessions with his Belgian counterpart Vincent Van Peterghem and several leading Belgian counterparts on his visit to Brussels from July 1 to July 4.

Discussing with Van Peterghem, Phoc suggested that the Belgian Government should consider adjusting the updated official development assistance (ODA) loans for projects in line with Vietnamese law. He also suggested that the Belgian side reduce the fees and expand the loan term and the ratio of aid capital to increase preferences of the loans.

He briefed his host on the formulation of policies on the global minimum tax policy and the issuance of green bonds in Vietnam and expected that the Ministry of Finance of Belgium and its tax agencies would share their experience in drafting and implementing the rules.

Van Peterghem acknowledged Phoc’s proposals and stated that he would request relevant agencies to work closely with their Vietnamese counterparts to address these proposals. He informed his guest about the Belgian Government’s policy changes regarding ODA implementation and affirmed that the Belgian Embassy in Hanoi would engage with the Vietnamese Ministry of Finance to deal with its concerns.

The working sessions between Vietnamese Finance Minister Ho Duc Phoc and his Belgian counterpart Vincent Van Peterghem. Photo: VNA

According to Van Peterghem, Belgium is planning to apply the global minimum tax from January 1, 2024, to create a level playing field not only for large corporations but also for small and medium-sized enterprises. He told his Vietnamese counterpart that Belgium is ready to share its experience in the field with Vietnam.

Also during his working trip, Phoc worked with Chairman of the Belgian Financial Services and Markets Authority (FSMA) Jean-Paul Servais, and the head of the International Organization of Securities Commissions (IOSCO).

Phoc proposed that the FSMA and the IOSCO provide continued support and assistance for the Vietnamese stock market through information sharing, personnel training, research, and enhancement of capacity building on new financial products, digital assets, and digital applications.

He expressed his wish that as an active and responsible member of the IOSCO, Vietnam would host an annual conference of the organization in the near future.

Servais appreciated the Vietnamese stock market’s active operations in Asia and emphasized that the Belgian side would support the State Securities Commission of Vietnam in exchanging experiences. He also voiced his support for Vietnam’s bid to host the annual IOSCO conference in the future and encouraged it to submit an application.

Within the framework of his working visit to Belgium, Phoc also worked with Director General of the John Cockerill Group Company Francois Mitchell, which is investing in energy technologies in Vietnam. Francois Mitchell expressed his hope that the company would invest comprehensively and strategically in Vietnam and turn activities in Vietnam into a center to serve the South Asian market.

Minister Ho Duc Phoc rings the bell at the Brussels Stock Exchange (Euronext). Photo: VNA

Discussing with leaders of the John Cockerill Group Company, Phoc stated that Vietnam would create a favorable condition and be ready to support the group company. Moreover, government agencies and commercial banks of Vietnam will connect the group company with partner Vietnamese enterprises in developing factories, advising procedures, and finding favorable sites for exporting, etc.

Talking about the working trip to Belgium, Phoc emphasized that he had connected and solved problems related to cooperation in the fields of customs security, and stock. He also shared experiences in effectively managing and developing the capital that Belgium invested in Vietnam in the fields of health, wastewater, and green development.

This is also an opportunity to establish relations and remove difficulties between the two sides to increase Vietnam's import and export turnover. Moreover, the visit achieved the goal of reaching out to Belgian commercial banks and financial investment funds in order to attract capital flows, green technology, and experiences that help develop financial markets as well as green growth implementation in Vietnam.

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