Initiatives proposed to develop sustainable financial policies
The Vietnam Finance Forum 2023 themed “Financial Policies to Overcome Challenges towards Sustainable Development” was held in Quy Nhon city, the central province of Binh Dinh, on November 30.
The forum, jointly held by the Vietnamese Ministry of Finance (MoF), the German Agency for International Cooperation (GIZ), the European Union, and the German Ministry for Economic Cooperation and Development, discussed and proposed initiatives and solutions to implement major orientations on finance and budget in the coming time, following those approved in the Finance Strategy by 2030.
MoF Deputy Minister Cao Anh Tuan said that financial and budget policies and solutions in recent times have contributed to stabilising the macro-economy, controlling inflation, and basically ensuring major balances. The GDP growth reached 5.33% in the third quarter of 2023, and 4.24% in the first nine months of this year. The 10-month average consumer price index increased by 3.2%. Production and business activities have been restored and are increasingly developing.
Budget spending has prioritised green growth, state budget spending for environmental protection become increasingly specific and clear, and public investment for green growth been mainstreamed in investment priorities for industries, sectors, localities and environmental works, said Tuan.
Arne Främk, GIZ representative, Team Leader of the “Strengthening Public Financial Management in Vietnam” project, highly valued the Vietnamese Government’s efforts to carry out green growth solutions and facilitate continuous economic growth while maintaining a healthy balance and managing environmental impacts.
Towards sustainable green growth, she stressed that the energy transition process requires huge financial resources which cannot be met from the Government alone. Therefore, GIZ recommends a fair transition solution. Budget, public debt and tax management could be a foundation for broader reforms, as well as stimulating investment from the private sector.
To help Vietnam grow sustainably, Ngo Thi Kim Thu, representative of the European Union Delegation to Vietnam, said that the EU Delegation to Vietnam also has programmes and policies to support Vietnam in energy transition.
Currently, the delegation and other international partners have committed to mobilising more than 15 billion USD to support Vietnam in its just and sustainable energy transition to achieve its net emissions target by 2050.
