Vietnam and Belgium boost finance-investment cooperation

Finance Minister Ho Duc Phoc made the assurance during his working sessions with his Belgian counterpart Vincent Van Peterghem and several leading Belgian counterparts on his visit to Brussels from July 1-4.

Meeting with Minister Van Peterghem, Phoc suggested that the Belgian Government consider adjusting the updated official development assistance (ODA) loans for projects in accordance with the 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.

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

According to the Minister, Belgium is scheduled to apply the global minimum tax as 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 guest that Belgium is ready to share its experience in the field with Vietnam.

During his stay, Minister Phoc worked with Jean-Paul Servais, chairman of the Belgian Financial Services and Markets Authority (FSMA) and also head of the International Organization of Securities Commissions (IOSCO).

Phoc proposed that FSMA and 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 hope that as an active and responsible member of IOSCO, Vietnam would host an annual conference of the organization in the near future.

Servais lauded the Vietnamese stock market’s active operations in Asia and emphasized that the Belgian side stays ready to 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.

Minister Phoc also made a call at Euronext, the pan-European stock exchange, and held a working session with director general Francois Mitchell and other executives of John Cockerill that is investing in energy projects in Vietnam.