Vietnam, EU, and Germany partner to enhance public financial management

VOV.VN - The Vietnamese Ministry of Finance, the Delegation of the EU to Vietnam, and the German Embassy in Hanoi co-hosted the first meeting of the steering committee of the project on “Strengthening Public Financial Management in Vietnam” on January 17 in Hanoi.

With a total EUR14 million in funding coming from the EU and the German Federal Ministry for Economic Cooperation and Development, the ultimate objective of the project is to contribute to poverty alleviation and sustainable growth in Vietnam.

During the course of the event, Vietnamese Vice Minister of Finance Nguyen Duc Chi emphasised that the project, which is being co-financed by the EU and the German Government, is an important part of the wider roll-out of Vietnam’s National Financial Strategy for the 2021 to 2030 period.

He added that the three focus areas of the project are also priorities of the Ministry of Finance moving forward, with high hopes that the tripartite co-operation among the Ministry of Finance, the EU, and the Federal Republic of Germany will be successful.

For his part, EU Ambassador Giorgio Aliberti noted that the EU remains strongly committed to supporting sustainable development and inclusive growth in Vietnam. Indeed, strengthening economic governance, such as public financial management, is of great significance in the 2030 Agenda for Sustainable Development and the initiative "Collect More – Spend Better”.

He went on to reveal that the “Strengthening Public Financial Management in Vietnam” project is part of the ongoing EU-supported Enhancing Economic Governance Programme, expressing hope that it will contribute to the country’s macroeconomic stability and enhance the Government’s ability to implement fiscal policies.

“I am happy we can partner up once again in a Team Europe approach,” said Jens Schmid-Kreye, deputy head of the Department for Economic Cooperation and Development at the German Embassy in Vietnam, adding that building a sustainable future for the nation requires joint efforts.

The four-year project reaffirms Germany’s long-standing commitment aimed at supporting the country to achieve its sustainable development goals. With extensive experience gained from partnerships and joint initiatives, including with the Ministry of Finance, Germany remains fully committed to collaborating with the Vietnamese side in the strengthening of public finances.

A robust public finance management system will therefore make substantial contributions to the country’s long-term socioeconomic growth.

With the implementation of the project over a period of 66 months by German Development Cooperation GIZ along with the Vietnamese Ministry of Finance, the purpose of the project is to improve state budget management. This is along with boosting revenue forecasting, enhancing the management of public debt, and improving both the local tax environment and revenue mobilisation.

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