Strengthen the financial relationship between Vietnam - Japan

On August 6, 2015, Deputy Minister - Do Hoang Anh Tuan had a meeting with Mr. Isshu Sugawara- Secretary of State of the Japanese Ministry of Finance to promote the financial cooperation between Vietnam - Japan 

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Both parties look back the strong development in political, economic and financial relationship between Vietnam - Japan in recent years. The highlighed points in field of economic and finance include: investment and trading growing continously, two-way trade turnover reached $27.8 billion in 2014; accumulated FDI of Japan into Vietnam reached $34.6 billion by the end of March, 2015. Japan always is the largest ODA bilateral donors of Vietnam, with total commitment reached nearly $23 billion up to now.  

The partnership between the two Ministries of Finance also continuously develops in several aspects such as: double taxation avoidance agreements, cooperation and technical support agreement on customs…

Specifically, both parties emphasized the importance of modernizing the work of tax and customs to facilitate the trade, investment, business and enhance competitiveness. It is one of the most important tasks and solutions in order to help the finance sector of Vietnam accomplish the assignments as set out in Government’s Resolution No.19/NQ-CP 2015.

In this respect, Vietnam Automated Cargo and Port Consolidated System project (VNACCS/VCIS project), which was supported by Japanese Ministry of Finance in 3 years, from 2012 to 2014, brought practical benefits to customs and business community in Vietnam. In fact, the system has been completed and came into operation since April, 2014; so far the system has been working stablely nationwide with clearance for 98% of imports and exports. Both parties will continue to consolidate the results achieved through strengthening the operational efficiency of this system and, at the same time, will consider the possibility of supplementing and improving the system VNACCS/VCIS in the future to cater the demands of Vietnam.

Regarding to the field of tax administration, technical support activities for Vietnam have been bringing specific efficiencies; Vietnam Tax Authority also has achieved a certain progress in terms of modernization through IT applications. However, there are several requirements and challenges such as rationalizing processes, selecting technology, engineering, etc. This field would be promoted further in the future.

At the end of the meeting, the leaders of Misnistry of Finance of Vietnam and Japan jointly reaffirmed their commitment to strengthen and maintain the relationship between the two countries.

 Source: Ministry of Finance web portal