Vietnam and Japan recently discussed good methods to tackle challenges in public finance management at a seminar organised Tuesday in Hanoi.
The event was held to mark the first activity of the renewed Memorandum of Understanding between the Vietnam Ministry of Finance (MoF) and the Japan International Cooperation Agency (Jica) on capacity development in public finance management for this year.
A wide range of topics were talked over at the meeting, including the liberalisation of the capital account and the financial system, and lessons learnt from the global crisis in the 2000s.
Japanese college professors provided valuable advice on international practices in public finance management and Japan’s own experience in strengthening its financial system as well as controlling the bubble economy.
Japan would like to help address some urgent needs in public investment and public finance management in Vietnam through sharing its own knowledge and international practices, said Motonori Tsuno, chief representative of the Jica Vietnam Office.
“It is getting harder to provide macro-economic response policies adequately and timely due to the complexity and fluctuation of international and local situations,” he noted.
MoF and Jica jointly provided training for over 110 local officials in Vietnam, the Philippines, and Singapore during the 2011 financial year.
The two bodies have also decided to extend their cooperation until next March in a bid to support Vietnam in coping with such issues as macro-economic stability, state-owned enterprise reform, and project/programme management, among others.