Vietnam and the United Kingdom have signed a Memorandum of Understanding to strengthen technical cooperation in the area of economic and public finance governance.
Signatories to the MoU in Hanoi on February 27 were minister of Finance Vuong Dinh Hue and UK ambassador to Vietnam Atony Stokes.
The MoU covers five areas of cooperation, namely public debt management, Public Private Partnership in public management, financial regulations and financial market (securities, insurance and bonds), macro-economic stabilisation, sovereign credit rating.
Both sides will make study tours of financial officials to exchange experience, organise workshops, and short training courses in either Vietnam or the UK, share economic analysis reports, and exchange information and materials on issues of mutual concern.
They agreed to jointly devise action plans to be approved every year to effectively carry out this three-year MoU.
Minister Hue said the signing ceremony marks a milestone in expanding financial activities between the two countries, and strengthening public finance government capacity of financial staff.
He said the Ministry of Finance will put forward a specific action plan soon to bring the MoU to life.
Ambassador Stokes expressed his hope that the two countries will expand bilateral cooperation in other areas, in addition to financial cooperation.
The UK wants to work with the Ministry of Finance to formulate effective policies to attract investment and boost trade, said the diplomat.