Memorandum of Understanding on Financial Cooperation: An important milestone in the development of the cooperation between the Ministry of Finance of Viet Nam and Cuba

Memorandum of Understanding on Financial Cooperation: An important milestone in the development of the cooperation between the Ministry of Finance of Viet Nam and Cuba 01/07/2022 05:00:00 549

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On July 1 morning, at the headquarter of the Ministry of Finance, Minister Ho Duc Phoc had a meeting with Mr. Orlando Hernadez Guillen, Extraordinary and Plenipotentiary Ambassadorof the Republic of Cuba in Viet Nam. Attending the meeting were representatives of some functional units under the Ministry of Finance: General Department of Taxation, General Department of Customs, General Department of State Reserve, State Treasury, Department of Debt management and external finance, Ministerial Office, Department of International Cooperation.

On July 1 morning, at the headquarter of the Ministry of Finance, Minister Ho Duc Phoc had a meeting with Mr. Orlando Hernadez Guillen, Extraordinary and Plenipotentiary Ambassadorof the Republic of Cuba in Viet Nam. Attending the meeting were representatives of some functional units under the Ministry of Finance: General Department of Taxation, General Department of Customs, General Department of State Reserve, State Treasury, Department of Debt management and external finance, Ministerial Office, Department of International Cooperation.

Minister Ho Duc Phoc welcomed Mr. Orlando Hernadez Guillen and
the delegation of the Cuban Embassy to visit and work with the Ministry of Finance

Welcoming Mr. Orlando Hernadez Guillen and the Cuban Embassy's delegation to visit and work with the Ministry of Finance, Minister Ho Duc Phoc affirmed: Viet Nam and Cuba have maintained a special traditional brotherly solidarity relationship. Viet Nam government as well as the Ministry of Finance of Viet Nam will continue to strengthen the special friendship and solidarity, share experiences and stand ready to support Cuba in cooperation fields, including financial cooperation.

The Minister said: Although in 2021, the situation of Covid-19 epidemic has been complicated, but Viet Nam has overcome difficulties. The Ministry of Finance has assigned the General Department of State Reserves to export 5,000 tons of rice from the national reserve as "A gift from the Party, State and people of Viet Nam to the Party, State and people of Cuba". In the period from 2007 to 2021, the Ministry of Finance (General Department of State Reserves) exported 32,300 tons of rice from the national reserve to aid the Cuban people.

Minister Ho Duc Phoc spoke at the meeting

According to the Minister, in the financial field, Viet Nam and Cuba have maintained a strong and effective financial cooperation relationship in recent years. In the period of 2021-2022, the Ministry of Finance of Viet Nam and the Ministry of Finance and Prices of Cuba have completed the signing in the form of a rotating Memorandum of Understanding on financial cooperation (MOU). The signing of the Memorandum of Understanding demonstrates the efforts of the two sides in maintaining and promoting the good relationship between the two Governments of Viet Nam - Cuba in general and between the Ministry of Finance of Vietnam and the Ministry of Finance and Prices of Cuba in particular, especially in the current context of many difficulties and challenges. This is an important event, marking a new milestone in the development of financial cooperation.

“The bilateral cooperation program between the Ministry of Finance of Viet Nam and the Ministry of Finance and Prices of Cuba is an effective and meaningful operation, under which the Ministry of Finance of Viet Nam will continue to share experiences to help the Cuban side approach the way that Viet Nam has done and is doing such as identifying ways to implement the goals and tasks set out in order to implement the socio-economic development strategies”. Minister emphasized.

Panaroma of the meeting

The Minister believed that the Memorandum of Understanding is an opportunity to enhance exchanging and sharing experiences in specific areas of public finance such as public debt management; state treasury; the relationship between the state budget and the enterprise system; tax cooperation including the implementation of the Agreement on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income import, and other fields of mutual interest.

In the field of customs, the agreement on cooperation and mutual assistance between the General Department of Customs of Viet Nam and the General Department of Customs of Cuba was also signed. Currently, the two sides are promoting the implementation of this Agreement.

 

Speaking at the meeting, Mr. Orlando Hernadez Guillen thanked the Vietnamese Government and Ministry of Finance for their support over the years, thereby demonstrating the increasingly strong relationship and the good friendship between the two countries that has been cultivated by President Ho Chi Minh and Leader Phidel Castro.

Ambassador Orlando Hernadez Guillen spoke at the meeting

The Ambassador also highly appreciated the Ministry of Finance of Viet Nam for providing resources to implement the project to help Cuba develop corn and rice production as well as to help Cubans gradually become self-sufficient in food. These are very important projects for Cuba in the current context.

In the financial sector, Mr. Orlando Hernadez Guillen said, Viet Nam and Cuba have cooperated very actively and extensively in many fields, the Agreement on Avoiding Double Taxation between the two countries has brought into full play. There are many Vietnamese enterprises cooperating and investing in Cuba. Recently, the Ministry of Finance of the two countries has signed many important cooperation agreements to strengthen the cooperation relationship and share experiences in areas such as state treasury, public debt management, public finance, etc. The Cuban Embassy is ready to support, facilitate and act as a bridge for the two agencies to enhance effective cooperation in the coming time.

Delegates take souvenir photos

At the end of the working session, Minister Ho Duc Phoc reaffirmed that the Ministry of Finance of Viet Nam within its functions and tasks is ready to support, coordinate, share experiences with Cuba and he also expressed confidence that Cuba will thrive strongly and achieve many achievements in economic development in the coming time.

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