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The finance ministries of Vietnam and Poland signed a memorandum of understanding (MoU) on financial cooperation. Photo: Nhan Dan

Due to the COVID-19 pandemic, Polish Minister of Finance authorized Wojciech Gerwel, Polish Ambassador to Vietnam to ink the MoU, Nhan Dan reported.

The main MoU’s content is the framework for cooperation between the two ministries to enhance and foster exchange and sharing of experiences in the fields of tax administration and public finance.

The MOU covers four cooperation fields including preventing tax base erosion and profit shifting (BEPS), tax management for the digital economy, tax inspection, examination and management at large businesses, transfer pricing, risk management, macroeconomic and financial forecasting and analysis to serve to build and implement fiscal policies and public debt management, among others.

The finance ministries of Vietnam and Poland signed a memorandum of understanding (MoU) on financial cooperation. Photo: VNA

Concerning trade cooperation, Poland is currently Vietnam's leading trade partner in Central Eastern Europe, while Vietnam is Poland's seventh largest trade partner outside the EU. According to statistics of the General Department of Vietnam Customs, in 2019, the two countries recorded a total import-export turnover of US$ 1.79 billion, up 12.3% compared to 2018.

Regarding investment cooperation, as of December 20, 2019, Poland has had 19 investment projects in Vietnam with a total registered capital of US$ 209.34 million, ranking 38th out of 135 countries and territories investing in the country. Meanwhile, Vietnam has four investment projects in Poland with a total capital of about US$ 5.1 million.

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