Vietnam attends meetings of ASEAN finance ministers, central bank governors in Indonesia

The most important events were chaired by Bank Indonesia (BI) and the Indonesian Ministry of Finance within the framework of the ASEAN financial and monetary cooperation in 2023, when the nation holds the ASEAN Chairmanship.

With the theme “ASEAN Matters: Epicentrum of Growth” for the ASEAN Year 2023, the BI and Finance Ministry of Indonesia informed some focuses of regional financial and banking cooperation, namely reconstruction, digital economy, and sustainable development.

On behalf of the SBV, Dung greatly valued the proposals by the BI and Finance Ministry of Indonesia to deal with urgent issues facing countries and devise long-term orientations towards sustainable growth in the region.

Assessing the ASEAN banking integration outcomes, central bank and financial officials recognised efforts by the ASEAN Senior-Level Committee (SLC) on banking integration and the working committees in actively coordinating and effectively implementing cooperation initiatives. They also outlined directions to accelerate moves to achieve targets of the ASEAN Economic Community Blueprint 2025.
The Vietnamese official hailed the working committees’ outcomes, asking them to consider the review plans for the set targets for 2025 and prepare for making plans for the 2025 - 2035 period.

He called on the Working Committee on Capital Account Liberalisation (WC-CAL) to increase discussions and further share information about the situation of capital flows and the application of macro-prudential policies in member countries, which is a highly important issue amid many risks and uncertainties facing global financial conditions. Meanwhile, the Working Committee on ASEAN Banking Integration Framework (WC-ABIF) should look into lessons for risk inspection, supervision, and governance in the regional banking system following some recent bank failures in the US and Switzerland.

The Deputy Governor welcomed the activities and initiatives carried out by the Working Committee on Payment and Settlement Systems (WC-PSS) to build a cross-border payment network and consider the establishment of a multilateral payment mechanism in ASEAN.

As part of the meetings, the central bank governors and finance ministers of ASEAN, representatives of the ASEAN Business Advisory Council (ASEAN ABAC), the US - ASEAN Business Advisory Council (US - ASEAN BAC) and the EU - ASEAN Business Advisory Council (EU - ASEAN BAC), along with managing directors of big financial institutions in the region discussed challenges related to digital economy, supply chains, climate change, inflation, and geopolitical tensions./.

In another move, Deputy Minister of Finance Vo Thanh Hung also led a Vietnamese delegation to attend the 27th ASEAN Finance Ministers’ Meeting (AFMM), the 9th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), and related meetings in Bali, Indonesia, on March 30 - 31.

In his speech, Deputy Minister Hung made assessments and recommendations about the outcomes of and orientations for activities of the working groups.

He also briefed participants on Vietnam’s hosting of the 26th ASEAN Insurance Regulators’ Meeting (AIRM) in late 2023.

At a session on the global and regional macro-economy as part of the 9th AFMGM later the same day, ministers and governors exchanged views about the regional economic situation with leaders of international financial organisations, as well as updates about economic recovery measures.

Hung presented Vietnam’s economic and financial development results in 2022, as well as challenges its economy is facing such as inflationary pressure and export growth slowdown due to weaker demand from large trading partners.

In 2023, the Vietnamese Government maintains emphasis on sustaining the macro-economy, promoting growth, and effectively controlling the COVID-19 pandemic and new disease outbreaks. The country will continue stepping up the legal system perfection, administrative reform, and e-Government building, he added.
At the event, participating officials adopted a joint statement of the 9th AFMGM.

The finance minister and the central bank governor of Indonesia proposed another AFMGM be held in Jakarta this August.

On March 29, ministers and governors took part in the ASEAN, ASEAN - US,
Finance ministers also held a retreat on March 30 to look into issues of common concern.