Vu Nhu Thang, Head of the International Relations Department under the Ministry of Finance and Chairman of APEC Senior Finance Officials’ Meeting (SFOM) (Photo: VNA) Hanoi (VNA) – APEC finance ministerswill focus on discussing four cooperation priorities in 2017, includinglong-term infrastructure investment, base erosion and profit shifting (BEPS),disaster risk financing and insurance (DRFI), and inclusive finance, at their24th meeting and related events in Hoi An city, the central province of QuangNam, from October 19-21.
Vu Nhu Thang, Head of the International RelationsDepartment under the Ministry of Finance and Chairman of APEC Senior FinanceOfficials’ Meeting (SFOM), revealed the information at a recent interviewgranted to the Vietnam News Agency.
He said ministers are expected to approveproposals encouraging the private sector to involve in infrastructureinvestment, as well as discuss measures to speed up the BEPS project for taxevasion prevention, encourage financial solutions to disaster risk management,and increase access to financial services for businesses and residents in ruralareas.
They will also talk about regional and globalmacro economy and finance, have a look at financial cooperation progress andupdate the implementation of the Cebu Action Plan (CAP) to look towards thetarget of building an APEC community of financial integration, transparency,sustainability and connectivity.
The Ministers are scheduled to have a dialoguewith the Business Advisory Council (ABAC) and executives of large corporationsand groups in the region, Thang unveiled.
He said the long-term orientation of APECfinancial cooperation towards 2025 is demonstrated in the Cebu Action Plan(CAP), which was adopted by APEC finance ministers in the Philippines in 2015and established on four main pillars: promoting financial integration,advancing fiscal reforms and transparency, enhancing financial resiliency, andaccelerating infrastructure development and financing.
Vietnam has sought financial cooperationopportunities in other APEC member economies and made it easier for trade notonly at bilateral but also multilateral forums, even within the frameworks offree trade agreements, he added.
The country is also committed to openingfinancial service markets in the Association of Southeast Asian Nations(ASEAN), ASEAN and the World Trade Organisation (WTO), he said.
Vietnam has actively cooperated with APECeconomies in tax, customs, and financial cooperation agreements, he said,noting that the country has signed 76 agreements on double taxation avoidance,including deals inked with APEC member economies.
Established in 1989, APEC comprises 21economies, including Australia, Brunei, Canada, Chile, China, Hong Kong,Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, PapuaNew Guinea, Peru, the Philippines, Russia, Singapore, Chinese Taipei, Thailand,the US, and Vietnam.-VNA
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