ASEAN reviews intra-bloc finance cooperation hinh anh 1Finance Minister Dinh Tien Dung chairs the 24th ASEAN Finance Ministers' Meeting (Photo: VietnamPlus)

Hanoi (VNA)
- Finance ministers from ASEAN countries and representatives of international organisations looked into the regional financial situation and development issues during the 24th ASEAN Finance Ministers' Meeting held online on October 2.

In recent years, the finance cooperation process within ASEAN has made important strides, with many numerous cooperation initiatives being deployed and actively contributing to ASEAN’s integration goals.

Participants reviewed the implementation of finance cooperation activities within the framework of ASEAN finance cooperation process.

Policies in response to COVID-19 pandemic under discussion

They agreed that the COVID-19 pandemic has seriously impacted economic activities as well as efforts to deal with regional development issues.

To cope with effects posed by the pandemic, the international community is increasing efforts to assist developing countries in responding to the crisis.

Given this, the World Bank (WB) and the Asian Development Bank (ADB) have rolled out financial aid packages for regional countries. In addition, the G20’s Debt Service Suspension Initiative (DSSI) has been expanded, helping 43 countries and territories defer 5 billion USD in official debt service payments.

A representative from the Vietnamese Ministry of Finance highlighted its country's efforts in completing solutions towards sustainable development.

Accordingly, fiscal and monetary policy solutions have helped the country expand its economic growth by 2.12 percent in the first nine months of 2020.

ASEAN reviews intra-bloc finance cooperation hinh anh 2Participants at the event (Photo: VietnamPlus)

The Vietnamese Government will pay more attention to infrastructure development, social welfare, and climate change response, Minister Dung noted.

Vietnam highly valued solutions that international organisations have been implementing, especially support packages to tackle the impact of the COVID-19 pandemic, he said, affirming that Vietnam will continue to exchange information and use aid packages effectively and transparently.

Promoting intra-bloc finance cooperation

The Vietnamese representative presented a summary report updating the implementation of finance cooperation activities within ASEAN, including those related to the Working Group on Infrastructure Financing, cooperation on finance and disaster risk insurance, customs collaboration, money laundering and terrorism financing, and the ASEAN Forum on Taxation.

The Chairman of the Vietnamese State Securities Commission as the Chair of the ASEAN Capital Markets Forum (ACMF) presented the results of implementing initiatives of the forum.

Delegates lauded Vietnam’s initiative to build a roadmap for the development of the ASEAN capital market with four priorities: intensifying platforms, developing products, accessing untapped areas, and enhancing awareness, capacity, and connectivity.

In recent years, ASEAN has recorded important achievements in intra-bloc finance cooperation process. Many finance cooperation initiatives have been deployed, actively contributing to the group’s cooperation and integration goals.

The ASEAN Finance Ministers approved reports on activities of working groups as well as gave comments on future cooperation directions. They acknowledged and appreciated efforts made by working groups, saying that amid difficulties caused by the COVID-19 pandemic, the ASEAN finance cooperation process has still been implemented on schedule, demonstrating the spirit of ASEAN cohesion and cooperation.

The same day, the sixth ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) was held online, co-chaired by Finance Minister Dung and Governor of the State Bank of Vietnam Le Minh Hung.

The meeting adopted the draft revised Roadmap to the ASEAN Insurance Integration Framework, spoke highly of cooperation outcomes of working groups in the banking sector with almost all the targets set early this year being met.

Central bank governors also approved a number of cooperation initiatives, including a report on the role of the central banks in climate and environment risks, principles of Sustainable Banking in ASEAN proposed by Vietnam, and the cyber security risk information sharing programme (CRISP), among others.

With high consensus, participants approved a Joint Statement of the sixth AFMGM./.