A press conference introduces the sixth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting on September 24 (Photo: VietnamPlus) Hanoi (VNA) – The sixth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings will be held via video conference from October 1-2, according to the cooperation process approved by the National ASEAN 2020 Committee.
As Vietnam is holding the ASEAN Chairmanship 2020, the Ministry of Finance and the State Bank of Vietnam (SBV) will co-chair the sixth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting. They have been coordinating with ASEAN member states to carry out financial and banking cooperation activities throughout 2020.
In line with the theme of Vietnam’s ASEAN Chairmanship, “Cohesive and Responsive ASEAN”, the Ministry of Finance and the State Bank of Vietnam have proposed two priority initiatives: “Sustainable finance in ASEAN” and “Promoting regional payment connectivity”, said Deputy Director of the Finance Ministry’s Department of International Cooperation Hoang Dieu Linh.
Vietnamese Minister of Finance Dinh Tien Dung and Governor of the State Bank of Vietnam Le Minh Hung will co-chair the meetings at the International Convention Centre (ICC) in Hanoi.
This will be the most important of the process of the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and related meetings in 2020.
During the meeting, the ASEAN finance ministers and central bank governors will review the progress of the Roadmap for Monetary and Financial Integration of ASEAN and initiatives within the framework of the AFMGM Process.
Discussions with leaders of international finance organisations regarding the global and regional macro-economic situation as well as policies to cope with COVID-19 and recover the regional economy will also be held.
A joint statement is expected to be released at the end of the event reflecting their stance on regional and global issues and updating the outcomes of ASEAN finance-banking cooperation and providing orientations for cooperation activities in the near future.
The 24th ASEAN Finance Ministers’ Meeting, the 16th ASEAN Central Bank Governors’ Meeting, and the Meeting of Deputy Finance Ministers and Deputy Central Bank Governors will be also held at the same time.
On the sidelines of the AFMGM, the ASEAN Finance Ministers and Central Bank Governors will hold a dialogue with business communities, including the ASEAN Business Community, the ASEAN - EU Business Community, and the ASEAN - US Business Community.
ASEAN Deputy Finance Ministers and Central Bank Deputy Governors will also hold a discussion with the US Deputy Secretary of the Treasury on issues of concern.
As Vietnam has assumed the ASEAN Chairmanship this year, it will co-chair the AFMGM and partner with regional member states to carry out financial-banking cooperation activities.
Prior to the sixth ASEAN Finance Ministers’ and Central Bank Governors’ Meeting, the ASEAN Finance and Central Bank Deputies’ Meeting (AFCDM) will be held online in Hanoi on October 1.
A press conference introduces the sixth ASEAN Finance Ministers and Central Bank Governors' Meeting on September 24 (Photo: VietnamPlus)
Participants are scheduled to discuss the outcomes of cooperative initiatives within the framework of the ASEAN monetary-financial integration roadmap and other regional financial cooperation initiatives.
They will also be updated on the regional economic situation, the results of the G20 Finance Ministers and Central Bank Governors’ meeting, and preparations for ASEAN 2021, and considered the approval of the draft Joint Statement of the sixth AFMGM.
Despite COVID-19, ASEAN has made important strides forward in the implementation of its monetary-financial integration roadmap, contributing to realising targets in the 2016-2025 comprehensive plan on financial integration and strengthening policy dialogue and financial collaboration with partner countries.
The working group on capital market development has continued to promote finance sustainably via the application of ASEAN standards, including standardising documents on infrastructure funding.
Recommendations in the group’s sustainable finance report will serve as a reference for ASEAN member states to devise policies.
With the aim of fully removing barriers to financial services in the bloc, including insurance, securities, and banking, the working group on financial services liberalisation has completed eight rounds of negotiations, with the ninth expected to be completed next year. After next year, ASEAN will build a Framework Agreement on Services (AFAS), containing wider commitments.
Last year the ASEAN Insurance Forum adopted a Roadmap to the ASEAN Insurance Integration Framework, with a target of liberalising insurance services and opening financial service markets in 2021.
The ASEAN finance and central bank deputies are also expected to approve reports from working groups, which will be submitted to the sixth AFMGM for consideration./.
