At the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) held in Jakarta. (Photo: VNA) Jakarta (VNA) – Deputy Minister of Finance Vo Thanh Hung, who led a Vietnamese delegation to the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) held in Jakarta, said that Vietnam has actively participated in the ASEAN financial cooperation process since 1995.
The ASEAN meeting is the most extensive financial cooperation channel of Vietnam so far, he said, adding that Vietnam has joined other countries to build and implement multi-sectoral cooperation activities in the financial industry.
Talking to the Vietnam News Agency's resident reporter in Indonesia on the sidelines of the 10th AFMGM and related meetings taking place from August 22-25, Hung said that a highlight in Vietnam’s regional financial cooperation is that the Finance Ministry is the chair of ASEAN Insurance Regulators’ Meeting (AIRM) for the 2023-2024 term.
Specifically, Vietnam has worked with other ASEAN member countries to develop orientations to strengthen ASEAN insurance cooperation, especially on sustainable insurance, to enhance the role of the insurance industry in supporting regional sustainable development goals.
The 26th AIRM is expected to take place from December 5-8, 2023 in Vietnam’s Ha Long city.
Hung said that one of Vietnam's priority areas is the in-depth liberalisation of financial services. Vietnam's commitment to opening up its financial service market is also among the top in the region. Currently, Vietnam is continuing to actively participate in negotiating frameworks to build a transparent and deeply integrated ASEAN market.
He affirmed that efforts to promote financial cooperation in ASEAN have made positive contributions to strengthening external relations, sharing experiences, coordinating policies, enhancing the nation's position, and supporting the implementation of financial policies in Vietnam.
Regarding the 10th AFMGM, the Vietnamese official said that the meeting had completed planned tasks. A series of meetings within the 10th AFMGM framework contributed to enhancing regional financial cooperation.
For its part, Vietnam reviewed the activities of working groups in the ASEAN monetary and financial integration roadmap that aims to enhance capital market development and further liberalise regional financial services. The country also had very specific dialogues with representatives of international organisations to assess the regional and the world’s macroeconomy in the current volatile context.
Hung also highly appreciated Indonesia's initiative in strengthening inter-ministerial/sectoral coordination, particularly the organisation of the first ASEAN Finance Ministers and Health Ministers' Meeting.
According to the Deputy Minister, in the context of the post-COVID-19 pandemic, promoting cooperation between ASEAN regional health and financial authorities to strengthen regional health capacity to respond to future epidemic risks is necessary.
Hung also appreciated the organisation of the first meeting of ASEAN treasury leaders to discuss the establishment of the ASEAN Treasury Forum.
Hung said the establishment of the forum will be an important move to help the ASEAN soon develop and implement extensive cooperation and integration activities in the treasury sector on issues of common concern such as treasury management and public finance, digitalisation of public financial management, or support for sustainable financing./.
