ASEAN flexibly uses policy tools to achieve growth targets and maintain economic stability.

In an effort to strengthen regional financial cooperation, on August 25, Finance Ministers and Central Bank Governors of the Association of Southeast Asian Nations (ASEAN) met in Jakarta, Indonesia.

Bộ trưởng Tài chính Indonesia Sri Mulyani Indrawati phát biểu khai mạc Hội nghị. (Nguồn: TTXVN)

Indonesian Finance Minister Sri Mulyani Indrawati delivers the opening speech at the 10th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) in Jakarta, Indonesia, August 25. (Source: VNA)

Deputy Minister Vo Thanh Hung led the delegation of the Ministry of Finance of Vietnam to attend the 10th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) and related conferences.

This is the second ministerial meeting of the year organized at the initiative of the host country Indonesia to create opportunities for Ministers and Governors to meet and discuss regional macroeconomic issues, as well as provide direct and specific instructions on the direction of activities of working groups on ASEAN financial cooperation.

At the conference, the Ministers and Governors discussed the global and regional economic and financial situation with leaders of international organizations such as the International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), Financial Stability Board (FSB), and ASEAN+3 Macroeconomic Research Office (AMRO).

The meeting noted that ASEAN continued its economic recovery, albeit at a slower pace, and was a bright spot in the global economic growth. ASEAN’s economic growth was underpinned by solid domestic demand and supported by the recovery of the tourism sector.

However, in the context of a risky global economic outlook, ASEAN needs to continue to strengthen macroeconomic policies and flexibly use policy tools to achieve growth targets and maintain economic stability.

In addition, the Ministers and Governors also reviewed the activities of working groups in the ASEAN financial and monetary integration roadmap with the aim of enhancing the capacity to develop capital markets and further liberalize regional financial services.

Speaking at the conference, Deputy Minister Vo Thanh Hung affirmed that despite being affected by the instability of the world and regional economy, leading to Vietnam's economic growth in the first 6 months of the year not being as expected, the Vietnamese Government has taken strong measures to restore growth.

Regarding fiscal policy, Vietnam continues to implement the Socio-Economic Recovery and Development Program; exempt and extend the payment of taxes, fees and land rents, support interest rates for businesses and households, and promote public investment.

Thứ trưởng Bộ Tài chính Võ Thành Hưng (trái) và Phó Thống đốc Ngân hàng Nhà nước Phạm Thanh Hà (phải) tham dự Hội nghị. (Nguồn: TTXVN)

Deputy Minister of Finance Vo Thanh Hung (left) attended the conference. (Source: VNA)

In addition, Vietnam continues to operate a proactive and flexible monetary policy, loosening and normalizing interest rates in the context of reduced inflationary pressure, in order to promote domestic demand and investment, business and consumption activities; at the same time, continue to improve institutions, build a transparent and clean investment environment to attract foreign investors.

Regarding ASEAN financial cooperation activities, Vietnam continues to actively contribute to cooperation processes. In 2023-2024, the Vietnamese Ministry of Finance will assume the role of chair of the ASEAN insurance cooperation process and is expected to organize the 26th ASEAN Insurance Regulators Meeting (AIRM) from December 5-8 in Ha Long, Quang Ninh.

In addition, the State Treasury leaders attended the ASEAN Treasury Directors Meeting held on the sidelines of the 10th AFMGM to discuss the establishment of the ASEAN Treasury Forum as proposed by Indonesia.

Based on the general consensus, the Ministers and Governors unanimously adopted the Joint Statement of the 10th AFMGM. At the meeting, the Lao Minister of Finance assumed the role of Chair of the ASEAN Financial Cooperation Process in 2024.

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