Minister Ho Duc Phoc attends the ASEAN Finance Ministers and Central Bank Governors Meeting series

On April 4, 2024, in Luang Prabang, Laos, Minister Ho Duc Phoc led the Vietnamese Ministry of Finance delegation to attend a series of dialogue conferences between Finance Ministers, Governors of ASEAN Central Banks and the ASEAN-Europe Business Council; ASEAN-US Business Council; ASEAN Business Advisory Council. Minister of Finance Santiphab Phomvihane and Governor of the State Bank of Laos Bounleua Sinxayvoravong co-chaired the conferences.

At the Conferences, ASEAN Ministers and Central Bank Governors focused on discussing with the ASEAN-Europe Business Council (EU-ABC) and the ASEAN-US Business Council (US-ABC) the following topics: Continuing a sustainable and equitable recovery for ASEAN including Green Finance and Financial Technology; Enhancing connectivity for resilient financial systems in Southeast Asia.

Minister Ho Duc Phoc speaks at the ASEAN Finance Ministers and Central Bank Governors Meeting with ABAC.

At the ASEAN Ministers and Central Bank Governors Meeting with the ASEAN Business Advisory Council (ABAC), the Ministers and Governors discussed and heard ABAC's recommendations on priority areas of: Digital transformation; investment facilitation; digital transaction connectivity; cross-border digital payment connectivity.

The ASEAN Ministers and Central Bank Governors highly appreciated the views and recommendations of ABAC, US-ABC and EU-ABC on relevant regional and global issues. At the same time, they acknowledged the important role and contributions of partners in the region's business sectors, as well as supported ASEAN's initiatives to promote the regional economic agenda towards sustainable and inclusive growth.

Speaking at the dialogue session with the US Business Council, on behalf of the Vietnamese Ministry of Finance, Minister Ho Duc Phoc said: The ASEAN region in general and Vietnam in particular continue to maintain a high and dynamic growth rate and are an attractive destination for businesses; innovation towards e- government , trade facilitation, and positive business conditions for businesses.

Overview of the ASEAN Finance Ministers and Central Bank Governors Meeting with the ASEAN-Europe Business Council

In addition, ASEAN economies also face many challenges. Collaboration and shared responsibility from the business community are very important. For the US business community, it is necessary to accompany the region in promoting financial and technological resources in green and sustainable transformation.

The Minister recommended: In the context of applying a global minimum tax, it is also necessary to pay attention to the application of this tax policy to maintain the active participation of multinational enterprises in providing finance and technology for green transformation.

Minister Ho Duc Phoc also said: The issue of cyber security to ensure the safety and stability of the financial and securities markets is also raised in the context of this risk becoming more and more evident. Besides, ASEAN economies are also facing many challenges. Therefore, the cooperation and sharing of responsibility from the business community is very important.

The Minister also requested that the Business Councils carefully study and propose solutions for state management of cryptocurrencies and digital assets, so as to ensure the requirements of taking advantage of the economic benefits of this field, while ensuring appropriate state management measures to maintain market stability and protect the legitimate and reasonable interests of relevant parties.

At the Conference with ABAC, Minister Ho Duc Phoc said that Vietnam acknowledged ABAC's recommendations and highly appreciated the efforts of the ASEAN business community in promoting financial flows in the ASEAN region.

The Minister expressed his belief that ABAC will continue to have an effective dialogue mechanism with ASEAN Finance Ministers and Central Bank Governors, thereby contributing important recommendations from the ASEAN private sector to the process of perfecting the regulatory system and financial market infrastructure to increase the attraction of investment capital flows into the region./.

Ministry of Finance Portal

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