Vietnam's important contributions at the 28th ASEAN Finance Ministers' Meeting

On April 5, the 28th ASEAN Finance Ministers' Meeting took place in Luang Prabang, Northern Laos. The Vietnamese delegation led by Finance Minister Ho Duc Phoc attended the meeting.

View of the 28th ASEAN Finance Ministers' Meeting

According to a reporter reporting from Luang Prabang, the conference heard reports on the activities of working groups on ASEAN financial cooperation, including infrastructure finance, insurance cooperation, disaster risk finance (ADRFI), customs cooperation, ASEAN tax forum; ASEAN Capital Markets Forum (ACMF).

The ministers acknowledged the important cooperation results achieved since the 27th ASEAN Finance Ministers' Meeting; affirmed that the ASEAN regional financial cooperation initiatives in 2023-2024 have created a favorable trade and investment environment, built financial markets to support infrastructure improvement and helped restore the production capacity of ASEAN economies in the context of increasing climate risks and natural disasters.

Finance Minister Ho Duc Phoc at the 28th ASEAN Finance Ministers' Meeting

Speaking at the conference, Finance Minister Ho Duc Phoc emphasized the importance of the customs management policy mechanism in the role of connecting trade; welcomed Laos' initiative on completing the technical research in the new generation ASEAN Single Window, and suggested that ASEAN promote modernization and mobilize resources for the ASEAN Single Window in the next phase.

According to the Minister, the completion of the network of double taxation avoidance agreements in ASEAN has encouraged cross-border economic activities and facilitated and made the investment environment in ASEAN countries more transparent. However, in the context of international tax reform taking place strongly and extensively in recent years, ASEAN needs to prioritize discussions on how to participate in international tax reform, or how to implement international tax reform in each member country as well as the region effectively, maintaining the position of the ASEAN region as an attractive investment destination; continuing to deploy climate finance, green finance, and transformation finance associated with the four requirements of stability, fairness, reliability and reasonable cost, especially the need to ensure that the prices of essential infrastructure services such as energy and electricity ensure that the cost factor meets the needs of the people.

ASEAN Finance Ministers take ASEAN-style souvenir photo

Emphasizing that financial cooperation in the field of infrastructure helps ASEAN unlock resources to complete hard connectivity, Minister Ho Duc Phoc affirmed that Vietnam will actively cooperate with AIF to propose new projects to mobilize capital from the Fund in the coming time. The Minister emphasized that in 2024, Vietnam wishes to further contribute to promoting ASEAN customs cooperation by fulfilling its role as Chair and hosting the 33rd ASEAN Customs Directors-General Meeting in June 2024 in Phu Quoc.

Source