On April 5, in Luang Prabang, Lao PDR, the 4th ASEAN Finance Ministers' Meeting (AFMM 28) officially opened under the chairmanship and administration of Lao Minister of Finance Santiphab Phomvihane. Minister Ho Duc Phoc led the delegation of the Ministry of Finance of Vietnam to attend and speak at the Conference.
At the Conference, ASEAN Finance Ministers heard reports on activities of working groups on ASEAN financial cooperation, including infrastructure finance, insurance cooperation, and risk response finance. natural disasters (ADRFI), customs cooperation, ASEAN tax forum; ASEAN Capital Market Forum (ACMF).
The conference recognized important cooperation results achieved since the 27th ASEAN Finance Ministers' Meeting; At the same time, he emphasized the role of ASEAN regional financial cooperation initiatives in 2023-2024 in contributing to strengthening "connectivity" (through creating a favorable trade and investment environment and creating financial markets). support for improving infrastructure) and "sustainability" (through strengthening green financial tools and natural disaster insurance to help restore the production capacity of economies in the face of climate risks and natural disasters increase). The Ministers all affirmed Laos' important presiding and leading role in regional financial cooperation in 2024 with two themes of "connectivity" and "sustainability".
The Ministers stated recommendations to guide cooperation with a number of important initiatives: Promoting modernization and mobilizing resources for the ASEAN Single Window in the next phase, through increased support from partners. potential impact; Enhance coordinated participation and effective implementation of international tax reform (including the Global Minimum Tax) to ensure ASEAN maintains its investment attractiveness; Continue to deploy climate finance, green finance, and transitional finance associated with the 4 requirements of stability, fairness, reliability, and reasonable costs.
Speaking at the Conference, Minister Ho Duc Phoc clearly stated the importance of customs management policy mechanisms in the role of trade connection; Recent important advances in ASEAN Single Window Customs, mutual recognition of priority businesses help make ASEAN trade more efficient, reduce compliance costs and move closer to the goal of “uninterrupted trade”. ” of the ASEAN Economic Community.
The Minister welcomed Laos' initiative on completing technical research in the new generation ASEAN Single Window, asking ASEAN to promote modernization and mobilize resources for the ASEAN Single Window in the next phase. .
Also according to Minister Ho Duc Phoc, completing the network of Double Taxation Avoidance Agreements in ASEAN has encouraged cross-border economic activities and created a favorable and transparent investment environment in ASEAN countries. 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 reform. International taxes in each member country as well as the region are effective, maintaining the ASEAN region's position as an attractive investment destination; Continue to deploy climate finance, green finance, and transitional finance associated with the four requirements of stability, fairness, reliability, and reasonable costs, especially ensuring lower service prices. Essential infrastructure such as energy and electricity ensures the cost factor meets the needs of the people.
Sharing the same opinion with member countries, Minister Ho Duc Phoc expressed his recognition of the operational results of the ASEAN Infrastructure Fund (AIF) and the application of green finance tools (ACGF) to help the AIF Fund become a green fund that continues to support green infrastructure projects in member countries.
Minister Ho Duc Phoc affirmed that Vietnam will actively cooperate with AIF to propose new projects to mobilize capital from the Fund in the near future./.
