Deputy Governor Nguyen Ngoc Canh attends dialogue sessions with the Business Council and CEOs of financial institutions

These are annual events within the framework of the ASEAN Finance and Banking Summit series to share views and discuss strategic issues of the region.

Deputy Governor Nguyen Ngoc Canh and Minister of Finance Nguyen Van Thang attended dialogue sessions with the US-ASEAN Business Council, EU-ASEAN Business Council and ABAC

Dialogue session with Business Councils

At the dialogue session with the Business Councils, the Governors/Deputy Governors of the Central Banks and the Finance Ministers of ASEAN discussed with the Senior Leaders of the Business Councils their views and cooperation orientations on a series of issues that are receiving a lot of attention today, including: Prospects and challenges for trade and investment in ASEAN in the context of major fluctuations in global trade policies, especially the policies of the Trump administration; Enhancing competitiveness and resilience of supply chains in ASEAN; Digital transformation trends in the banking sector; Sustainable development.

Deputy Governor Nguyen Ngoc Canh speaks at the dialogue session with Business Councils

During the dialogue, the Central Bank Governors/Deputy Governors and Finance Ministers conveyed important messages to the Business Councils. Specifically, on trade and investment, ASEAN committed to promoting intra-regional trade and investment, enhancing economic cooperation with external partners, strengthening financial resilience and regional integration in the context of fluctuations and uncertainties in global trade policy and geopolitical situations.

On sustainable development, ASEAN remains committed to addressing climate change, ensuring a just and orderly transition, and calling on parties to support the region's transition roadmap through funding, technology transfer and capacity building.

Regarding payment connectivity, ASEAN commits to expanding the scope and increasing the use of instant payment systems in the region to benefit users, promote digital payments and enhance socio-economic integration in the region. Regarding digital transformation, encourage cooperation on digital transformation to develop the financial and banking sector in the ASEAN region.

Speaking at the conference, Deputy Governor Nguyen Ngoc Canh shared that digital transformation is not only a driving force for innovation and competitiveness but also a key factor in promoting financial inclusion and sustainable growth. Especially in the banking and financial sector, the digitalization process continues to reshape the way services are provided, risks are managed and customer needs are met. In this context, promoting digital payments for small and medium-sized enterprises, harmonizing regulations and developing cross-border digital infrastructure are considered key factors for ASEAN to move towards a more integrated and resilient digital economy. The Deputy Governor emphasized the need to prevent and respond to fraud and scams - urgent issues for the region.

At the dialogue session, Deputy Governor Nguyen Ngoc Canh also shared about the potential impacts of the ASEAN Business Entity (ABE) initiative on existing frameworks/agreements in ASEAN. According to the Deputy Governor, one of ASEAN's priorities is to promote capital flows to facilitate investment activities and promote growth. However, ASEAN's approach is always based on the principle of ensuring balance and prudence. Capital account liberalization needs to go hand in hand with strong safety mechanisms to ensure effective capital flow management as well as protect the stability of the balance of payments. This is not only an internal issue of ASEAN but also a key factor within the framework of Free Trade Agreements (FTAs) that the ASEAN region in general and ASEAN countries in particular have participated in.

The Deputy Governor emphasized that the ABE business model requires a strong regional infrastructure system, including digital infrastructure, institutions and regulations to ensure smooth coordination between the management agencies of the countries. At the same time, the establishment of a new type with accompanying incentives such as ABE must be consistent with existing laws and trade commitments. In particular, the Deputy Governor said that the top priority is to ensure financial stability. Initiatives such as ABE must avoid harming the financial and macroeconomic stability of member countries, be consistent with the ability to manage related risks as well as ensure that key legal issues are consistent with the "Most Favored Nation" (MFN) principle.

Deputy Governor Nguyen Ngoc Canh attended and spoke at the dialogue session with CEOs of financial institutions.

Dialogue session with CEOs of financial institutions

At this session, the Governors/Deputy Governors of ASEAN Central Banks discussed with CEOs of financial institutions on the topic that is receiving much attention today, which is the prevention and response to financial fraud and scams. According to the delegates, in the context of strong digital transformation taking place globally and in the ASEAN region, the digital economy is bringing many opportunities but at the same time increasing the risks of financial fraud. Forms of digital fraud are increasingly sophisticated, especially through social networks, e-commerce platforms, SMS messages and OTT messaging applications. Fraudsters often use "social engineering" techniques to make victims trust and actively transfer money without realizing that they are being scammed. According to the Global Anti-Scam Alliance, the Asian region will lose $688.4 billion due to financial fraud in 2024. What is worrying is that the losses are not only financial but also negatively affect people's trust in the digital payment system and the development of a sustainable digital economy.

To prevent and respond to financial fraud, many banks in the ASEAN region have implemented customer protection measures such as applying real-time transaction monitoring systems to detect unusual behaviors, increasing warnings and educating customers about fraud and scam risks, but the effectiveness is still limited. Most victims are deceived because they believe in the sophisticated tricks of scammers, making it difficult to prevent despite warnings. The recovery rate after being scammed is also very low, only about 5%, because criminals can withdraw money in less than 30 minutes. In that context, delegates said that a more comprehensive approach is needed, which is to build an "anti-fraud and scam ecosystem" instead of relying solely on banks and law enforcement agencies. In addition to banks, stakeholders such as telecommunications companies, social media platforms, e-commerce platforms, device and operating system manufacturers all have a duty to protect digital systems from criminal abuse.

Deputy Governor Nguyen Ngoc Canh took a souvenir photo with delegates

Speaking at the conference, Deputy Governor Nguyen Ngoc Canh shared that in Vietnam, the volume and value of digital transactions continue to grow at double-digit rates every year, but this is accompanied by increasing risks and challenges. Fraudsters are increasingly taking advantage of technology, especially artificial intelligence (AI), to carry out sophisticated fraud schemes, undermining customer confidence and threatening the stability of the financial system. The SBV has implemented many solutions to prevent and combat financial fraud and scams, such as applying biometric authentication to online transactions; issuing network information security standards. The Deputy Governor affirmed that financial fraud and scams are complex and cross-border issues, requiring increased regional cooperation to jointly handle them.

Deputy Governor Nguyen Ngoc Canh attends the opening ceremony of the ASEAN currency exhibition

Opening of ASEAN Currency Exhibition

At the invitation of the Governor of the Central Bank of Malaysia, Mr. Abdul Rasheed, Deputy Governor Nguyen Ngoc Canh and other Governors and Deputy Governors of ASEAN Central Banks attended the opening ceremony of the ASEAN Currency Exhibition with the theme “Monetary Wonders: Exploring the ASEAN Cultural Landscape” at the Museum and Art Gallery of the Central Bank of Malaysia. The exhibition displays and introduces the monetary history of ASEAN Central Banks, the currencies issued by ASEAN Central Banks as well as the historical and cultural values ​​hidden in the designs of the currencies. The exhibition is a symbol of solidarity and good cooperation among ASEAN Central Banks, while contributing to honoring the cultural and financial values ​​of the region.

Display booth of sample coins of the State Bank

On April 10, 2025, Deputy Governor Nguyen Ngoc Canh continued to attend the ASEAN Central Bank Governors and Finance Ministers Conferences.

Source: https://thoibaonganhang.vn/pho-thong-doc-nguyen-ngoc-canh-tham-du-cac-phien-doi-thoai-voi-hoi-dong-kinh-doanh-va-ceo-cac-to-chuc-tai-chinh-162530.html