Deputy Governor Nguyen Ngoc Canh attends the ASEAN Central Bank Governors and Finance Ministers Meeting in Malaysia

The AFMGM is a high-level event held annually in the ASEAN financial and banking cooperation process. It is the leading important forum for leaders of central banks and ministries of finance in the ASEAN region to discuss macroeconomic policies, share management experiences in the financial and banking sector, and approve cooperation initiatives on finance, currency, and banking in the region. The conference is attended by senior leaders from central banks, monetary authorities, and ministries of finance of ASEAN members.

Deputy Governor Nguyen Ngoc Canh speaks at the Dialogue with international financial institutions

ASEAN Priority Themes 2025

In 2025, the host country Malaysia proposed the theme for the ASEAN Chairmanship Year 2025 as “ASEAN: Inclusivity and Sustainability” reflecting the commitment of Malaysia and ASEAN to strengthen regional peace, stability and prosperity in an inclusive, sustainable and forward-looking framework. For the financial and banking sector, Malaysia proposed the Priority Economic Initiatives (PEDs) in 2025 to enhance the efficiency, inclusiveness and resilience of the ASEAN region including: Promoting access to finance for a just transition and enhancing climate change adaptation in ASEAN; Promoting the development of sustainable, connected and inclusive ASEAN capital markets; Enhance inclusive instant payment connectivity in the ASEAN region through the issuance of a roadmap to facilitate participation of all ASEAN members in the regional instant payment connectivity network and a set of quantitative targets to assess the level of use and adoption of cross-border payment connectivity.

ASEAN Central Bank Governors and Finance Ministers take a souvenir photo at the AFMGM Conference

Banking and financial integration process

At the meeting, the ASEAN Central Bank Governors and Finance Ministers appreciated the ASEAN Working Groups for their achievements and progress in the areas of financial services liberalization, banking integration, financial inclusion, capital market development, capital account liberalization and cross-border payment connectivity, in line with the ASEAN Economic Community Blueprint 2025. The meeting noted cooperation initiatives to expand financial access, improve liquidity management efficiency to support intra-ASEAN trade and investment and promote the sustainable finance agenda in the region.

The conference highly appreciated Malaysia's initiative to review the financial and banking cooperation mechanism (called Project Revive) to optimize the financial cooperation mechanism in the ASEAN region. This initiative was initiated by the Governors of ASEAN Central Banks in April 2024 to comprehensively review the financial cooperation mechanisms within the ASEAN framework. In the context of ASEAN's transition from the ASEAN Community (AEC) Vision 2025 to Vision 2045 and the AEC Strategic Plan 2026–2030, Project Revive aims to improve the governance, organization and processes of financial agencies to enhance efficiency, flexibility and adaptability to global economic and financial changes. Delegates commented that Project Revive is not only a technical reform but also demonstrates ASEAN's determination to build a modern, efficient and future-ready regional financial system.

Dialogue session with international financial institutions

On the sidelines of the Summit, ASEAN Central Bank Governors and Finance Ministers had a dialogue with senior leaders of international financial institutions, including the World Bank (WB), the International Monetary Fund (IMF), the Asian Development Bank (ADB), and the ASEAN+3 Macroeconomic Research Office (AMRO). At the dialogue, international organizations assessed that ASEAN has positive growth prospects but is facing many risks, especially from the US imposing reciprocal tariffs on its partners and fluctuations in major economies such as China. International organizations shared the view that the global supply chain is facing the threat of disruption. In this context, international organizations recommended that ASEAN should continue to strengthen solidarity and cooperation; maintain resilience to uncertainties in the international financial market. To enhance self-reliance and sustainable development, ASEAN needs to promote domestic reforms to improve labor quality and skills; thereby creating positive momentum for sustainable growth.

Deputy Governor Nguyen Ngoc Canh took a souvenir photo with the Malaysian Finance Minister.

The most shared initiatives by leaders of the banking and finance sector include enhancing policy dialogue, information sharing cooperation, enhancing research on common directions and solutions, promoting mutual market opening, and aiming to enhance the region's resilience.

Speaking at the dialogue session, Deputy Governor Nguyen Ngoc Canh said that the US decision to temporarily suspend the application of reciprocal tariffs for 90 days for most countries is a positive step, easing tensions and creating opportunities for countries to continue dialogue with the US to reach fair trade agreements. The Deputy Governor emphasized that the negative impact of disruptions in international trade and investment flows could affect production capacity, employment and budget revenue, while posing many challenges to the growth targets of each country and the entire region. In that context, the Deputy Governor said that, in addition to the region's common efforts, ASEAN countries need to prioritize promoting intra-bloc economic integration, opening markets, improving production capacity and soft skills to create a solid foundation for sustainable development and enhance resilience. In particular, the Deputy Governor shared his views with the banking and finance leaders on the importance of regional financial safety nets such as the ASEAN Swap Arrangement (ASA) and the Chiang Mai Initiative Multilateralization (CMIM) in providing timely support to members when they encounter difficulties in liquidity, balance of payments and maintaining macro-financial stability during volatile periods.

ASEAN Central Bank Governors and Finance Ministers take a souvenir photo with the Prime Minister and Finance Minister of Malaysia

Joint Statement of ASEAN Central Bank Governors and Finance Ministers

At the end of the Conference, the ASEAN Central Bank Governors and Finance Ministers agreed on the content of the Joint Statement; in which they reaffirmed their commitment to financial stability and enhanced regional integration as well as the need to increase intra-regional trade and investment and promote deeper economic cooperation with external partners.

The meeting expressed its gratitude and appreciation to the Central Bank and the Ministry of Finance of Malaysia for hosting the 12th AFMGM in 2025 – a special year, marking the 10th anniversary of the establishment of the ASEAN Economic Community (AEC).

The 13th AFMGM Conference and related events are scheduled to be held in the Philippines.

Source: https://thoibaonganhang.vn/pho-thong-doc-nguyen-ngoc-canh-tham-du-hoi-nghi-thong-doc-nhtw-va-bo-truong-tai-chinh-asean-tai-malaysia-162615.html