Vietnam participates in discussions on solutions for ASEAN financial development and integration

On September 20th in Da Nang , within the framework of the ASEAN Cooperation Master Plan 2024, which was approved by the Government and entrusted to the State Bank of Vietnam (SBV) to co-chair the ASEAN Senior Officials Meeting on Financial Integration (SLC) for the period 2024-2026, Deputy Governor Pham Thanh Ha co-chaired the 28th SLC Conference hosted by the SBV.

The 28th SLC Meeting was the first meeting where the State Bank of Vietnam and the Indonesian central bank assumed the role of co-chair. The meeting was attended by all ASEAN Deputy Governors of central banks and Timor-Lester (participating as observers).

Co-chairs the ASEAN Working Groups on Banking Cooperation and representatives of international organizations (Bank for International Settlements – BIS, ASEAN Macroeconomic Research Office – AMRO), ASEAN Secretariat, and ASEAN Banking Association.

Overview of the 28th ASEAN Senior Committee Meeting on Financial Integration (SLC).

In his opening remarks at the Conference, Deputy Governor Pham Thanh Ha stated that 2024 is a pivotal year for ASEAN, as it reflects the progress of the ASEAN Community Vision 2025.

It is also a time to look to the future and chart the course for ASEAN by developing strategic plans to realize the ASEAN Community Vision 2045. The conference is an opportunity to discuss how to implement initiatives within the scope of the SLC.

At the SLC Conference, ASEAN Deputy Central Bank Governors and senior speakers exchanged views on developments in the regional and global macroeconomic situation.

At the same time, the ASEAN Deputy Governors of Central Banks provided guidance on the future activities of the ASEAN Banking Cooperation Working Groups.

This includes the ASEAN Working Group on Banking Integration; Capital Liberalization; Financial Services Liberalization; Financial Inclusion; Capital Market Development; and Payment System Development.

The ASEAN Sustainable Finance Task Force, the ASEAN Capacity Building Committee; the Network for Information Sharing and Cybersecurity Enhancement; and cooperative initiatives within the ASEAN framework, including the ASEAN Swap Agreement and the ASEAN Interoperability Data Framework.

The SLC Committee was established in 2011 within the framework of the ASEAN banking integration process to provide guidance and coordinate the implementation of financial and banking integration initiatives in the region.

The SLC members consist of the Deputy Governors of ASEAN Central Banks , co-chaired on a rotating basis by one of the ASEAN-5 central banks and one of the central banks of Brunei, Cambodia, Laos, Myanmar, and Vietnam for a two-year term.

Currently, the State Bank of Vietnam and the Indonesian central bank are co-chairing the ASEAN Financial Conduct Authority (SLC) for the 2024-2026 term. Their main task is to guide the ASEAN financial and banking integration process; connect ASEAN central banks with regional financial and banking regulators and international partners to promote policy dialogue for the stability of the financial and banking sector; and implement multilateral, inter-regional, and multi-sectoral initiatives.

Source: https://www.nguoiduatin.vn/viet-nam-tham-gia-thao-luan-ve-cac-giai-phap-phat-trien-hoi-nhap-tai-chinh-asean-204240920121721792.htm