Minister Ho Duc Phoc acknowledged and highly appreciated the results of ASEAN financial cooperation, stating that the financial cooperation initiatives and achieved results were highly similar to two major topics in the year Laos played a role. ASEAN Chairmanship, that is “connectivity” and “sustainability”.
The Minister affirmed that Vietnam has actively contributed to ASEAN connection activities through the fields of customs and tax cooperation, especially the Ministry of Finance (in coordination with the General Department of Vietnam Customs) will chair the 33rd ASEAN Customs Directors General Meeting in June 2024 in Phu Quoc.
The Minister also welcomed the efforts and results achieved from ASEAN insurance cooperation activities over the past year, including the 26th ASEAN Insurance Managers Conference in December 2023 in Ha Long, Vietnam. Male; Affirming that ASEAN insurance cooperation is on the right track with knowledge sharing and dialogue activities, ensuring a healthy insurance business market, ensuring the “midwife” role of the economy, and making positive contributions. on the “sustainable” theme of ASEAN cooperation 2024.
Minister Ho Duc Phoc proposed that ASEAN need to orient working groups and related cooperation forums on financial services to link the issues of negotiation and implementation of commitments with implementation capacity and management requirements. ensure the stability and safety of the financial market, and at the same time strengthen cooperation in green finance and transitional finance, not only within ASEAN but also with the participation of external partners, especially partners with financial capacity, to share standards for financial tools suitable to partner needs, and at the same time aim for specific commitments on green finance with preferential conditions for the region.
Finance ministers and governors attend the 11th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM). (Source: Ministry of Finance)
Sharing about Vietnam’s economic growth results in 2023 and the first months of 2024, Minister Ho Duc Phoc affirmed that Vietnam’s economy has achieved positive growth recovery results thanks to the following factors: fundamental factors, such as strengthening domestic demand through fiscal policy measures, maintaining macroeconomic stability, controlling inflation, and maintaining an open international trade and investment environment.
The Minister suggested that countries need to be consistent with macro policy orientations with priorities including continuing to apply appropriate fiscal space to maintain domestic demand at a reasonable level, as a foundation for recovery. economic recovery, continuing to strengthen the financial foundation through long-term policy priorities while continuing to maintain an open trade and investment environment and a fair, open and transparent financial market system. , effectively to enable resources to be allocated more effectively.
At the end of the conference, ASEAN ministers and central bank governors issued the Joint Statement of the 11th Conference of ASEAN Finance Ministers and Central Bank Governors; Agreed that the 12th ASEAN Finance Ministers and Central Bank Governors Meeting and related financial cooperation conferences will be held in Kuala Lumpur, Malaysia, in 2025.