ASEAN commits to close finance-banking cooperation

Vietnamese Minister of Finance Ho Duc Phoc (L) and Deputy Governor of the State Bank of Vietnam Pham Quang Dung at the conference. (Photo: VNA)

Delegates at the meeting highlighted remarkable progress in the implementation of finance-banking cooperation initiatives, which have contributed to fulfilling targets of the ASEAN Economic Community Blueprint 2025.

They agreed on the need to maintain public debt stability, consolidate fiscal policies, apply macro policies cautiously, and continue to pursue reform goals and sustainable growth given a host of challenges ahead.

In their remarks, Minister of Finance Ho Duc Phoc and Deputy Governor of the State Bank of Vietnam Pham Quang Dung expressed their support for initiatives raised by Laos, 2024 ASEAN Chair, with the theme of “Enhancing Connectivity and Resilience.”

Minister of Finance Ho Duc Phoc praised the group’s financial cooperation, and emphasised that Vietnam has contributed significantly to ASEAN connectivity through collaboration in customs and tax, taking the example of the 33rd Meeting of the ASEAN Customs Directors-General to be chaired by the General Department of Vietnam Customs this June in Phu Quoc, the southern province of Kien Giang.

The minister applauded efforts and outcomes of ASEAN insurance cooperation in the past year and affirmed that the collaboration is on the right track with such activities as knowledge sharing and dialogue, thus ensuring a healthy insurance business environment.  

He suggested the enhancement of cooperation in green finance and transition finance both within the ASEAN, and between it and external partners, saying ASEAN countries should stay steadfast in their macro policy orientations and priorities.

Participating delegations pose for a group photo. (Photo: VNA)

A joint statement was issued at the end of the conference. The 12th AFMGM and relevant financial conference are scheduled for 2025 in Kuala Lumpur, Malaysia./.