Vietnam plays an active role in ASEAN's finance and banking initiatives

Representatives from the Ministry of Finance and the State Bank of Vietnam (SBV) took an part in discussions during the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) held in Kuala Lumpur, Malaysia.

Heading the Vietnamese delegations, Minister of Finance Nguyen Van Thang and SBV Deputy Governor Nguyen Ngoc Canh took part in crucial discussions among ASEAN ministers and prominent business councils, such as the US-ASEAN Business Council (US-ABC), the EU-ASEAN Business Council, and the ASEAN Business Advisory Council. These conversations centered on urgent economic issues, especially worries regarding the US's latest tariff regulations. ASEAN ministers gained solid support from the US-ABC while expressing regional worries to the US about the possible adverse effects of its tariffs on businesses in Southeast Asia.

During these meetings, Thang reiterated Vietnam's dedication to simplifying administrative processes, speeding up decision-making, and ensuring regulatory uniformity to promote enhanced economic and financial integration within ASEAN. He indicated that with global trade policy changes impacting supply chains and investment flows, Vietnam anticipates the US-ABC will act as an essential link between the US and ASEAN business sectors, aiding regional economies in adjusting to shifts and fostering equitable and sustainable trade.

Thang further remarked that Vietnam backs ASEAN's sustainability goals and is actively participating in the development of regional frameworks like the ASEAN Taxonomy for Sustainable Finance, the carbon credit market, and the measurement, reporting, and verification (MRV) system to improve transparency and accountability in managing emissions.

Canh highlighted the significance of promoting digital payments for small- and medium-sized enterprises (SMEs), aligning financial regulations, and enhancing cross-border digital infrastructure as essential measures for a more resilient and cohesive ASEAN digital economy. On the periphery of the meetings, Thang and his team engaged in bilateral talks with representatives from the Lao Ministry of Finance, the US-ABC, and the Malaysian finance ministry and central bank.