SBV Deputy Governor Pham Tien Dung (back row, second from right) and other central bank and finance officials of ASEAN pose for a group photo at the meetings in Bali, Indonesia. (Source: VNA) These were the most important eventschaired by Bank Indonesia (BI) and the Indonesian Ministry of Finance withinthe framework of the ASEAN financial and monetary cooperation in 2023, when thenation holds the ASEAN Chairmanship.
With the theme “ASEAN Matters:Epicentrum of Growth” for the ASEAN Year 2023, the BI and Finance Ministry ofIndonesia informed some focuses of regional financial and banking cooperation,namely reconstruction, digital economy, and sustainable development.
On behalf of the SBV, Dung highly valued the proposals by the BI and Finance Ministry of Indonesia todeal with urgent issues facing countries and devise long-term orientationstowards sustainable growth in the region.
Assessing the ASEAN bankingintegration outcomes, central bank and financial officials recognised effortsby the ASEAN Senior-Level Committee (SLC) on banking integration and theworking committees in actively coordinating and effectively implementingcooperation initiatives. They also gave directions to accelerate moves toachieve targets of the ASEAN Economic Community Blueprint 2025.
The Vietnamese official applauded theworking committees’ outcomes, asking them to consider the review plans for theset targets for 2025 and prepare for making plans for the 2025 - 2035 period.
He called on the Working Committee on Capital Account Liberalisation (WC-CAL) to increase discussions and further share informationabout the situation of capital flows and the application of macro-prudentialpolicies in member countries, which is a highly important issue amid many risksand uncertainties facing global financial conditions. Meanwhile, the WorkingCommittee on ASEAN Banking Integration Framework (WC-ABIF) should look into lessons for risk inspection,supervision, and governance in the regional banking system following somerecent bank failures in the US and Switzerland.
The Deputy Governor welcomed theactivities and initiatives carried out by the Working Committee on Payment andSettlement Systems (WC-PSS) to build a cross-border payment network and considerthe establishment of a multilateral payment mechanism in ASEAN.
As part of the meetings, the centralbank governors and finance ministers of ASEAN, representatives of the ASEANBusiness Advisory Council (ASEAN ABAC), the US - ASEAN Business AdvisoryCouncil (US - ASEAN BAC) and the EU - ASEAN Business Advisory Council (EU - ASEANBAC), along with managing directors of big financial institutions in the regiondiscussed challenges related to digital economy, supply chains, climate change,inflation, and geopolitical tensions./.
VNA
