ASEAN finance ministers, central bank governors meet in Thailand

Friday, 2019-04-05 22:33:12
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ASEAN finance ministers and central bank governors at the ASEAN Finance Ministers and Central Bank Governors Meeting in Chiang Rai, Thailand, on April 5, 2019. (Photo: Thailand's Ministry of Finance)
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NDO/VNA – The 23rd ASEAN Finance Ministers’ Meeting (AFMM) and the fifth ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) took place in Chiang Rai, Thailand, on April 5 under the chair of Thai Finance Minister Apisak Tantivorawong and Governor of Thai Central Bank Veerathai Santiprabhob.

>>> Vietnam attends 23rd ASEAN Finance Ministers’ Meeting

A Vietnamese delegation led by Finance Minister Dinh Tien Dung and Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong attended the events.

Speaking to participants, Minister Dung asked ASEAN to continue with its reform measures to support regional resilience in infrastructure, capability of financial access, labour output improvement, renewal promotion, and business environment.

The Vietnamese side acknowledged the result of negotiations on financial services under the ASEAN Trade in Services Agreement (ATISA) and lauded member states for agreeing to ensure the principles of “cautious management” and “fiscal space” in financial services.

Vietnam called on the bloc to maintain such stance when negotiating new and upgrade free trade agreements, including the Regional Comprehensive Economic Partnership (RCEP).

Minister Dung spoke highly of regional business environment thanks to drastic reform in trade facilitation, simplification of customs procedures and application of information technology.

He expressed support for the goal of connecting all member countries in the ASEAN one-stop shop and announced that Vietnam is ready to join pilot projects in the ASEAN Customs Transit System.

Vietnam is working to refine legal framework for the development of green capital market products, including green bonds in the country, he said, adding that Vietnam welcomes the adoption of the Roadmap on ASEAN Sustainable Capital Markets.

The meetings reviewed the outcomes of financial-monetary cooperation in the region with an aim to maintain ASEAN economic growth, ensure financial stability and achieve priority goals of enhancing connectivity, sustainability and financial resilience.

Finance ministers and central bank governors discussed regional and global economic growth, the progress of the implementation of ASEAN financial and monetary cooperation initiatives.

Concluding the events, they issued a joint statement reaffirming the commitment to pursuing an integrated ASEAN to support economic growth and strengthen regional financial stability amid increased instability arising from trade tension and developed countries’ policy adjustments.

They welcomed Vietnam’s host of the sixth AFMFM and the assumption of its Chair by 2020.