Participants at the meeting in Hanoi (Photo: VNA)Hanoi (VNA) – Solutions to promoting sustainable finance in ASEAN, digital
transformation in the financial service sector amid the fourth Industrial
Revolution, comprehensive financial solutions, and regional digital commerce links
were on the agenda of the 6th ASEAN Finance
Ministers’ and Central Bank Governors’ Meeting (AFMGM), held online on October
2.
In his opening remarks, Minister of Finance of Vietnam Dinh Tien Dung emphasised
that the annual dialogue between ASEAN Finance Ministers and Central Bank Governors
and representatives of member groups of the ASEAN Business Advisory Council, the
EU-ASEAN Business Council, and the US-ASEAN Business Council has created a
forum for managers and policy makers to openly exchange views on issues of
concern in the region and the world.
He highlighted the necessity of implementing solutions to mobilise and use
public finance effectively and mobilising private resources and donor development
assistance for sustainable development goals.
For sustainable and healthy development in the financial sector, he said, Vietnam
is currently stepping up the restructuring of budget spending in the health
sector, promoting the mobilisation of private capital sources for medical
development, and encouraging businesses to develop insurance products for
social security purposes.
He said the ministry has focused on promoting the application of information
technology (IT) in a range of fields, especially in tax administration and
customs, and this is helping to improve the business environment and significantly
cut business costs.
ASEAN Finance Ministers and Central Bank Governors highlighted the important role of promoting regional sustainable
finance in developing infrastructure and health systems in the context of ASEAN
facing a lack of investment capital for infrastructure development.
They emphasised the need to further promote cooperation in mobilising financial
resources for developing infrastructure and health systems in order to resolve
growth bottlenecks and narrow the development gap in each country and within
the ASEAN region.
Representatives from business communities made recommendations on funding for
infrastructure development, especially long-term funding, sustainable finance, and
sustainable health assistance.
Participants also spent time discussing issues related to digital
transformation in financial services, comprehensive financial solutions, and
digital trade links in the region.
They stressed the urgent need for coordination and dialogue between policy
makers and business communities, to build appropriate policies, and create a favourable
investment and business environment in every economy and in the region, towards
gradually overcoming the difficulties caused by the COVID-19 epidemic and
recovering production activities, contributing to the region’s post-pandemic economic
recovery and sustainable economic development.
ASEAN Finance Ministers and Central Bank Governors will continue to maintain the annual dialogue channel
with business communities in the time to come./.
