Minister of Finance Ho Duc Phoc joins ASEAN meetings

VCN - Minister of Finance Ho Duc Phoc attended meetings between ASEAN finance ministers and central bank governors and the EU-ASEAN Business Council (EU-ABC), the US- ASEAN Business Council (US ABC), and the APEC Business Advisory Council (ABAC) in Luang Prabang Laos on April 4
Minister of Finance Ho Duc Phoc chaired the Investment Promotion Conference in the US Minister of Finance Ho Duc Phoc chaired the Investment Promotion Conference in the US
Minister of Finance Ho Duc Phoc works with WB Country Director for Vietnam Minister of Finance Ho Duc Phoc works with WB Country Director for Vietnam
Minister of Finance Ho Duc Phoc to attend the 28th ASEAN Finance Ministers' Meeting Minister of Finance Ho Duc Phoc to attend the 28th ASEAN Finance Ministers' Meeting
Minister of Finance Mr.Santiphab Phomvihane and Governor of the Bank of the Lao PDR Mr.Bounleua Sinxayvoravong co-chair the meetings
Minister of Finance Mr.Santiphab Phomvihane and Governor of the Bank of the Lao PDR Mr.Bounleua Sinxayvoravong co-chair the meetings

At the meetings, ASEAN Ministers and Central Bank Governors discussed with EU-ABC and US-ABC around the topics: continuing sustainable and fair recovery for ASEAN including Green Finance and Financial Technology; enhancing connectivity for resilient financial systems in ASEAN.

Also at the ASEAN Ministers and Governors meeting with the ASEAN Business Advisory Council (ABAC), Ministers and Governors discussed and listened to ABAC's recommendations on priority areas after digital transformation; investment facilitation; digital transaction connection; cross-border digital payment connection.

Ministers and Bank Governors of ASEAN countries express their appreciation for ABAC, US-ABC and EU-ABC for exchanging views on related regional and global issues.

At the same time, they recognize the important role and contribution of partners in ASEAN's business sectors in supporting ASEAN's initiatives to promote the regional economic agenda towards sustainable, resilient and comprehensive growth

Vietnamese Minister of Finance Ho Duc Phoc speaks at the ASEAN Finance Ministers and Central Bank Governors Meeting with ABAC.
Vietnamese Minister of Finance Ho Duc Phoc speaks at the ASEAN Finance Ministers and Central Bank Governors Meeting with ABAC.

Speaking at the meeting with US-ABC, Minister Ho Duc Phoc shared that the ASEAN region in general, and Vietnam in particular, continue to remain a high-growth, dynamic region and an attractive destination for foreign investor; and innovation towards electronic government, trade facilitation, and positive business conditions for businesses.

Besides, ASEAN economies also face many challenges. Joining hands and sharing responsibility from the business community are very important. For the US business community, it is necessary to accompany the region with full financial and technological resources in green and sustainable transformation.

In the context of applying global minimum tax, it is also important to note that this application maintains the active participation of multinational enterprises in providing finance and technology for green transformation, the Minister recommended.

The issue of cybersecurity to ensure the safety and stability of the financial and securities markets is also raised in the context of this risk becoming more and more obvious.

Minister Ho Duc Phoc also suggested that business councils need to carefully research and propose state management solutions for digital currencies and digital assets, so as to ensure the requirements to take advantage of economic benefits that this field brings, while ensuring appropriate management measures to maintain market stability and protect the legal and reasonable rights of relevant parties.

At the meeting with ABAC, Minister Ho Duc Phoc said that Vietnam recognized ABAC's recommendations and appreciated the efforts of the ASEAN business community in promoting financial flows in the ASEAN region.

The Minister confides that ABAC will continue an effective dialogue mechanism with ASEAN Finance Ministers and Central Bank Governors, thereby contributing important recommendations from the ASEAN private sector to improve regulatory system and financial market infrastructure to increase the attraction of investment flows into the region.

By H. Anh/ Huyen Trang

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