Within the framework of the ASEAN High-Level Meetings in Kuala Lumpur, Malaysia, on April 9, 2025, the State Bank of Vietnam (SBV) delegation led by Deputy Governor Nguyen Ngoc Canh attended the dialogue sessions between the ASEAN Finance Ministers and Central Bank Governors with the US-ASEAN Business Council (EU-ABC), the EU-ASEAN Business Council (EU-ABC), the ASEAN Business Advisory Council (ABAC), and the CEOs of several financial institutions.
Deputy Governor Nguyen Ngoc Canh and Minister of Finance Nguyen Van Thang attend the dialogue sessions
The dialogue session with the Business Councils
At the dialogue session with the Business Councils, the ASEAN Finance Ministers and Central Bank Governors/Deputy Governors shared with the senior leadership of the Business Councils about their perspectives and cooperation orientations, including: the prospects and challenges for trade and investment in ASEAN in the context of major fluctuations in the global trade policies; enhancing the competitiveness and the resilience of ASEAN supply chains; the digital transformation trends in the banking sector; and sustainable development.
Deputy Governor Nguyen Ngoc Canh speaks at the dialogue session with the Business Councils
Within the framework of the dialogue session, the ASEAN Finance Ministers and Central Bank Governors/Deputy Governors conveyed the key messages to the Business Councils, focusing on trade, investment, sustainable development, payment connectivity, and digital transformation.
Speaking at the session, Deputy Governor Nguyen Ngoc Canh shared that, in the finance and banking sector, the digitalization process is continuing to reshape the ways we provide services and manage risks. In that context, promoting the digital payments for SMEs, harmonizing regulations and developing the cross-border digital infrastructure are considered the key factors for ASEAN to move towards a more integrated and resilient digital economy. The SBV Deputy Governor also emphasized the importance of preventing and handling with cyber frauds and scams in the region.
Deputy Governor Nguyen Ngoc Canh also shared about the impacts of the ASEAN Business Entity (ABE) initiative on the existing frameworks and agreements in ASEAN. According to the SBV Deputy Governor, one of ASEAN's priorities is to promote the capital flows, creating favorable conditions for investment activities and accelerating the economic growth.
The Deputy Governor emphasized that the ABE model requires a strong regional infrastructure system, including the digital, institutional and regulatory architects to ensure a smooth coordination among the authorities of the ASEAN member states. In addition, establishing a new model like the ABE must be consistent with the applicable provisions of laws and the international trade commitments. In particular, the Deputy Governor said that the top priority is to ensure the financial stability.
Dialogue session with the CEOs of financial institutions
At this dialogue session, the ASEAN Central Bank Governors/Deputy Governors exchanged with the CEOs of the financial institutions on the current topic of interest, which is the prevention and control of financial frauds and scams. The participants noted that amid the rapid digital transformation around the world and in ASEAN, the digital economy offers a lot of opportunities but also increases the risks of financial frauds. Digital scams are becoming increasingly sophisticated, particularly on the social media, e-commerce platforms, SMS services, and OTT messaging apps. According to the Global Anti-Scam Alliance, Asia suffered US$688.4 billion in losses from financial scams in 2024.
Deputy Governor Nguyen Ngoc Canh attends and speaks at the dialogue session with the CEOs of financial institutions.
Deputy Governor Nguyen Ngoc Canh takes a photo with the other participants
Speaking at the session, Deputy Governor Nguyen Ngoc Canh shared that in Vietnam, the number and value of digital transactions continue to grow strongly. However, risks and challenges are also increasing, with scammers exploiting advanced technologies, particularly AI, for sophisticated frauds. The SBV has implemented multiple measures to prevent and control financial frauds and scams, like applying biometric authentication for online transactions, issuing cyber information safety standards. The SBV Deputy Governor affirmed that financial frauds and scams are a complex, cross-border issue, and therefore it requires enhanced regional cooperation to address.
Opening ceremony of the Exhibition on ASEAN Money
Deputy Governor Nguyen Ngoc Canh attends the opening ceremony of the Exhibition on ASEAN Money
At the invitation of Mr. Abdul Rasheed, Governor of Bank Negara Malaysia, Deputy Governor Nguyen Ngoc Canh and other ASEAN Central Bank Governors/Deputy Governors attended the opening ceremony of the Exhibition on ASEAN Money themed “Numismatic Marvels: Minted History, Printed Heritage” at Bank Negara Malaysia’s Museum and Art Gallery.
Display booth of the SBV’s sample coins and banknotes
On April 10, 2025, Deputy Governor Nguyen Ngoc Canh continued to attend the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) and the related meetings.
HY