On April 4, 2024, in Luang Prabang, the Lao P.D.R., within the framework of the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), Deputy Governor Pham Quang Dzung attended the meeting between the ASEAN Finance Ministers/Central Bank Governors and the EU-ASEAN Business Council, the US-ASEAN Business Council, and the ASEAN Business Advisory Council (ABAC). On the same day, Deputy Governor Pham Quang Dzung also attended the policy dialogue session between the ASEAN Central Bank Governors and the CEOs of financial institutions, and had a bilateral meeting with the representative of the Hong Kong and Shanghai Banking Corporation Limited (HSBC) Asia-Pacific.
SBV Deputy Governor Pham Quang Dzung attends the meeting between ASEAN Finance Ministers/Central Bank Governors and the Business Councils
Speaking at the meeting, Deputy Governor Pham Quang Dzung shared that currently there are big demands for assistance in green sectors and in the responses to climate change towards “net-zero” targets in the region and around world. It is estimated that from now to 2050, in order to implement the “net zero” goal, the world would need USD 50 trillion, of which ASEAN would need USD 180 billion by 2030 and USD 240 billion by 2045. In that context, according to the SBV Deputy Governor, apart from the public resources, it is necessary to conduct policies and measures to unlock and attract resources from the private sector, directing private resources into green projects and projects on climate change response.
Overview of the meeting between ASEAN Finance Ministers/Central Bank Governors and the Business Councils
To realize this, Deputy Governor Pham Quang Dzung asserted that the ASEAN member states, the business councils and the international partners should continue to enhance their cooperation to promote initiatives on green financing in the region towards building a green and sustainable ASEAN.
Policy dialogue session between ASEAN Central Bank Governors and the CEOs of financial institutions
On the same day, Deputy Governor Pham Quang Dzung attended the policy dialogue session between the ASEAN Central Bank Governors and the CEOs of financial institutions. The dialogue session focused on (i) providing update on the Interoperable Data Framework (IDF); (ii) small and medium-sized enterprises’ financial access; (iii) cyber security and regional finance’s recovery; (iv) promotion of sustainable finance in the region.
Speaking at the dialogue session, Deputy Governor Pham Quang Dzung made high recognition and acknowledgement for the regional initiatives on (i) the Cyber Resilience and Information Security Platform (CRISP), and (ii) the IDF to promote safe cross-border data flows for banking and financial institutions in the ASEAN. To further strengthen the effectiveness of those initiatives, the SBV Deputy Governor suggested that the private sector makes more recommendations on possible technical solutions and specific resources in order to mitigate the risks and further promote the connectivity in the region.
Regarding sustainable finance, Deputy Governor Pham Quang Dzung acknowledged the efforts of the ASEAN Taxonomy Board in developing and introducing standardized approaches to assess economic activities. The SBV Deputy Governor highly complimented the ASEAN’s efforts and support for the banking sector in transitioning to a sustainable net zero economy.
Deputy Governor Pham Quang Dzung meets the representative of HSBC Asia-Pacific
Also on April 4, 2024, Deputy Governor Pham Quang Dzung had a bilateral meeting with Mr. Rosha Surendra, co-CEO of HSBC Asia-Pacific. At the meeting, the two sides discussed about the cooperation to support Vietnam's economic development, with an emphasis on the promotion of trade and investment in the capital market, focusing on the digital transformation and technology in financial services, sustainable finance and financial inclusion; as well as the management of the national reserve investment.
Le Hang