Implementing the Master Plan on ASEAN Cooperation approved by the Government, on September 20, 2024, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam and Deputy Governor Filianingsih Hendarta of Bank Indonesia co-chaired the 28th ASEAN Senior Level Committee on Financial Integration (SLC) and Related Meetings, hosted by the State Bank of Vietnam (SBV) in Da Nang.
Deputy Governor Pham Thanh Ha co-chairs the Meeting
Deputy Governor Pham Thanh Ha speaks at the Meeting
Delivering his opening speech, Deputy Governor Pham Thanh Ha shared that the 28th Meeting of the SLC was held in the context of a rapidly changing regional and global economy. The SBV Deputy Governor also reaffirmed the SLC's commitments to realizing the priorities of ASEAN in enhancing the resilience and the prosperity in the region. Deputy Governor Ha went on to emphasize that 2024 marks an important milestone for ASEAN, because it is good time to review the implementation progress of the ASEAN Community Vision 2025, and to build strategic plans to implement the ASEAN Community Vision 2045.
The Policy Dialogue between the ASEAN Central Banks’ Deputy Governors and representatives from the international organizations on the regional and international macroeconomic outlooks:
An overview of the Meeting
Speaking at the Dialogue, the SBV Deputy Governor shared that the global economy has been experiencing signs of recovery. The inflation has been going down faster than expected, and the financial systems have recovered significantly. However, the main challenges in this time are to ensure the price stability and to implement the long-term goals of sustainable and balanced growth. Accordingly, Deputy Governor Ha said that the top priority for the monetary policy now is to change from reducing the inflation to controlling the inflation, and further strengthening the resilience of the financial systems.
Also within the framework of the Meeting, the SBV Deputy Governor highly complimented the efforts of the Working Committees in implementing the priority activities in 2024 with remarkable results, including: the early accomplishment of the objectives on financial inclusion; the significant progress in promoting the cross-border payment connectivity in the region; and the organization of multiple effective and practical capacity building activities for the member countries, thereby contributing to realizing the common goals of the ASEAN Vision 2025. The Deputy Governors also emphasized specifically that the Working Committees need to prioritize the development of the strategic activities and new key performance indicators (KPIs) for the 2026-2030 period, in accordance with the 2026-2030 Strategic Plan.
Participants take a photo together
At the Meeting, Mr. To Huy Vu, Director General of the SBV International Cooperation Department, presented a report on the main risks to the macroeconomic and financial situations in the region, with a multi-dimensional analysis of the current risks, including: high inflation rates, exchange rate fluctuations, geopolitical tensions, cybersecurity risks, climate change, etc. Mr. To Huy Vu also emphasized the importance of initiatives to promote sustainable finance, including the ASEAN Taxonomy and the ASEAN Green Map, as well as other initiatives for the financial and banking cooperation in the region.
Mr. To Huy Vu speaks at the Meeting
Toward the end of the Meeting, the ASEAN Central Banks’ Deputy Governors highly appreciated and thanked the SBV for having successfully hosted and co-chaired the 28th Meeting of the SLC. The participants also recognized the efforts of the SBV and Bank Indonesia in promoting the cooperative activities within the framework of the ASEAN financial and banking cooperation, contributing to promoting the process of deep integration and stable development of the ASEAN region in the context of instabilities around the world. The 29th Meeting of the SLC is planned to be held in Malaysia.
HY