Between March 28-30, 2023, the delegation of the State Bank of Vietnam (SBV) attended the ASEAN Central Bank Deputies’ Meeting (ACDM) and the ASEAN Finance and Central Bank Deputies’ Meeting (AFCDM), and a series of related events, which were organized in Bali, Indonesia. The objective of the Meetings was to prepare and agree on the cooperative activities to report to the ASEAN Central Bank Governors’ Meeting (ACGM) and the ASEAN Finance Ministers’ and Central Bank Governors’ Joint Meeting (AFMGM).
SBV Delegation attends the ASEAN Central Bank Deputies’ Meeting and the ASEAN Finance and Central Bank Deputies’ Meeting
With the theme of “ASEAN Matters: Epicentrum of Growth”, Bank the Indonesia (the central bank) and the Indonesian Ministry of Finance had announced three priority economic deliverables (PEDs) for the regional cooperation in finance and banking in 2023, namely: (i) Recovery and Rebuilding; (ii) Digital economy; and (iii) Sustainability.
Accordingly, the Finance and Central Bank Deputies focused their discussion on the priorities chosen by Indonesia, specifically: (i) Local currency transaction (LCT), (ii) Cross-border payment, (iii) Integrating policies on macro safety.
Moreover, the ASEAN Finance and Central Bank Deputies also had a dialogue with the representatives of the U.S. Department of the Treasury (USDT) about the U.S. economic developments as well as the orientations for the management in the coming time. The sides shared their experience and updated information on the initiatives for sustainable finance in the ASEAN region.
In the AFCDM+3 between the ASEAN Member States and the partner countries, the delegates discussed substances related to the ASEAN+3 Financial and Monetary Cooperation, including (i) Chiang Mai Initiative Multilateralization (CMIM); (ii) Operations of the ASEAN+3 Macroeconomic Research Office (AMRO); and (iii) the Asian Bond Markets Initiative (ABMI).
The delegates at the AFCDM+3 agreed that the ASEAN economy would continue to face more uncertainties and risks in the coming time, which are resulted from the slugging growth of the global economy, the hikes in the global commodity prices…They also agreed to further enhance the improvement of AMRO’s activities, and the readiness of the CMIM in order to create a safe network for the regional finance sector in the context of uncertainties in the global economy.
Le Hang