On the afternoon of September 15, 2026, in Ha Long Ward, Quang Ninh City, the State Bank of Vietnam (SBV) hosted the 32nd Meeting of the ASEAN Senior Level Committee on Financial Integration (SLC). The meeting was co-chaired by SBV Deputy Governor Nguyen Ngoc Canh and Deputy Governor Filianingsih Hendarta of Bank Indonesia.
The meeting was also attended by Deputy Governors of ASEAN central banks; representatives of working groups under the ASEAN financial and banking cooperation framework; the ASEAN Secretariat; and representatives from international institutions, including the Bank for International Settlements (BIS), the ASEAN+3 Macroeconomic Research Office (AMRO), and other relevant organizations.
SBV Deputy Governor Nguyen Ngoc Canh and Deputy Governor Filianingsih Hendarta of Bank Indonesia co-chair the meeting
Promoting ASEAN financial integration toward greater connectivity, sustainability and inclusiveness
In his opening remarks, Deputy Governor Nguyen Ngoc Canh emphasized that the meeting was particularly significant as ASEAN financial cooperation is set to transition to a new cooperation framework beginning in 2027. Therefore, the meeting not only provided an opportunity to review the outcomes achieved through regional cooperation but also served as an important platform for members to identify priorities and directions for the next period.
The SBV Deputy Governor noted that ASEAN’s common objective is to continue promoting greater connectivity, sustainability, inclusiveness, and deeper integration of regional financial and banking systems. Regional cooperation should focus on concrete and practical outcomes that deliver benefits to ASEAN economies and peoples.
Heads of ASEAN delegations pose for a group photo at the meeting
At the meeting, representatives from BIS and AMRO provided updates on global and regional macroeconomic and financial developments, highlighting a number of challenges, including inflationary pressures, the rapid development of artificial intelligence (AI), vulnerabilities in the financial system, and fiscal pressures.
The ASEAN Secretariat also briefed the meeting on the outcomes of relevant ASEAN meetings and progress in implementing the ASEAN Finance Sectoral Plan for 2026–2030, including the ASEAN Economic Community Monitoring, Evaluation, Accountability and Learning Framework to 2045 (AEC MEAL Framework 2045).
In the new period, ASEAN continues to prioritize strengthening resilience, promoting trade and investment, broadening stakeholder participation, and enhancing the quality of implementation and policy coordination.
Strengthening resilience against emerging economic and financial risks
During the discussions, Deputy Governor Nguyen Ngoc Canh noted that, amid a highly volatile global economic and financial environment, central banks are facing increasingly complex challenges. In addition to addressing current shocks, economies in the region need to further strengthen resilience, maintain adequate policy space, and enhance their capacity to respond to future shocks.
The meeting considered a consolidated report on macroeconomic and financial risks in the region and received progress updates from ASEAN working groups on banking integration, capital account liberalization, capital market development, financial inclusion, financial services liberalization, payment systems, and capacity building to support ASEAN financial integration.
Overview of the meeting
With regard to initiatives under the SLC, the meeting reviewed progress in sustainable finance, the ASEAN Cyber Resilience and Information Sharing Platform (CRISP), and the ASEAN Swap Arrangement (ASA).
Regarding cybersecurity, Deputy Governor Nguyen Ngoc Canh emphasized that, as financial systems become increasingly interconnected and digitalized, resilience against cybersecurity risks is becoming increasingly important to maintaining confidence in and stability of the financial system.
Therefore, cooperation, timely information sharing, and mutual support among ASEAN central banks play an important role in strengthening the region’s preparedness and resilience against cybersecurity risks.
Preparing for the new ASEAN Financial Cooperation Framework from 2027
One of the key issues discussed at the meeting was Project Revive, an initiative to reform ASEAN financial cooperation mechanisms with the aim of streamlining the governance structure, enhancing coordination, and reorganizing existing mechanisms and working groups.
The recommendations under Project Revive were endorsed by the ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) in April 2026 and are expected to be implemented from 2027.
Under the new structure, the SLC and the ASEAN Central Bank Deputies’ Meeting (ACDM) will be merged into an “Enhanced ACDM” mechanism. The working groups will be reorganized into four areas: Connectivity; Inclusive and Digital Finance; Integration and Resilience; and Sustainable Development.
The reform is intended to reduce overlaps, strengthen coordination, and focus resources on priority areas, while ensuring continuity in ongoing initiatives.
The meeting also reviewed the implementation of the Philippines’ economic priorities during its 2026 ASEAN Chairmanship and discussed Singapore’s expected priorities for the ASEAN Financial Track when it assumes the ASEAN Chairmanship in 2027.
In his closing remarks, Deputy Governor Nguyen Ngoc Canh expressed his appreciation for substantive exchanges among participants. He reaffirmed that the discussions reflected the shared commitment of ASEAN members to strengthening resilience, deepening financial integration, and building an inclusive, sustainable, and future-ready financial sector within ASEAN.
Participants pose for a group photo
In the context of ASEAN’s preparation for the transition to a new cooperation structure, the outcomes and experience accumulated under the SLC framework will provide an important foundation for members to continue advancing the financial integration agenda in the next period.
The implementation of Project Revive represents not only an organizational restructuring but also an opportunity for ASEAN to enhance coordination, focus resources on priority areas, and ensure that cooperation initiatives are implemented effectively.
The meeting marked an important transitional stage from the existing SLC structure to ASEAN’s new financial cooperation framework from 2027. As co-chair of the SLC for the 2024–2026 term, the SBV continues to demonstrate its proactive and responsible participation in ASEAN financial cooperation, contributing to the advancement of regional financial integration and the strengthening of the resilience of the ASEAN financial sector.
Vietnamese Delegation at the meeting