Between April 4-5, 2019, Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) headed a delegation to attend the fifteenth ASEAN Central Bank Governors’ Meeting (ACGM).
At this year ACGM, the ASEAN Central Bank Governors applauded the priority theme of “Advancing Partnership for Sustainability” chosen by the host country Thailand. They acknowledged the importance and highly appreciated the initiatives of financial integration in this fiscal year, which were recommended by Thailand, including enhancement of connectivity, sustainability and resilience.
Deputy Governor Nguyen Thi Hong attends the ASEAN Central Bank Governors’ Meeting
At the Meeting, the delegates were pleased to acknowledge the ASEAN’s economic growth of 5.1% in 2018. Accordingly, the Governors committed to further strengthen the international trade connectivity and investment, and considered it an important momentum for growth and development in the region. The Meeting believed that the on-going infrastructure development in several ASEAN member states (AMS) would accelerate investment, consumption and economic growth. However, the countries in the region were all aware of the external risks, and expressed their willingness to address those risks through sound policies in order to maintain the growth and the sustainability of the finance systems.
About the initiatives of enhancing banking integration, the ASEAN Central Bank Governors exchanged their views and gave orientations towards (a) ASEAN Banking Integration Framework (ABIF); (b) Payment and Settlement Systems (PSS), (c) ASEAN cyber security information sharing platform; and (d) Improving governance capacity in accordance with the ASEAN Community Vision 2025.
At the ASEAN Finance Ministers’ and Central Bank Governors’ Joint Meeting (AFMGM), the leaders applauded the significant progress achieved in the process of financial integration in the ASEAN region. In particular, it was worth noting that the ASEAN member states have completed the process of negotiating and signing the Protocol for Implementation of the 8th Financial Services Commitment Package under the ASEAN Framework Agreement on Services (AFAS).
Deputy Governor Nguyen Thi Hong takes a photo with delegates at the ACGM and AFMGM
At the end of the series of Meetings, the ASEAN Central Bank Governors and Finance Ministers reaffirmed their commitment to the pursuit of an integrated ASEAN in order to support the economic growth and to maintain the regional financial stability in the context of rising instabilities around the world, and expressed their determination to pursue the development of an efficient and sustainable ASEAN banking system. They also showed their commitment to working closely together to achieve the objectives of financial and banking integration within the framework of the ASEAN Community Vision 2025.
All of the delegations expressed high appreciation for the successful organization of the 15th ACGM and the 5th AFMGM, as well as a series of related events in Chiang Rai, Thailand. In her closing remarks, Deputy Governor Nguyen Thi Hong, on behalf of the SBV Governor, expressed the willingness to welcome the delegates to the next ASEAN Central Bank Governors’ Meeting (ACGM) and ASEAN Central Bank Deputy Governors Meeting (ACDM) in 2020 in Vietnam. The delegations also congratulated Vietnam on assuming the ASEAN Presidency in 2020.
Le Hang