On October 2, 2020 morning (Hanoi time), at the International Conference Center, Governor Le Minh Hung of the State Bank of Vietnam (SBV) and Minister Dinh Tien Dzung of the Ministry of Finance (MOF) co-chaired the virtual Meeting between the ASEAN Central Bank Governors and Finance Ministers with the Business councils (the EU-ASEAN Business Council (EU-ABC), the US-ASEAN Business Council (US-ABC) and the ASEAN Business Advisory Council (ABAC)).
This was an important policy dialogue in a series of ASEAN banking and financial cooperation events hosted by Vietnam in ASEAN 2020 for policy-makers in the region to exchange and share with the business communities about the development orientations of the financial and banking industry in the coming time. The main topics of the Meeting were related to the promotion of sustainable finance, digital transformation of the financial services, as well as the financial inclusion within ASEAN.
During the panel discussion session under the chair of SBV Governor Le Minh Hung, representatives from the US-ABC and the ABAC in turn gave presentations on emerging issues in recent time, such as the digital transformation of the financial services in the fourth industrial revolution, E-commerce connectivity, and financial inclusion solutions for ASEAN. The Governors and Ministers also reached consensus on the important role of digital transformation in the financial and banking sector in general and in promoting financial inclusion in particular. In the wake of emerging technologies that are expected to transform both the traditional markets and the entire economy in the near future, the ASEAN Governors and Ministers considered it necessary to pay attention to the analysis and evaluation of stakeholders, while encouraging further cooperation between stakeholders with the ASEAN Central Banks and Finance Ministries in this matter.
Overview of the meeting
Also during the discussion session, the delegates from ASEAN member states shared more about their policies, which are being implemented in response to the negative impacts of the Covid-19 pandemic, and took notes of the policy recommendations made by the Business Councils. On the Vietnamese side, speaking at the meeting, SBV Deputy Governor Nguyen Thi Hong shared about the Government's policies in promoting digital transformation, science and technology application in the banking sector, strengthening the digital banking services, promoting "green" banking, and facilitating financial inclusion. The SBV Deputy Governor emphasized that these are the topics that the SBV pays high attention to promoting, and acknowledged and made high appreciation for the recommendations of the Business Councils.
In concluding the session, SBV Governor Le Minh Hung emphasized the efficiency and importance of the virtual ASEAN Finance Ministers’ and Central Bank Governors’ – Business Councils’ Meeting. This was a good opportunity for all stakeholders to exchange views as well as to share experience on responding to the emerging issues. The two co-Chairs acknowledged the comments and recommendations of the Business Councils in multiple areas and hoped that the cooperation among the stakeholders would be further strengthened in the coming time. In addition, the two co-Chairs also reaffirmed that the ASEAN Central Bank Governors and Finance Ministers would always be ready to work closely with the stakeholders on the outstanding issues of concern as well as on exchanging further policy recommendations.
VA