On May 2, 2023, the delegation of the State Bank of Vietnam (SBV) headed by Deputy Governor Pham Tien Dzung attended the ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting (AFMGM+3), which was organized in Incheon, South Korea.
SBV Deputy Governor Pham Tien Dzung (first on the right, front row) takes a photo with the delegates at the AFMFM+3
At the Meeting, the Central Bank Governors and Finance Ministers of the ASEAN+3 countries shared about the macro-economic situations in their respective countries, and the challenges faced by the authorities in the process of formulating and operating the macro policies. Accordingly, the delegates emphasized the importance of coordinating the monetary and the fiscal policies to ensure the stability of the financial system while still supporting the economic growth.
In addition, the Central Bank Governors and Finance Ministers proposed that the international institutions conduct an evaluation and review of the current regulations related to the mechanisms of supervision and inspection over the finance and banking sectors, especially in light of a number of problems facing the banking systems in the United States and Europe.
The SBV Deputy Governor exchanges with his counterparts
Regarding the ASEAN+3 finance and banking cooperation progress, the Central Bank Governors and Finance Ministers agreed to further enhance the effectiveness of the regional initiatives, such as the Agreement on Chiang Mai Initiative Multilateralization (CMIM), the macro-economic monitoring activities of AMRO, and the Asian Bond Market Initiative (ABMI), which are aimed to support the macro stability in the region. In addition, the delegates at the Meeting also agreed to continue the research and discussions on the new contents and initiatives within the framework of cooperation, such as digital transformation, sustainable finance, etc.
SBV Deputy Governor speaks at the meeting on the 50th anniversary of ASEAN-Japan Friendship and Cooperation
On the side of the AFMGM+3, Deputy Governor Pham Tien Dzung also attended and delivered a speech at the meeting on the 50th anniversary of ASEAN-Japan Friendship and Cooperation. At the meeting, the SBV Deputy Governor spoke highly of the cooperative relationship between the two sides, especially the support from Japan to the development and implementation of the ASEAN Economic Community Blueprint 2025.
The SBV Deputy Governor also made some suggestions for the cooperation between Japan and ASEAN in the coming time, including strengthening the effectiveness of the financial cooperation mechanisms to cope with the adverse impacts of the world economy; the digitization of finance in connecting the regional payment systems and improving the finance accessibility; the promotion of cooperation on sustainable finance to support the goals of reducing emissions in the region by 2050, etc.
Le Hang