On April 10, 2025, in Kuala Lumpur, Malaysia, a delegation of the State Bank of Vietnam (SBV) led by Deputy Governor Nguyen Ngoc Canh attended the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM).
Deputy Governor Nguyen Ngoc Canh delivers a speech at the AFMGM-IFIs Meeting
ASEAN Priority Themes 2025
In the finance and central bank track, Malaysia proposed the Priority Economic Deliverables (PEDs) for 2025, focusing on enhancing the efficiency, the inclusiveness and the resilience of ASEAN, including: (i) Catalyzing Access to Finance for Just Transition and Climate-Resilient ASEAN; (ii) Accelerating the Growth of a More Sustainable, Connected and Inclusive ASEAN Capital Market; (iii) Fostering Inclusive Instant Payment Connectivity in ASEAN.
ASEAN Finance Ministers and Central Bank Governors take a photo together
Finance and Central Bank Track
At the Meeting, the ASEAN Finance Ministers and Central Bank Governors highly complimented the ASEAN Working Committees for their achievements in the areas of financial service liberalization, banking integration, financial inclusion, capital market development, capital account liberalization, and cross-border payment connectivity, in line with the ASEAN Economic Community Blueprint 2025. The meeting acknowledged the cooperation initiatives to expand the access to finance, improve the liquidity management performance to support the intra-ASEAN trade and investment, and promote the sustainable finance agenda in the region.
The Meeting participants highly appreciated Malaysia’s initiative to review the financial and banking cooperation mechanism (Project Revive) to optimize the financial cooperation mechanism in the ASEAN region. This initiative was initiated by the ASEAN Central Bank Governors in April 2024 to comprehensively review the financial cooperation mechanisms within the ASEAN framework. In the context of ASEAN’s transition from the AEC Vision 2025 to the ASEAN Community Vision 2045 and the AEC Strategic Plan for the 2026–2030 period, Project Revive aims to enhance the efficiency, flexibility and adaptability of specialized monetary and financial authorities to the global economic and financial changes.
Policy Dialogue with the International Financial Institutions (IFIs)
Within the framework of the 12th AFMGM, the ASEAN Central Bank Governors and Finance Ministers had a policy dialogue with the senior leaders of several International Financial Institutions (IFIs), including the World Bank (WB), the International Monetary Fund (IMF), the Asian Development Bank (ADB), and the ASEAN+3 Macroeconomic Research Office (AMRO). During the dialogue, the IFIs affirmed that the ASEAN has a positive growth outlook, but is also facing various risks, especially from the US imposition of reciprocal tariffs on its partners, and the fluctuations in the major economies. The IFIs shared the same view that the global supply chains are facing the risks of disruption.
Deputy Governor Nguyen Ngoc Canh takes a photo with Malaysia’s Finance Minister
ASEAN Central Bank Governors and Finance Ministers take a photo together with Malaysia’s Prime Minister and Minister of Finance
Joint Statement of the 12th AFMGM
At the end of the 12th AFMGM, the ASEAN Finance Ministers and Central Bank Governors agreed on the contents of a Joint Statement, which reaffirmed their commitments to the financial stability and the enhanced regional integration.
The Meeting participants express high appreciation to Bank Negara Malaysia and the Malaysian Ministry of Finance for hosting the 12th AFMGM in 2025, a special year marking the 10th anniversary of the AEC’s establishment.
The 13th AFMGM and related events are planned to be held in the Philippines.
HY