Participants at the meeting in Hanoi (Photo: VNA)Hanoi (VNA) - Solutions to promoting sustainable finance in ASEAN, digitaltransformation in the financial service sector amid the fourth IndustrialRevolution, comprehensive financial solutions, and regional digital commerce linkswere on the agenda of the 6th ASEAN FinanceMinisters’ and Central Bank Governors’ Meeting (AFMGM), held online on October2.
In his opening remarks, Minister of Finance of Vietnam Dinh Tien Dung emphasisedthat the annual dialogue between ASEAN Finance Ministers and Central Bank Governorsand representatives of member groups of the ASEAN Business Advisory Council, theEU-ASEAN Business Council, and the US-ASEAN Business Council has created aforum for managers and policy makers to openly exchange views on issues ofconcern in the region and the world.
He highlighted the necessity of implementing solutions to mobilise and usepublic finance effectively and mobilising private resources and donor developmentassistance for sustainable development goals.
For sustainable and healthy development in the financial sector, he said, Vietnamis currently stepping up the restructuring of budget spending in the healthsector, promoting the mobilisation of private capital sources for medicaldevelopment, and encouraging businesses to develop insurance products forsocial security purposes.
He said the ministry has focused on promoting the application of informationtechnology (IT) in a range of fields, especially in tax administration andcustoms, and this is helping to improve the business environment and significantlycut business costs.
ASEAN Finance Ministers and Central Bank Governors highlighted the important role of promoting regional sustainablefinance in developing infrastructure and health systems in the context of ASEANfacing a lack of investment capital for infrastructure development.
They emphasised the need to further promote cooperation in mobilising financialresources for developing infrastructure and health systems in order to resolvegrowth bottlenecks and narrow the development gap in each country and withinthe ASEAN region.
Representatives from business communities made recommendations on funding forinfrastructure development, especially long-term funding, sustainable finance, andsustainable health assistance.
Participants also spent time discussing issues related to digitaltransformation in financial services, comprehensive financial solutions, anddigital trade links in the region.
They stressed the urgent need for coordination and dialogue between policymakers and business communities, to build appropriate policies, and create a favourableinvestment and business environment in every economy and in the region, towardsgradually overcoming the difficulties caused by the COVID-19 epidemic andrecovering production activities, contributing to the region’s post-pandemic economicrecovery and sustainable economic development.
ASEAN Finance Ministers and Central Bank Governors will continue to maintain the annual dialogue channelwith business communities in the time to come./.
VNA
