ASEAN targets sustainable economic growth, financial stability

Maintaining sustainable economic growth and ensuring financial stability and self-resilience are key goals reached at the 22nd ASEAN Finance Ministers’ Meeting (AFMM-22).
ASEAN targets sustainable economic growth, financial stability ảnh 1Vietnamese Deputy Minister of Finance Tran Xuan Ha (Source: VNA)
Singapore (VNA) – Maintainingsustainable economic growth and ensuring financial stability andself-resilience are key goals reached at the 22nd ASEAN FinanceMinisters’ Meeting (AFMM-22), the fourth ASEAN Finance Minister and CentralBank Governors’ Meeting (AFMGM-4) and related meetings held in Singapore fromApril 3-6. 

Speaking at the AFMM-22, VietnameseDeputy Minister of Finance Tran Xuan Ha described modern and effectiveinfrastructure development as one of the important pillars for Vietnam’ssocio-economic development, which is also a common concern of regionalcountries. Thereby, the regional nations need to build a common plan to deviseproper financial solutions, he said.

The finance ministers laudedASEAN’s progress in banking integration, insurance, capital market and wishedthat member states will sign the eighth Package of Commitments later this year.

The meeting took note of effortsto develop the regional capital market by strengthening capacity and carryingout initiatives such as amending the ASEAN Collective Investment Scheme,issuing ASEAN Green Bond standards, piloting the connectivity of securitiesmarkets, opening a portal on listed companies in ASEAN and rotating capitalmarket experts among regional countries.

The ministers welcomedachievements in harmonising the portfolio of exports-imports of 10 ASEAN memberstates, piloting the ASEAN Customs Transit System in Cambodia, Laos, Myanmar,Thailand, Vietnam, and exchanging certificates of origin, form D among Vietnam,India, Malaysia, Singapore and Thailand from January 1, 2018.

They wished that countries willsoon approve the second Protocol on the designation of border gates and theseventh Protocol on ASEAN Customs Transit System to create a legal frameworkfor facilitating transit goods, and refine a mechanism to deal with taxdisputes.

Participants supported rallyingprivate capital for ASEAN infrastructure upgrade and wished to partner with theAsian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB) andthe World Bank (WB) during the project preparatory and management stage.

They also expressed support tostrengthen supervision capacity and activities of the ASEAN 3 MacroeconomicResearch Office, as well as initiatives such as ASEAN Disaster Risk Financingand Insurance Programme and stressed the importance of ensuring cyber securityin finance.

The ASEAN Finance Ministers andCentral Bank Governors advocated taking creative and effective financialtechnological solutions and lauded the outcomes of financial inclusion in ASEANby opening a portal on financial education and exchange of knowledge aboutASEAN financial inclusion and issuing guidelines on national financialinclusion strategies.

In the banking industry, the governorsapplauded working groups for completing the key performance indicator and riskmanagement tool, believing that countries will fulfill goals set in the ASEANStrategic Action Plan for financial sustainability and inclusion.

They discussed emerging issuessuch as financial technology and pledged to work closely together to seekeffective solutions to cyber attacks amidst the fourth industrial revolution.

The annual meetings also saw thepresence of representatives from the IMF, WB, ADB, financial and bankingorganisations in the region.-VNA

VNA

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.