At the 28th ASEAN Finance Minister’s Meeting (Photo: VNA)In his speech at the event, Phoc laid a stress on the significance of the customsmanagement policy and mechanism to trade connectivity, and welcomed Laos’s initiative on completing a technical study for the new-generation ASEAN SingleWindow (ASW) while recommending the bloc to accelerate the modernisation andmobilise resources for the ASW in the next stage.
He went on to say that completion of the network of the double taxationavoidance agreements within ASEAN has encouraged cross-border economicactivities and created favourable conditions for and promoted transparency of theinvestment environment in the member states.
Amidst strong and extensive global tax reform in recent years, ASEAN shouldprioritise ways to engage in the reform or those to implement tax reform ineach member state so as to maintain ASEAN’s position as an attractiveinvestment destination, Phoc stressed.
He also suggested the bloc continue rolling out climate finance, green finance, and transition finance in tandem with requirements on stability, equality,reliability, and rational costs.
Highlighting financial cooperation in infrastructure will help ASEAN unlockresources to complete hard infrastructure connectivity, the official affirmed thatVietnam will work closely with the ASEAN Infrastructure Fund (AIF) to proposenew projects in the time ahead.
Vietnam wants to further contribute to bolstering customs cooperationwithin the bloc as it will serve as the Chair and host of the 33rd Meeting of the ASEAN Customs Directors-General slated for June 2024 in Phu Quocisland, he added.
A reporton the activities of the ASEAN financial cooperation working group, includingfinance for infrastructure, ASEAN Disaster Risk Financing and Insurance (ADRFI), and customs cooperation, was delivered at the meeting.
The ASEAN finance ministers recognised the important cooperation outcomesattained since the 27th meeting, and affirmed that financialcooperation initiatives during 2023-2024 helped shape up a favourable trade andinvestment climate, and develop a financial market that backs up the completion ofthe regional infrastructure as well as production capacity of the ASEANeconomies amidst increasing risks of climate change and natural disasters./.
VNA
