Minister of Finance Ho Duc Phoc

Assessing the role and importance of the 28th ASEAN Finance Ministers' Meeting (AFMM 28), Minister Ho Duc Phoc said that the meeting has many special meanings. The series of Finance Ministers' Conferences is the most important event in ASEAN financial cooperation activities this year.

At this meeting, Finance Ministers of 10 ASEAN countries have the opportunity to meet and discuss important issues in ASEAN cooperation and provide direction for cooperation activities in the future.

“The meeting of ASEAN Finance Ministers in the context of the world and the region facing many changes, difficulties and challenges, affirms the determination of ASEAN financial agencies to strengthen cooperation and work together to solve common challenges of the region; and conveys a positive message about a cohesive and resilient ASEAN, in accordance with the priority theme of the ASEAN Year 2024", Minister Ho Duc Phoc said.

At this conference series, there are many important events. In addition to private discussions among Finance Ministers and general discussions with Central Bank Governors, Ministers also met and exchanged with business communities and international organizations.

Delegation leaders took photos on the sidelines of the 28th ASEAN finance ministers' meeting. Photo: Duc Minh

Sharing about the results achieved of the conference series, Minister Ho Duc Phoc said that the most important result was that the Ministers reached a high consensus on many important issues, affirming ASEAN's consensus towards global and regional issues, conveying a strong message of a connected and resilient ASEAN, expressed in the Joint Statement of ASEAN ministers and central bank governors.

In addition, the Ministers also recognized important results of ASEAN financial cooperation channels, such as: taxes, customs, insurance, securities, etc. to serve the direction of ASEAN financial cooperation activities in the coming time, focusing on emerging issues in the region, such as green finance, digital finance, human resources for infrastructure, and response to natural disaster risks.

“ASEAN Finance Ministers and the Central Bank Governors met and discussed cooperation on fiscal and monetary policies. Especially this year, in addition to traditional cooperation channels, the Ministers also approved the establishment of the ASEAN Treasury Forum as a new cooperation channel in the field of treasury," the Minister said.

Also according to Minister Ho Duc Phoc, maintaining dialogue with the business community through dialogue conferences is also an important contribution to the results of the meeting.

Sharing about priorities in ASEAN cooperation in 2024, the Minister said that Laos' priorities focus on three strategic spearheads: integration and connection of economies; building an inclusive and sustainable future; transformation for the digital future.

At the same time, he assessed that Laos' priorities this year are very consistent with the development orientations of the Party and Government of Vietnam.

“The Ministry of Finance of Vietnam supports Laos' priority initiatives in the year of the ASEAN Chairmanship 2024 and is ready to coordinate closely with Laos and other ASEAN countries to complete the set goals and plans, contributing to the common success of ASEAN 2024", the Minister affirmed.

Reporting contributions of the Ministry of Finance of Vietnam in regional financial cooperation, Minister Ho Duc Phoc emphasized that Vietnam is currently a large economy and an open economy among ASEAN countries, one of the countries with the highest growth rate and low-level Vietnam's public debt compared to other countries in ASEAN.

Vietnam has made extremely important contributions to ASEAN, since 1997, the Ministry of Finance of Vietnam has chaired the ASEAN financial cooperation process three times in 2008, 2010 and 2020, and left bold marks.

In 2024, Vietnam Customs will take on the role of Chairman of the ASEAN Customs Cooperation Forum, and will host the 33rd ASEAN Customs Directors General Conference in June in Phu Quoc.

“In recent times, Vietnam has implemented the National Single Window and made technical connections with the ASEAN Single Window, creating a foundation to promote trade facilitation among countries in the region. As chairman, Vietnam Customs will actively promote and play the role of connecting member countries to continue implementing and completing important customs cooperation initiatives in ASEAN", Minister Ho Duc Phoc said.