Minister Ho Duc Phoc at the 30th APEC Finance Ministers' Conference.

The 30th APEC Finance Ministers' Conference was attended by Finance Ministers of 21 APEC economies and representatives of international organizations such as the International Monetary Fund, World Bank, and Asian Development Bank, the Organization for Economic Cooperation and Development and the APEC Business Advisory Council.

This is an event to summarize the activities of the 2023 Finance Ministers' Process, evaluate the world and regional economic situation, and record the results of cooperation in the three main priorities of 2023, including: modern supply-side economics; sustainable finance with the connotation of a financial approach method of climate change, equitable and inclusive energy transition, and voluntary carbon markets; digital assets to share management experience of digital currencies issued by the Central Bank.

After the Covid-19 pandemic, most APEC economies have shown signs of good recovery, inflation has cooled down but is still high, world public debt has increased to a record level, supply chains are gradually recovering, climate change is increasingly harsh, the aging population is increasing rapidly, etc.

In the context of many difficulties and challenges, Vietnam has partly succeeded in operating flexible fiscal and monetary policies to adapt to the volatile situation in the world, helping to restore growth and control inflation, maintaining macroeconomic stability. Fiscal policies help withstand external shocks, or policies to support people and businesses during the pandemic and the economic recovery process have been effective.

This year's APEC cooperation priorities are closely linked to the Ministry of Finance's ongoing domestic strategic tasks. Regarding the modern supply-side economics, the conference discussed policy tools to address market failures that hinder supply to the economy such as labor force, human capital and essential infrastructure, research and development, and environmental quality. These policies can often boost long-term growth in ways that reduce inequality and help tackle climate change.

Conference scene.

Regarding the issue of sustainable finance in the face of challenges caused by climate change affecting the region's growth goals, Vietnam and APEC members have shared experiences, sought tools, financial mechanisms and increased access to financial resources help solve bottlenecks for developing economies in the APEC region in terms of enhancing the ability to respond to climate change, equitable energy transition, establish and operate a voluntary carbon market.

Speaking at the Conference, Minister Ho Duc Phoc shared about efforts to implement international commitments to reduce net greenhouse gas emissions to zero at COP26 and the JETP Declaration in mobilizing international financial resources to fully meet the need for a fair, feasible and effective domestic energy transition.

“Representing low-middle income economies that are entering the stage of industrialization and modernization, while having to implement strong emission reduction goals with a roadmap equivalent to many developed countries, Vietnam welcomes development partners and international organizations to provide preferential loans, ensure supportive capital sources, increase preferential elements to reduce capital mobilization costs, and ensure reasonable costs that people can respond, increasing the ability to recover capital. Along with that, increase non-refundable aid for developing economies, including Vietnam," Minister Ho Duc Phoc stated.

According to the Minister, to achieve the goal of reducing greenhouse gas emissions, one of the policy tools that APEC is implementing and sharing good practices among members is the voluntary carbon market.

Vietnam has a number of policy premises to promote the development of the domestic carbon market through the 2020 Environmental Protection Law and the Government Decree on greenhouse gas emission mitigation and ozone layer protection. Vietnam highly values APEC's international cooperation in this issue, especially sharing international experiences in building financial mechanisms and policies to form and operate the carbon market that the Vietnam Ministry of Finance is being assigned to implement.

The 30th APEC Finance Ministers' Conference took place successfully. Through the 2023 APEC Finance Ministers' Process, APEC members continue to promote sustainable and inclusive growth through combining modern supply-side economics, financial mobilization and linkages to achieve their goals of climate and sustainability, as well as support for the responsible development of digital assets in the region. From there, it plays an important role in the efforts of APEC members and the global economy to achieve strong, balanced, safe, sustainable and comprehensive growth towards the goal of "Creating a resilient and sustainable future for everyone”.

The 31st Finance Ministers' Conference will be held in Peru - Chair of the APEC Finance Ministers' Process in 2024.