Vietnam attends ASEAN’s policy dialogue on finance, banking in Laos: Participants at the policy dialogue. (Photo: VNA)

The event is within the framework of the 28th ASEAN Finance Ministers' Meeting (AFMM) and 11th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) which are taking place in Laos from April 3-5, 2024.

The dialogue discussed the update of the Data Interoperability Framework (IDF); small and medium-sized enterprises’ financial access; cyber security and regional finance’s recovery and sustainable development.

Speaking at the event, the SBV Deputy Governor welcomed regional initiatives on the Cybersecurity Resilience and Information Sharing Platform (CRISP) for member countries to share information to combat cyber security threats and develop collaborative mitigation actions, as well as the framework for data interoperability to ensure safe cross-border data flows for banking and financial institutions in the ASEAN.

Deputy Governor Dung said that the above initiatives allow the establishment of digital connections among ASEAN financial institutions and players in the market, thereby supporting the digital transformation of the banking industry in the region, and contributing to promoting economic integration and social development.

To further enhance the effectiveness of those initiatives and digital connectivity initiatives, he called on the private sector to closely participate in proposing technical solutions and specific resources to mitigate risks and further promote connectivity in the region.

Regarding sustainable finance, Deputy Governor Dung acknowledged the efforts of the ASEAN Taxonomy Board in developing and introducing standardised approaches to the assessment of economic activities. The SBV highly appreciates ASEAN’s support for the banking industry in the energy transition to a sustainable net-zero eeconomy.

On the same day, the SBV Deputy Governor met with Rosha Surendra, co-chief executive of HSBC Asia-Pacific. During the meeting, the two sides discussed cooperation to support Vietnam’s economic development, highlighting the cooperation in trade and capital market development, sustainable financing, inclusive financing, and management of national reserve and investment.