On October 22, Deputy Minister Tran Xuan Ha on behalf of the Ministry of Finance of Vietnam, attended the 28th APEC Finance Ministers’s Online Meeting.

Deputy Minister Tran Xuan Ha attended the 28th APEC Finance Ministers’s Online Meeting 

The Conference noted ongoing economic recovery across the region, but a full recovery had not yet been achieved this year. The long-term effects of the Covid-19 pandemic had led to a long-term health crisis and a major economic challenge.

Through the promulgation of effective policies such as support for people and businesses, vaccination coverage, and the restoration and reopening of domestic economic activities, many APEC economies have seen a number of achievements in economic recovery.

However, due to the dangerous nature of the new virus strains, the restoration of socio-economic activities has been carefully conducted by APEC economies

APEC members partcipated in the 28th APEC Finance Ministers’s Online Meeting

APEC member economies have shared experiences in successfully applying fiscal and monetary policy tools to respond to the Covid-19 pandemic in a practical, appropriate and creative manner.

As a result, the APEC region has achieved economic and financial stability, enhanced long-term sustainability and resilience to negative impacts on socio-economic life due to the pandemic, while ensuring social security towards a strong, sustainable, balanced and inclusive economic recovery.

Notably, fiscal policy has played a key role in limiting the negative impact of the pandemic aiming at maintaining jobs, supporting vulnerable and affected areas.

Speaking at the conference, Vietnam's Deputy Minister of Finance Tran Xuan Ha said that in order to cope with the impacts of the Covid-19 pandemic, in 2021, Vietnam would continue to maintain supportive policies on taxes and fees to remove difficulties and promote production and business such as extending deadlines of tax payment, reducing corporate income tax, value added tax for a number of fields affected by Covid-19 in the fourth quarter of 2021; arranging resources to buy vaccines, medical equipment and serve pandemic prevention and control, support workers who lost their jobs, and support employees.

Deputy Minister Tran Xuan Ha also acknowledged and thanked APEC members for their support in ensuring Vietnam's vaccine access and called for more cooperative efforts within APEC in the effective supply and distribution of vaccines.

Regarding Vietnam's policy priorities in the future, Deputy Minister Tran Xuan Ha said that Vietnam continued to use fiscal tools effectively, in accordance with the situation of each period; maintain support measures focusing on target subjects and fields heavily impacted by the pandemic.

To achieve a sustainable, balanced and comprehensive recovery, Vietnam had pursued a flexible but tight fiscal policy, combined with monetary policy to ensure macroeconomic stability and growth in the medium and long term.

At the same time, Deputy Minister Tran Xuan Ha affirmed that Vietnam would always be an active member in the process of regional financial cooperation.

The conference adopted the Joint Statement of the APEC Finance Ministers, which identified the correct monetary and financial policy solutions that APEC economies have applied to overcome many challenges towards the achievement of macroeconomic recovery throughout the Asia-Pacific region in 2021.

The conference called for cooperation to share experience in promoting economic growth along with ensuring social security for people and businesses, as well as efforts to enhance production, supply and sharing of vaccine technology sharing across the region.

The APEC Finance Ministers Meeting ended the Finance Ministers Process for 2021 successfully. The APEC Finance Minister’s Process will be continued under the chair of Thailand in 2022.