Solidarity and cooperation key for ASEAN to overcome pandemic and restore regional growth: Minister of Finance Dinh Tien Dung
VietReader 5-10-2020, 16:20

Solidarity and cooperation key for ASEAN to overcome pandemic and restore regional growth: Minister of Finance Dinh Tien Dung
The press conference

Targeted support for financial system

Speaking at the press conference, Minister Dinh Tien Dung said: “Attached to Viet Nam’s theme of a Cohesive and Responsive ASEAN for its Chairmanship of ASEAN”, the Ministry of Finance and the SBV have given priority to promoting two initiatives: “Sustainable Finance and “Regional Payment Connectivity”

The ASEAN Finance Ministers and Central Bank Governors welcomed Vietnam’s initiatives to continue to realize their goals of promoting intra-ASEAN economic and financial integration and connectivity, deepening its engagement with the global community for peace and sustainable development and enhancing ASEAN’s responsiveness and institutional capacity.

The outputs of the initiatives are the “Report on promoting sustainable finance in ASEAN” and the Code of Conduct for the Implementation of the ASEAN Payments Policy Framework applicable to cross-border real-time retail payments along with the attached appendixes which were adopted at the meeting.

Also according to Minister Dinh Tien Dung, discussing the regional economic situation, the ASEAN Finance Ministers and Central Bank Governors shared with the leaders of international financial institutions the regional and global economic outlook, risks and challenges arising from the Covid-19 pandemic as well as policy solutions to foster sustainable and inclusive growth in the region.

The meeting acknowledged that the Covid-19 pandemic had caused serious damage to ASEAN’s regional economy and financial stability. In this context, ASEAN countries have made significant efforts to come up with policy solutions to mitigate the impact of the pandemic and support economic recovery by implementing extraordinary measures through targeted fiscal, monetary and credit support for the financial system.

Despite the considerable impact of the Covid-19 pandemic, the initiatives on integration and financial cooperation within ASEAN have been implemented on schedule by the working groups. The Finance Ministers and the Governors listened to the report and appreciated achievements in the areas of Financial Integration and Liberalization, Trade and Investment Facilitation, Financing, Payment and Service Connectivity, Infrastructure Financing, Sustainable Finance, Financial Inclusion, Disaster Risk Financing and Cyber Resilience. The results of the implementation of the initiatives have been reported in the Joint Statement of the ASEANFinance Ministers and Central Bank Governors and sent to the participants.

“At the meeting, the ASEAN Ministers of Finance and the Central Bank Governors reaffirm their commitments to the continued flow of goods and services and believe that solidarity and cooperation are key for ASEAN to overcome the pandemic and restore regional growth, and committing to continue to realize priorities for cooperation and policy coordination among countries in the region, together with international financial institutions to promote sustainable economic growth and financial stability in the ASEAN region,” said the Minister.

Green Finance prioritized

Responding to reporters’ questions about Vietnam’s priorities as Chairman of the ASEAN Financial Cooperation Process 2020, Deputy Minister of Finance Tran Xuan Ha said: In 2020, Vietnam takes on the role ASEAN Chairman with the national theme “Cohesive and Responsive ASEAN”. The ASEAN Financial Cooperation Process has promoted the “Sustainable Finance in ASEAN” initiative.

This is one of 13 priority economic cooperation initiatives that were reported and adopted at the 36th ASEAN Summit in June. This content has positive implications not only for Vietnam but also for all ASEAN member countries.

With the aim of promoting sustainable finance in the region, the Ministry of Finance of Vietnam has strengthened the implementation of a priority initiative on “Sustainable Finance in ASEAN” to encourage countries to develop sustainable capital markets through the issuance of ASEAN Green Bond (GBS), ASEAN Social Bond (SBS) and ASEAN Sustainable Bond (SUS) applying common regional standards.

As a co-chair of the ASEAN Working Committee on Capital Market Development (CMD), the ASEAN Capital Market Forum (ACMF), the Ministry of Finance of Vietnam has worked with other member countries to complete the outputs of the initiative, including the “Report on Promoting Sustainable Finance in ASEAN” and “Roadmap for ASEAN Sustainable Capital Markets”. Both reports have been approved by the ASEAN Finance Ministers and Central Bank Governors.

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For Vietnam, the Ministry of Finance of Vietnam has issued the Action Plan on the National Green Growth Strategy to 2020, the Roadmap for the development of the bond market during the 2017-2020 period, with a vision to 2030 and recommended the application of mechanisms and policies to promote the development of the green bond market as a priority in the future.

By Hong Van/ Huyen Trang