The State Bank of Vietnam reported on Deputy Governor Doan Thai Son leading its delegation to the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) in Milan, where members approved amendments to the Chiang Mai Initiative Multilateralisation (CMIM) to add a Rapid Financing Facility (RFF) and allow the use of freely usable currencies under the RFF. The meeting also discussed a proposal to shift CMIM from a commitment-letter structure to a paid-in capital (PIC) model. Members agreed in principle to focus further work on an International Monetary Fund-style model and tasked a technical working group to continue analysis covering governance, contribution levels, contribution currencies, reserve recognition, and operational capacity. On ASEAN+3 surveillance and secretariat support, participants noted AMRO’s planned 2025–2027 medium-term implementation plan and a digital strategy, and they adopted the Milan 2025 Joint Statement, which included priorities such as developing local-currency bond markets, disaster risk insurance, and a digital bond platform, alongside commitments to regular macro dialogue and policy coordination. The 29th AFMGM+3 in 2026 is set to be held in Samarkand, Uzbekistan, co-chaired by the Philippines and Japan.
State Bank of Vietnam 2025-05-06
State Bank of Vietnam participates in ASEAN+3 meeting that approves revised Chiang Mai Initiative with rapid financing and freely usable currencies
Deputy Governor Doan Thai Son attended the 28th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting in Milan, where amendments to the Chiang Mai Initiative Multilateralisation (CMIM) were approved, including a Rapid Financing Facility and freely usable currencies. Discussions covered transitioning CMIM to a paid-in capital model, with a technical working group analyzing governance and operations. The Milan 2025 Joint Statement emphasized local-currency bond markets, disaster risk insurance, and a digital bond platform.