The State Bank of Vietnam published a report on Deputy Governor Nguyen Ngoc Canh’s participation in ASEAN and ASEAN+3 central bank deputy governors and finance deputies meetings in Kuala Lumpur, which focused on regional macroeconomic risks and steps to strengthen the Chiang Mai Initiative Multilateralisation (CMIM). The meetings approved revised CMIM Implementation Guidelines that add procedures for deploying the Rapid Financing Facility and provide for the use of freely usable currencies within the facility. Discussions reflected International Monetary Fund, Asian Development Bank and ASEAN+3 Macroeconomic Research Office assessments of weaker medium-term growth prospects, increasing geopolitical fragmentation of foreign direct investment and the potential spillovers from the United States’ reciprocal tariffs announced on 2 April 2025. Participants reviewed progress under the ASEAN Economic Community 2016–2025 strategic action plans and set 2025 priorities around regional payments connectivity and local-currency transactions, financial inclusion and digitalisation for micro, small and medium-sized enterprises, resilience in volatile market conditions and sustainable development. ASEAN+3 deputies also discussed initiatives to improve CMIM readiness, including work on an interest rate aligned with market conditions and a directed study of moving CMIM towards a paid-in capital structure. On the margins, Nguyen Ngoc Canh met US Treasury Acting Assistant Secretary Robert Kaproth, reiterating that the State Bank of Vietnam’s monetary and exchange rate policy is oriented to price stability and banking-system soundness and is not used to create an unfair trade advantage, and relaying Vietnam’s request for the US to delay applying the new tariffs for at least 45 days. The delegation was scheduled to continue with ASEAN governors and finance minister meetings and further dialogues with business groups and regional commercial bank chief executives on 9–10 April 2025.
State Bank of Vietnam 2025-04-09
State Bank of Vietnam attends ASEAN+3 deputies meeting that approved revised CMIM implementation guidelines for the Rapid Financing Facility
The State Bank of Vietnam reported Deputy Governor Nguyen Ngoc Canh’s participation in ASEAN and ASEAN+3 meetings, focusing on regional macroeconomic risks and strengthening the Chiang Mai Initiative Multilateralisation (CMIM). Revised CMIM Implementation Guidelines were approved, introducing procedures for the Rapid Financing Facility and the use of freely usable currencies. Discussions included weaker growth prospects, geopolitical investment fragmentation, and potential impacts of new US tariffs, with priorities set for regional payments connectivity, financial inclusion, and CMIM readiness.