The State Bank of Vietnam reported that Deputy Governor Nguyen Ngoc Cảnh led its delegation to the 12th ASEAN Finance Ministers and Central Bank Governors Meeting in Kuala Lumpur, where ASEAN leaders agreed a joint statement reaffirming commitments to financial stability and stronger regional integration, alongside steps to support greater intra-ASEAN trade and investment. The meeting reviewed progress across ASEAN workstreams including financial services liberalisation, banking integration, financial inclusion, capital market development, capital account liberalisation and cross-border payment connectivity, and noted cooperation initiatives to expand access to finance, improve liquidity management to support intra-regional trade and investment, and advance the region’s sustainable finance agenda. Malaysia, as ASEAN Chair for 2025, set financial-sector priorities that included improving access to finance for a just transition and climate adaptation, promoting sustainable and connected ASEAN capital markets, and strengthening inclusive instant payment connectivity through a regional roadmap for full participation and quantitative targets to assess uptake of cross-border payment linkages. Participants also welcomed Malaysia’s “Project Revive”, launched by ASEAN central bank governors in April 2024, to comprehensively review ASEAN financial and banking cooperation arrangements and improve governance and processes as ASEAN transitions from the ASEAN Economic Community 2025 agenda towards Vision 2045 and the 2026–2030 strategic plan. On the margins, governors and finance ministers held a dialogue with senior leaders from the World Bank, International Monetary Fund, Asian Development Bank and AMRO, which highlighted risks from US reciprocal tariffs, volatility in major economies such as China and threats of global supply-chain disruption, alongside recommendations for stronger regional cooperation and domestic reforms to improve labour quality and skills. In the dialogue, the SBV Deputy Governor underscored the importance of intra-ASEAN integration and regional financial safety nets such as the ASEAN Swap Arrangement and the Chiang Mai Initiative Multilateralisation for timely liquidity and balance-of-payments support; the 13th AFMGM is expected to be hosted by the Philippines.
State Bank of Vietnam 2025-04-11
State Bank of Vietnam joins ASEAN finance ministers and central bank governors as leaders adopt joint statement and back Project Revive review
The State Bank of Vietnam attended the 12th ASEAN Finance Ministers and Central Bank Governors Meeting in Kuala Lumpur, reaffirming commitments to financial stability and regional integration. Discussions covered financial services liberalization, banking integration, and sustainable finance, with Malaysia prioritizing improved access to finance and enhanced payment connectivity. A dialogue with global financial institutions highlighted risks from US tariffs and economic volatility, emphasizing regional cooperation and domestic reforms.