In a bid to strengthen financial cooperation in the region, finance ministers and central bank governors in ASEAN adopted a Joint Statement on August 25 as they wrapped up the 10th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM 10) in Indonesia, the Voice of Vietnam has reported.

During the two-day gathering, discussions were centered on macro-economic matters in the region and participants also held an in-depth dialogue on the regional and global economic and financial situation with leaders of international organizations.

Officials acknowledged that ASEAN continues its economic recovery, and even if the pace is a touch slow the bloc remains a bright spot contributing to global economic growth. Economic growth within ASEAN has been reinforced by steady local demand and a recovery in tourism.

However, as the global economic outlook is likely to face risks, ASEAN needs to strengthen macro policies, flexibly apply policy tools to reach its growth targets, and stabilize the regional economy.

Addressing the meeting, Deputy Minister of Finance Vo Thanh Hung said that although Vietnam’s economic growth in the first half of 2023 was not as high as expected due to the impact of regional and global economic instabilities, the Vietnamese Government has taken strong measures to recover economic growth.

He highlighted the country’s flexible monetary policy management to promote consumption, investment, and business.

Vietnam continues working on its socio-economic recovery and development program, and the exemption, reduction, or extension of payment deadlines or land-related taxes and fees, interest rate support for businesses and households, and public investment promotion.

At the same time, it has consolidated its institutions and is striving to ensure a transparent environment to attract more investors, the Deputy Minister added.