APEC delegates applaud Vietnam’s financial cooperation priorities

08:55 | 19/05/2017 Events

Delegates attending the APEC Senior Finance Officials’ Meeting (SFOM) in the northern province of Ninh Binh voiced their support for the host country’s priorities in implementing the Finance Ministers’ Process.

A photo of the meeting. (Source: VNA)

The four priorities include long-term investments in infrastructure; disaster risk financing and insurance; base erosion and profit shifting; and financial inclusion adopted at the Finance and Central Bank Deputies Meeting held in Khanh Hoa province’s Nha Trang city last February.

Kristiyanto, Head of Division for Interregional Economic and Finance Cooperation under the Indonesia Ministry of Finance told Vietnam News Agency (VNA) reporters that his country backs Vietnam’s four priorities and that other APEC member economies comply with the action plan.

Sharing the same view, Andrew F. Oaeke, First Assistant Secretary of Macro Economic Policy Division under Papua New Guinea’s Department of Treasury, said his country is working on base erosion and profit shifting, digital economy and continuing investment in infrastructure.

Both of them agreed that although each country has its own agenda, structural reform is a key issue to implement these priorities in order to reduce the harmfulness of such global problems as base erosion and benefit shifting and to share benefits to all economies.

Dr. Vu Nhu Thang, Director of the International Cooperation Department under the Ministry of Finance who doubled as SFOM Chair 2017, said the priorities initiated by Vietnam are included in the Cebu Action Plan adopted at the Finance Ministers’ Meeting in the Philippines in 2015.

They also have a close connection to the APEC 2017 main themes of “Creating New Dynamism, Fostering a Shared Future” hosted by Vietnam, he added.

The four subjects are among Vietnam’s priorities in the implementation of its socio-economic development tasks for the 2010-2020 period, he said.