Delegates at 24th APEC Finance Ministers’ Meeting in Quang Nam on October 21 (Photo: VNA) Quang Nam (VNA) – Vietnam needs experience shared by APEC membereconomies to promote financial inclusion, Deputy Governor of the State Bank ofVietnam (SBV) Nguyen Thi Hong has said.
Talking to the Vietnam News Agency on the sidelines of the APEC 2017 Financeand Central Bank Deputies’ Meeting in Hoi An, the central province of Quang Namon October 20, Hong stated that over the past year, the SBV has closely coordinatedwith relevant ministries and agencies, APEC member economies, and internationalorganisations in holding numerous effective and practical activities,especially conferences and forums on different aspects of financial inclusion.
The central bank will study the APEC economies’ practices to serve thedevelopment of a national strategy on financial inclusion, she added.
According to her, the strategy should highlight the central role of customers,focusing on those who come from vulnerable groups such as the poor, peopleliving in remote areas, women and small- and medium-sized enterprises.
While implementing the strategy, it is necessary to use financial technology(Fintech) to boost financial inclusion, especially in the context of thebooming fourth Industrial Revolution, she said.
Hong also stressed the need to promote cross-border credit information exchange,saying that the building of a successful cross-border credit informationexchange model will contribute to ensuring equality and transparency ininvestment cooperation, as well as minimising risks from unbalancedinformation.
As the host of APEC 2017, Vietnam has proposed and received high unanimity ofAPEC members on four priority themes in the financial sector, including Long-termInvestment in Infrastructure, Base Erosion and Profit Shifting, Disaster RiskFinancing and Insurance, and Financial Inclusion.
Participants to the meeting discussed the outcome of cooperation in long-terminvestment in infrastructure and adopted a policy statement on diversifyingfinancial resources and promote the private sector’s engagement ininfrastructure investment in APEC economies, he said.
Financial investment in infrastructure is an immediate as well as mid- andlong-term target to serve sustainable economic development, he said, addingthat the APEC Finance Ministers reached consensus on financial mechanisms andpolicies to attract resources from the State and other economic sectors, bothat home and abroad, to infrastructure investment.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) Forumcomprises 21 economies, including Australia, Brunei, Canada, Chile, China, HongKong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, NewZealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, ChineseTaipei, Thailand, the US, and Vietnam.-VNA
Talking to the Vietnam News Agency on the sidelines of the APEC 2017 Financeand Central Bank Deputies’ Meeting in Hoi An, the central province of Quang Namon October 20, Hong stated that over the past year, the SBV has closely coordinatedwith relevant ministries and agencies, APEC member economies, and internationalorganisations in holding numerous effective and practical activities,especially conferences and forums on different aspects of financial inclusion.
The central bank will study the APEC economies’ practices to serve thedevelopment of a national strategy on financial inclusion, she added.
According to her, the strategy should highlight the central role of customers,focusing on those who come from vulnerable groups such as the poor, peopleliving in remote areas, women and small- and medium-sized enterprises.
While implementing the strategy, it is necessary to use financial technology(Fintech) to boost financial inclusion, especially in the context of thebooming fourth Industrial Revolution, she said.
Hong also stressed the need to promote cross-border credit information exchange,saying that the building of a successful cross-border credit informationexchange model will contribute to ensuring equality and transparency ininvestment cooperation, as well as minimising risks from unbalancedinformation.
[APEC 2017 Finance Ministers’ Meeting wraps up]
In an interview granted to the Vietnam New Agency at the 24th APECFinance Ministers’ Meeting also in Quang Nam on October 21, Finance MinisterDinh Tien Dung said that financial inclusion is an important content to besubmitted to the upcoming APEC Economic Leaders’ Meeting in Da Nang city inNovember.As the host of APEC 2017, Vietnam has proposed and received high unanimity ofAPEC members on four priority themes in the financial sector, including Long-termInvestment in Infrastructure, Base Erosion and Profit Shifting, Disaster RiskFinancing and Insurance, and Financial Inclusion.
Participants to the meeting discussed the outcome of cooperation in long-terminvestment in infrastructure and adopted a policy statement on diversifyingfinancial resources and promote the private sector’s engagement ininfrastructure investment in APEC economies, he said.
Financial investment in infrastructure is an immediate as well as mid- andlong-term target to serve sustainable economic development, he said, addingthat the APEC Finance Ministers reached consensus on financial mechanisms andpolicies to attract resources from the State and other economic sectors, bothat home and abroad, to infrastructure investment.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) Forumcomprises 21 economies, including Australia, Brunei, Canada, Chile, China, HongKong (China), Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, NewZealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, ChineseTaipei, Thailand, the US, and Vietnam.-VNA
VNA
