(VOVWORLD) -The APEC Finance Ministers’ Meeting and related meetings will take place in Hoi An, Quang Nam province, between Thursday and Saturday. It’s the most important event of the APEC Ministerial Process and essential preparation for the APEC Economic Leaders’ Week next month in Da Nang. The Ministers’ Meeting works towards Vietnam’s priority targets of sustainable growth and development of economies.
 Vu Nhu Thang, Director of the International Cooperation Department, the Ministry of Finance
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The APEC Finance Ministers’ Meeting will draw 500 Vietnamese and international delegates including leaders of financial institutes and banks from 21 member economies, high-ranking heads of the International Monetary Fund, the World Bank, the Asian Development Bank, and the Organization of Economic and Cooperation Development.
Four prioritized areas
The Finance Ministers will discuss the global and regional macro-economy, based on APEC 2017’s theme “Creating new dynamism, fostering a shared future”. Priority topics include long-term investment in infrastructure, preventing erosion of the tax base and transfer of profits, disaster risk financing and insurance, and financial inclusion. Vu Nhu Thang, Director of the International Cooperation Department, at the Ministry of Finance, said: “Vietnam initiated these 4 priority topics last year after consulting other APEC members. They have been discussed at all meetings this year. The Ministers will have a dialogue with Economic Ministers, and the APEC Business Advisory Council on collaboration among policy makers and private economies. This is an important mechanism to exchange information and businesses’ opinions.”
Cooperative results of the 4 priority topics will be submitted to Ministers on October 21, for a joint statement on regional financial cooperation, priority topics, and orientation of the APEC Finance Ministers’ Process.
Vietnam’s initiatives
APEC economies have appreciated Vietnam’s initiatives for APEC Year 2017 as well as its effort in promoting the initiatives at meetings. Mr. Thang again: “These topics have inherited contents of previous meetings in the Philippines in 2015 and Peru in 2016. But the original ones were the policy framework. Vietnam has proposed ideas including the minimum action package relating to initiatives we have engaged in. Vietnam has realized the need to share lessons of difficulties and challenges among APEC developing countries.”
The Cebu action plan in 2015 set to build an APEC community of more cohesive, transparent, self-reliant, and financial connectivity as a vital factor for boosting regional and inclusive balance growth. The Ministry of Finance successfully hosted the conference of Deputy Finance Ministers and Deputy Governors of State Banks in Nha Trang city in February, and the Meeting of Senior Financial Officers in Ninh Binh in May, among others.
APEC 2017 is the first year to implement the Reform Strategy of APEC Finance Ministers’ Process. Vietnam will advocate the implementation of financial cooperation initiatives in combination with national priorities towards a practical outcome for the whole region.
Anh Huyen