US Treasury Secretary Janet Yellen. (Photo: Pham Huan/VOV-Washington)

The conference includes sessions on the world and regional financial and economic situation, the modern supply-side economic model, sustainable finance, and digital assets.

The conference will address policies aimed at enhancing long-term economic output and evaluate progress on social objectives, such as reducing inequality and environmental degradation.

At the opening of the event, US Treasury Secretary Janet Yellen said that this year is pivotal for the APEC finance ministers, whose current efforts are focused on long-term priorities, including fostering economic growth, enhancing financial sustainability, and promoting fiscal reforms to fortify economies for the long run.

Janet said: "The Asia-Pacific region is at the center of the global economy. APEC members represent some of the fastest-growing and most dynamic economies in the world, driving both growth and innovation. So the actions we take matter, not only for our own economies and people, but also for addressing challenges the world faces. And if we seek to achieve our shared vision of an open, dynamic, resilient, and peaceful Asia-Pacific community, coordination and collaboration among our economies is crucially important."

Vietnamese Finance Minister Ho Duc Phoc said that despite Vietnam being a developing country with significant investment requirements for socio-economic development, the public debt ratio is being maintained at a safe level. Vietnam is actively restructuring budget expenditures, shifting towards reducing the proportion of regular expenditures and increasing investment in socio-economic infrastructure development. Vietnam currently possesses fiscal space to address spending tasks aligned with national strategic goals, such as the upcoming energy transition.

Minister Phoc outlined Vietnam's ambitions to restructure budget revenue sources by encompassing all revenue streams, expanding the revenue base, particularly through new sources, in accordance with international practices, aiming to establish a favorable and equitable investment and business environment, encourage investment, and ensure equitable income distribution.