Vietnam will continue to be a responsible member of APEC Finance Ministerial Process

Deputy Minister of Finance Tran Xuan Ha speaks at the virtual meeting

The meeting of APEC Finance Deputies and Deputy Governors of Central Bank 2022 is the meeting of the transition process for APEC member economies in responding to and recovering from the Covid-19 pandemic.

The conference noted Thailand’s initiative to prioritize cooperation on sustainable finance and digitalization for the digital economy in order to help regional economies move towards open economic recovery and growth, balance and connection.

At the conference, members discussed the macroeconomic situation of the world, the Asia-Pacific region and APEC members. The conference noted the ongoing economic recovery and economic reopening across the region. The majority of APEC economies have made some progress in economic recovery through the issuance of effective, sustainable and inclusive policies aimed at those affected by the pandemic.

Over the next two years, the fiscal and monetary policies to support recovery would continue to be applied by economies with careful consideration in order to ensure the long-term goal of stabilizing the financial system. At the same time, through these policies, the economy would recover quickly and strongly.

Speaking at the conference, Vietnam’s Deputy Minister of Finance Tran Xuan Ha informed about Vietnam’s socio-economic situation in the past year. Accordingly, the year passed with the comprehensive and profound effects of the Covid-19 pandemic worldwide and in the Asia-Pacific region, including Vietnam.

With the Government’s high determination and the effectiveness of synchronous policies to adapt to the Covid-19 pandemic, Vietnam’s GDP growth in 2021 reached 2.58%; export turnover increased by 19%; inflation at 1.84%; financial and monetary balances were secured, thereby creating a premise for the economic recovery in 2022 and the following years.

With the promotion of vaccination coverage and safe adaptation policies, Vietnam’s economy in the first two months of 2022 has seen positive changes; exports increased 10.2% over the same period last year, state budget revenue in the first two months reached 23% of the current appropriation.

Deputy Minister chan Xuan Ha also informed about the socio-economic recovery and development program with key solutions of Vietnam in terms of fiscal and monetary policies in order to strive to achieve GDP growth of 6.5- 7% in the 2022-2025 period; maintaining macroeconomic stability; ensure large balances in the medium and long term.

Representative of APEC member economies attend the virtual meeting

Accordingly, Vietnam would continue to focus on tax, fee, and tax exemption and reduction; extension of tax payment deadlines; interest rate support; restructuring the repayment terms; preferential loans, job support; allocating capital for infrastructure investment and improving the business investment environment in order to concretize the program’s objectives.

The Deputy Minister said that in the future, the Ministry of Finance of Vietnam would review laws on tax to ensure a stable and sustainable source of revenue, renovate state budget management to strengthen the centrality of the central budget and the proactiveness of local budgets.

In the long term, Vietnam would implement a policy of converting to clean and renewable energy, reducing greenhouse gas emissions, towards green and sustainable finance.

“We believe that the collaborative priorities of this year’s Finance Ministers’ Process on financial sustainability and digitalization for the digital economy would make a positive contribution to rapid, sustainable economic growth, recovery, sustainable and comprehensive development in the Asia-Pacific region after the Covid-19 pandemic. We will continue to be responsible members of the APEC Finance Ministers Process,” the Deputy Minister stated.

The APEC Finance Deputies and Deputy Governors of Central Bank 2022 ended successfully, opening the APEC Finance Ministers Process under the chair of Thailand this year.