In his speech at the event, Phoc laid a stress on the significance of the customs management policy and mechanism to trade connectivity, and welcomed Laos’s initiative on completing a technical study for the new-generation ASEAN Single Window (ASW) while recommending the bloc to accelerate the modernisation and mobilise resources for the ASW in the next stage.

At the 28th ASEAN Finance Minister’s Meeting

He went on to say that completion of the network of the double taxation avoidance agreements within ASEAN has encouraged cross-border economic activities and created favourable conditions for and promoted transparency of the investment environment in the member states.

Amidst strong and extensive global tax reform in recent years, ASEAN should prioritise ways to engage in the reform or those to implement tax reform in each member state so as to maintain ASEAN’s position as an attractive investment destination, Phoc stressed.

He also suggested the bloc continue rolling out climate finance, green finance, and transition finance in tandem with requirements on stability, equality, reliability, and rational costs.

Highlighting financial cooperation in infrastructure will help ASEAN unlock resources to complete hard infrastructure connectivity, the official affirmed that Vietnam will work closely with the ASEAN Infrastructure Fund (AIF) to propose new projects in the time ahead.

Vietnam wants to further contribute to bolstering customs cooperation within the bloc as it will serve as the Chair and host of the 33rd Meeting of the ASEAN Customs Directors-General slated for June 2024 in Phu Quoc city, he added.

A report on the activities of the ASEAN financial cooperation working group, including finance for infrastructure, ASEAN Disaster Risk Financing and Insurance (ADRFI), and customs cooperation, was delivered at the meeting.

The ASEAN finance ministers recognised the important cooperation outcomes attained since the 27th meeting, and affirmed that financial cooperation initiatives during the 2023-2024 period helped shape up a favourable trade and investment climate, and develop a financial market that backs up the completion of the regional infrastructure as well as production capacity of the ASEAN economies amidst increasing risks of climate change and natural disasters.

Source: VNA