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Deputy Foreign Minister Nguyen Quoc Dung (L) chaired the 18th East Asia Forum (Photo: VNA)

In his opening remarks, Deputy Foreign Minister Nguyen Quoc Dung, who was the head of the ASEAN SOM of Vietnam, said that the ASEAN Plus Three cooperation, established in 1997 amidst the regional financial crisis, has the advantage of actively responding to challenges, notably the SARS 2003, the economic-financial crisis 2008, and the COVID-19 pandemic.

He expressed his hope that the forum will set forth orientations and measures to effectively carry out the Declaration of ASEAN Plus Three leaders on strengthening cooperation for economic and financial resilience in the face of emerging challenges, which was initiated by Vietnam and adopted at the recent 23rd ASEAN Plus Three Summit, Vietnam Plus cited.

Luo Zhaohui, China’s Deputy Foreign Minister affirmed the importance of collaboration in maintaining open, safe, and stable supply chains; boosting regional integration; and responding to emerging non-traditional security challenges and diseases.

China Deputy PM proposed exploiting the potential of emerging markets, stepping up exchanges on financial policies to build a regional financial safety network, make the Regional Comprehensive Economic Partnership (RCEP) agreement soon become effective, and speed up the application of 5G technology, digital transformation, and e-commerce development, Nhan Dan reported.

Deputy Foreign Minister Nguyen Quoc Dung speaking at the forum. (Photo: TG&VN)

Attending the event were high-ranking officials, prestigious scholars and experts, and representatives of businesses from 10 ASEAN Member States and China, Japan and the Republic of Korea, and guests from regional and international organizations.

They made many recommendations, such as setting up a regional financial cooperation center to support ASEAN countries, supporting enterprises, especially those with small and medium sizes, through financial assistance packages, investing in developing high-quality infrastructure, and promoting the use of domestic currencies in trade, investment and financial transactions among ASEAN Plus Three countries.

They also shared experience in expanding collaboration in financial technology, stepping up digital payments and e-commerce, increase the use of renewable energies to increase the sustainability of economies.

At the forum, senior officials and experts agreed that in order to deal with economic and financial shocks from outside promptly and effectively, it was important to improve the macro-economic monitoring system and early warning capacity, intensify economic and financial policy coordination, and consolidate such regional mechanisms as the Chiang Mai Initiative Multilateralisation (CMIM), the ASEAN+3 Macroeconomic Research Office (AMRO) and the Asian Bond Markets Initiative (ABMI).

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