Promoting the ASEAN region's sustainable finance in the development of infrastructure and health systems is crucial as ASEAN is currently facing a lack of capital for investment in infrastructure development. The cooperation in mobilizing financial sources will solve the growth bottleneck, and handle the gap in development level in each country and in ASEAN.

On October 2nd, 2020, in Hanoi, the Meeting of Finance Ministers and the Governor of the Central Bank of ASEAN with the business community was held online.
Representatives of the business community to attend the conference were leaders of corporations and businesses under the ASEAN Business Advisory Council, the EU-ASEAN Business Council and the US-ASEAN Business Council. Vietnamese Minister of Finance Dinh Tien Dung and Governor of the State Bank of Vietnam Le Minh Hung co-chaired the meeting.

Making a speech at the opening session, Minister Dinh Tien Dung emphasized that the dialogue between the Ministers of Finance and the Governor of the ASEAN Central Bank with the ASEAN business community, the EU and the US that has become an annual event, created a forum for regulators and policymakers to exchange open and frank views with representatives of large business corporations on issues that are of concern to the region and the world.

At the meeting, the Finance Ministers and Governor of the Central Bank of ASEAN and the business community spent time discussing topics of interest related to topics such as: Promoting sustainable finance in the region. ASEAN, the digital transformation in the financial services sector in the Industrial Revolution 4.0; Comprehensive ASEAN regional financial solutions and ASEAN digital trade connectivity.

The Ministers and Governors recognized the important role played by promoting ASEAN regional sustainable finance in the development of health infrastructure and systems. ASEAN is currently facing a lack of capital for investment in infrastructure development. Therefore, cooperation in mobilizing financial resources for the development of infrastructure and the health system should continue to be further promoted to solve the growth bottleneck and address development gap in each country and also within the ASEAN region.

The business community also shared issues and made recommendations to close the infrastructure development finance gap focusing on problem groups such as long-term funding and sector type for sustainable finance, project quality and recommendations for sustainable health financing including enhancing the effectiveness of the existing system, the approach to health in the aspect of “Health creates assets ”, and increase the application of financial technology in sponsorship activities.

In addition, the conference also took the time to exchange contents on digital transformation in financial services, comprehensive financial solutions and ASEAN digital trade connectivity. Ministers and Governors highly appreciate the solutions proposed from the business community's perspective that will help policy makers in these areas have more comprehensive evaluation considerations when promulgating polcies to implement solutions to mobilize and use public financial resources effectively and mobilize private resources of the development assistance of donors for sustainable development goals.

The Minister also said that in the financial sector for sustainable health development, Vietnam is currently stepping up the process of restructuring budget spending in the health sector to promote mobilization of private capital sources for investment. Health and encourage businesses to develop insurance products for social security purposes. In the field of information technology application, the Ministry of Finance of Vietnam has focused on promoting the application of information technology in many fields, especially in the fields of tax administration and customs, the application of information technology improves the business environment and significantly reduces costs for businesses.

The meeting agreed on the point of view that in the extremely difficult context of the current regional and international economies, there is an urgent need for coordination and dialogue between policy makers and the business community, therefore, will have appropriate policies, create a favorable investment and business environment in each economy and in the region, gradually overcomes the consequences of the Covid-19 pandemic, restore production, contribute to the economic recovery of the region after the pandemic, towards the goal of sustainable development of the economy, while ensuring benefits for the business community. ASEAN Ministers and Governors will continue to maintain an annual channel of dialogue with the business community in the coming time.