On November 10, 2020, the 10th Executive Board Meeting of China-ASEAN Inter-Bank Association (CAIBA) & the First Executive Board Meeting of ASEAN Plus Three Inter-Bank Cooperation Mechanism (APTIBCM) was held through video conference. Zhao Huan, Chairman of CDB, and Phan Duc Tu, Chairman at the Bank for Investment and Development of Vietnam, delivered speeches at the meeting. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, and Deng Xijun, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to ASEAN attended the meeting.
Zhao Huan noted that ASEAN countries and China are friendly neighbors and important partners. This year marks the 10th anniversary of the establishment of CAIBA and the first anniversary of the establishment of APTIBCM. Adhering to the cooperation concept of equality, mutual benefit and win-win results, CAIBA and APTIBCM have provided strong impetus to regional prosperity and development. They have grown into major multilateral mechanisms of financial cooperation among China, Japan, South Korea and ASEAN countries, and their work has been highly recognized by various parties. Confronted with the severe impacts of COVID-19, we should give better play to the roles of CAIBA and APTIBCM as platforms and bridges as well as expand and deepen cooperation between CAIBA and APTIBCM. Firstly, we should work together to fight against the epidemic and stimulate regional economic recovery. Secondly, we should focus on key areas and unlock regional development potentials. Thirdly, we should foster financial innovation and diversify financing channels for the region.
Phan Duc Tu stated that under the “10+3” cooperation mechanism, ASEAN countries, China, Japan and South Korea have strengthened financial cooperation and joined efforts to fight against the epidemic by sticking to the spirit of cooperation, unity and development. Looking ahead, relevant parties should continue to enhance information sharing and give play to their respective advantages, with a view to achieving sustainable development of the region in the post-epidemic era.
Deng Xijun pointed out that in the face of the epidemic, countries in East Asia have stood side by side and strengthened cooperation and they have set an example of international cooperation against the epidemic. He hoped that countries in the region could make the most of the multilateral mechanisms of financial cooperation, work closely together to overcome difficulties, and provide more financing services and capacity-building support to realize recovery in the post-epidemic era.
According to Nguyen Kim Anh, the National Bank of Vietnam highly values and vigorously promotes financial cooperation as well as fiscal and financial dialogues between banks in China, Japan and South Korea and their counterparts in ASEAN countries. In addition, the National Bank of Vietnam offers an effective exchange platform for formulating regional policies and exploring measures against the epidemic. He hoped that the member banks of CAIBA and APTIBCM could further strengthen interconnectivity and create new momentum for the recovery and development of the regional and even the global economy.
The meeting was co-sponsored by CDB and the Bank for Investment and Development of Vietnam. Representatives from the member banks and observer banks shared their ideas, experiences and assessments on the topics of common interest: (1) promoting financial cooperation to fight against the epidemic; (2) regional cooperation to respond to the epidemic and facilitate post-epidemic recovery; (3) promoting banking digitization during and after the epidemic; and (4) supporting SME clients seriously impacted during and after the epidemic. It was confirmed at the meeting that the Bank Islam Brunei Darussalam should be the rotating Chairman Bank of CAIBA and APTIBCM in 2021. Relevant parties have signed two documents, namely, the Joint Statement of CAIBA on Fighting against COVID-19 and the Joint Statement of APTIBCM on Fighting against COVID-19. The member banks indicated that they would enhance financial cooperation, provide funds to support epidemic-stricken industries and enterprises and satisfy emergency needs, accelerate the building of digital economy, bolster sharing of experience and information, and join hands to combat COVID-19.
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