The Finance Ministers’ Meeting (FMM) of the 2017 Asia-Pacific Economic Cooperation (APEC) was held in Hoi An City, located in the central Vietnamese province of Quang Nam, on Saturday.

The event was participated by finance ministers and high-ranking officials of 21 APEC member economies and representatives of the International Monetary Fund (IMF), World Bank (WB), and Asian Development Bank (ADB).

Chaired by Vietnam’s Minister of Finance Dinh Tien Dung, several meetings were convened during the day, focusing on macroeconomic matters, economic growth, regional and global financial cooperation, challenges and corresponding policies.

Vietnamese Prime Minister Nguyen Xuan Phuc speaks at the FMM. Photo: Tuoi Tre

The APEC is a regional economic forum established in 1989, comprising 21 member states, including Australia, China, Japan, South Korea, Thailand, the United States, and Vietnam among others.

The FMM was the final important event before the Economic Leaders’ Week, the culmination of Vietnam’s year-long hosting of APEC meetings, takes place in the central city of Da Nang from November 6 to 11.

During his opening speech, Vietnamese Prime Minister Nguyen Xuan Phuc stated that the FMM took place against the backdrop of global economic recovery as well as improvement in trade, investment and finance. 

The Finance Ministers’ Meeting October 21, 2017. Photo: Tuoi Tre

The APEC, which has several of the world’s leading and dynamic economies, continues to be the impetus for global growth, Phuc said.

However, the region is facing several challenges and difficulties while resources, especially in finance, are still limited, the premier continued.

“I hope that the ministers will continue their efforts to provide practical solutions addressing difficulties and challenges in achieving the goals of a stable financial system and sustainable development,” the PM said.

Vietnam will continue to reform its economy, especially the financial sector, to improve its efficiency and competitiveness, and ensure sustainable growth, he added.

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