Held on October 21 as part of APEC Economic Leaders’ Week 2025, the meeting was chaired by South Korea’s Deputy Prime Minister and Minister of Economy and Finance Yun Cheol Koo.
Vietnam’s Minister of Finance Nguyen Van Thang led the national delegation, joining finance ministers from APEC member economies and representatives of major international financial institutions.
During the meeting, finance ministers exchanged views on global economic developments, sharing updates on trends in global and regional economies, trade, finance, and climate change, as well as their impacts on APEC economies.
While the global economy has shown resilience in recent years, it continues to face challenges such as rising geopolitical tensions and global debt pressures. In this context, APEC economies emphasised the need to strengthen regional cooperation to bolster collective efforts towards enhanced economic resilience.
Participants underscored the importance of maintaining flexible macroeconomic policies and deepening multilateral cooperation as a key driver of sustainable economic growth.
 |
| Minister of Finance Nguyen Van Thang and other ministers at FMM 2025. Photo: Phuong Linh |
FMM 2025 focused on three priority areas: innovation, digital finance, and fiscal policy, all aimed at boosting regional prosperity and resilience.
Regarding innovation and digital finance, member economies recognised productivity growth driven by innovation as a central engine for APEC’s economic development. Ministers stressed the importance of close collaboration among governments, the private sector, and other stakeholders to encourage innovation and address shared challenges that slow progress. They also highlighted the potential benefits of AI in improving access to finance, particularly for micro, small, and medium-sized enterprises.
The meeting identified AI as a key technology to enhance industrial competitiveness and economic growth across sectors. Effective adoption of the technology, however, requires proactive collaboration between the public and private sectors, as well as policy frameworks that create an enabling environment for AI development and application, while ensuring consumer protection and financial stability. Building a sustainable AI ecosystem also depends on developing and strengthening a skilled workforce.
The FMM also discussed ways to harness advanced technologies such as AI in the financial sector, assessing both the potential benefits and the risks, and proposing measures to mitigate those risks.
Regarding fiscal policy, ministers reaffirmed its importance in supporting long-term economic growth and resilience across APEC economies. Discussions covered strategies to ensure effective fiscal support and medium- to long-term sustainability amid challenges such as debt pressures, demographic shifts, and climate risks.
Given mounting fiscal pressures, ministers emphasised the need for responsible fiscal management, including prudent debt management, transparent and reliable budgeting, and effective risk control, to safeguard macroeconomic stability and maintain fiscal space for strategic investments.
APEC also reaffirmed the vital role of public–private partnerships (PPP) and high-quality spending as effective mechanisms for infrastructure development and public service delivery. PPPs were recognised as a means to complement public investment by leveraging private capital and enhancing project efficiency.
 |
| Minister of Finance Nguyen Van Thang. Photo: Phuong Linh |
Sharing Vietnam’s macroeconomic outlook, Minister Thang stated that Vietnam aims to achieve double-digit economic growth (10 per cent or higher) during the 2026-2030 period. To realise this goal, Vietnam will continue to advance strategic priorities in science, technology, innovation, and digital transformation; deepen international integration; and improve the institutional and legal framework by streamlining administrative procedures and removing regulatory barriers to unlock social resources. Vietnam also aims to foster private-sector development as a key growth driver towards rapid and sustainable progress.
“In terms of digital finance, science, technology, innovation, and digital transformation are critical engines of Vietnam’s economic development,” Minister Thang said.
The Ministry of Finance is currently focusing on several key initiatives, including promoting digital transformation in public finance and financial markets; developing international financial centres in Ho Chi Minh City and Danang; and piloting a digital asset market in Vietnam.
“While AI applications can bring significant benefits to the financial sector, recognising and mitigating potential risks is also important to ensure that AI adoption remains safe, transparent, and sustainable,” he said.
From the perspective of fiscal policy management, Minister Thang noted that Vietnam aims to shift its fiscal policy focus from short-term stabilisation towards long-term structural investment and risk management.
Key priorities include reforming sustainable social spending systems, investing strategically in human capital and technology, adopting flexible fiscal governance, optimising revenue sources, and improving public expenditure efficiency through results-based budgeting.
Regarding the broader APEC process, Thang said, “Vietnam’s commitment to being an active and constructive member, contributing effectively to the region’s stability and shared prosperity.”
At the conclusion of the meeting, ministers adopted the Incheon Plan 2026-2030, which will guide the APEC Finance Ministers’ Process over the next five years. The new roadmap is built around four key pillars: innovation, finance, fiscal policy, and access and opportunity. Ministers also approved the Joint Ministerial Statement.
China will serve as the host economy for the 33rd APEC FMM next year.
