Vietnam’s financial sector is well prepared to ensure the demands ofintegration once the ASEAN Economic Community (AEC) is formed by theend of this year, according to Finance Minister Dinh Tien Dung.

Dung granted an interview to the Vietnam News Agency afterparticipating in the 19th ASEAN Finance Ministers’ Meeting (AFMM-19) andthe first ASEAN Finance Ministers and Central Bank Governors’ JointMeeting, which wrapped up in Kuala Lumpur, Malaysia on March 21.

Regarding taxation, the minister stated that Vietnam’s tax rates havebasically met ASEAN’s requirement on tax reduction, while attention isbeing paid to harmonising tax procedures.

Thefinance sector has also provided e-customs services nationwide and isworking hard to implement a national one-stop-shop customs mechanism inreadiness to apply the ASEAN model by the end of the year, he added.

The minister went on to say that by attending these meetings, theVietnamese delegation had focused discussions on the AEC buildingprocess and on boosting cooperation in taxation management.

To date, 85 percent of the work required for the establishment of theAEC has been completed. However, challenges remain for the ASEAN membercountries and they have to put forth plans of action to strengthen theregional community, including intensifying financial stability,supporting capacity improvement, narrowing the development gap, andenhancing micro-economic supervision mechanisms and policy dialogue,stated Dung.

At the meetings, participants discussedfinancial cooperation in insurance, customs and infrastructurefinancing, tax and customs measures to ensure budget revenue, and waysin which to crack down on tax fraud.

Dung statedthat the organisation of the ASEAN Finance Ministers and Central BankGovernors’ Joint Meeting for the first time reflected the determinationof the bloc’s financial leaders to coordinate closely in acceleratingthe integration process after the AEC is formed.-VNA