The southeast Asia, a 580 million population market with GDP of US$1,500 billion, is among the world’s most dynamic economic development regions, contributing to the world economic driving force role of East Asia and Asia .

Vietnamese Deputy Prime Minister Pham Gia Khiem emphasised the Southeast Asian region’s important achievements in economic connectivity as a catalyst and important material premise for the East Asia community building process.

An ASEAN of dynamic development and close connectivity will contribute to the common development of all countries in the region, he said.

Jose Isidro Camacho, Credit Suisse Vice Chairman for Asia-Pacific, said new challenges of globalisation, particularly the post-economic crisis, requires ASEAN countries to further promote its regional integration.

He pointed out the region’s weaknesses in the implementation of common issues, especially financial and capital market ones.

According to Masahiro Kawai, Dean of the Asian Development Bank Institute, capital market integration has positively impacted on ASEAN economies.

To boost regional financial integration, ASEAN countries need to raise their national financial institution capacity, Kawai said.

Asia must have stronger changes in finance and ASEAN countries also need to open financial institutions, financial and capital regulations in the region, said Supachai Panitchpakdi, former WTO director general, Secretary General of the UN Conference on Trade and Development (UNCTAD).

Deputy PM Khiem said as ASEAN 2010 Chair, Vietnam will actively coordinate and push up ASEAN+3 and East Asia summit cooperation.

He suggested ASEAN and regional countries focus on sorting out priorities and promoting financial-monetary cooperation to help push through financial-monetary institution reform and global governance.

He agreed with the proposals that ASEAN governments have stronger action plans in implementing the goal toward the ASEAN Community.