Committee urged to focus proposals on macro economy, financial market

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has asked the National Financial Supervisory Committee to coordinate with competent ministries and agencies to give proposals to the Government and the PM on major economic issues, especially those regarding the macro economy and financial market supervision.

Addressing a ceremony marking the 10th anniversary of the committee in Hanoi on March 6, PM Phuc said the committee should focus on analysing the situation, particularly potential risks to the financial market, and activities of the banking, stock, insurance and real estate markets.

He urged the committee to propose suitable policies and solutions, including risk identification tools and criteria assessing the safety of the financial system, given the fact that many countries in the world have effectively applied the early warning system of risks to the financial market.

The committee was also asked to join hands with relevant ministries and agencies to complete the legal foundation for financial and banking groups, as well as mechanisms monitoring the groups.

Apart from enhancing international cooperation, the committee needs to organise a number of conferences and seminars with the participation of both domestic and foreign experts to discuss important and urgent matters of the nation, the leader said.

At the ceremony, PM Phuc presented the third-class Labour Order to the committee and certificates of merits to a number of leaders and officials of the committee.

Truong Van Phuc, Chairman of the committee, said that over the past ten years, the committee has developed a synchronous database on the financial market, covering the banking, stock and insurance sectors, and a data system on the macro economy.

The committee has also researched and applied international principles, standards and practices on risk identification, assessment and prevention, he said. -VNA