Foreign and domestic economic experts along with policymakers sharedinformation and experience on financial system reform and supervision,moving towards Vietnam’s stable financial market and sustainableeconomic development, at a conference in Hanoi on October 14.
The workshop, themed “financial market reform in economicrestructuring strategy”, was co-organised by the National FinancialSupervisory Committee and the Economic Commission of theCommunist Party of Vietnam Central Committee .
Addressing the event, Bui Van Thach, deputy head of the commission,said economic restructuring is a vital issue for most nations around theworld after strong fluctuations in the global economy, especially the2008 financial crisis.
Vietnam is facingdifficulties and barriers in restructuring its banking system such as anincomplete legal framework for credit institutions, the lack of Statefinancial aid and the collaboration among major shareholders from weakcommercial banks, added Thach.
He further said the financial system is suffering from bad debts, difficulties in liquidity and high interest rates.
At the conference, delegates discussed international experience andsuggestions related to the issue, measures to ensure the stability ofthe financial market and the restructuring of commercial banks inVietnam.
They held that the restructuring of thebanking-financial system is an unavoidable tendency of the economy dueto its fast economic expansion and development.
They also addressed new requirements and challenges in the economy,proposing policies to cope with impact of financial crises and usefulideas that help boost the restructuring of the financial marketsupervisory system and maintain the country’s financial stability.-VNA
The workshop, themed “financial market reform in economicrestructuring strategy”, was co-organised by the National FinancialSupervisory Committee and the Economic Commission of theCommunist Party of Vietnam Central Committee .
Addressing the event, Bui Van Thach, deputy head of the commission,said economic restructuring is a vital issue for most nations around theworld after strong fluctuations in the global economy, especially the2008 financial crisis.
Vietnam is facingdifficulties and barriers in restructuring its banking system such as anincomplete legal framework for credit institutions, the lack of Statefinancial aid and the collaboration among major shareholders from weakcommercial banks, added Thach.
He further said the financial system is suffering from bad debts, difficulties in liquidity and high interest rates.
At the conference, delegates discussed international experience andsuggestions related to the issue, measures to ensure the stability ofthe financial market and the restructuring of commercial banks inVietnam.
They held that the restructuring of thebanking-financial system is an unavoidable tendency of the economy dueto its fast economic expansion and development.
They also addressed new requirements and challenges in the economy,proposing policies to cope with impact of financial crises and usefulideas that help boost the restructuring of the financial marketsupervisory system and maintain the country’s financial stability.-VNA
