Foreign and domestic economic experts along with policymakers shared information and experience on financial system reform and supervision, moving towards Vietnam’s stable financial market and sustainable economic development, at a conference in Hanoi on October 14.

The workshop, themed “financial market reform in economic restructuring strategy”, was co-organised by the National Financial Supervisory Committee and the Economic Commission of the Communist 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 the world after strong fluctuations in the global economy, especially the 2008 financial crisis.

Vietnam is facing difficulties and barriers in restructuring its banking system such as an incomplete legal framework for credit institutions, the lack of State financial aid and the collaboration among major shareholders from weak commercial 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 and suggestions related to the issue, measures to ensure the stability of the financial market and the restructuring of commercial banks in Vietnam.

They held that the restructuring of the banking-financial system is an unavoidable tendency of the economy due to 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 useful ideas that help boost the restructuring of the financial market supervisory system and maintain the country’s financial stability.-VNA