Government officials, domestic and foreign financial and economicexperts gathered at an international conference in Hanoi on December18 to discuss ways to build a healthy, efficient and sustainablefinancial system.
Financial supervision, financial restructuring and financial security system issues were main topics at the conference.
Addressing the event, Deputy Prime Minister Vu Van Ninh stated thatthe financial system in Vietnam has developed quickly and promotedits role as a main capital distribution channel for the economy, thusgreatly contributing to the country’s socio-economic developmentachievements.
However, the system, which is now inthe first stage of its development, has revealed shortcomings such asdeclining asset quality, increasing bad debts and poor liquidity, hesaid.
To cope with this situation, he said that theVietnamese Government has defined the restructuring of the financial andbanking system as one of the three focuses of the economicrestructuring to shift from the quantity-based growth model to thequality-based one, ensuring the rapid and sustainable development of theeconomy.
According to the Deputy PM, after twoyears of implementing the project, Vietnam’s financial and bankingsystem has seen drastic changes, making important contributions tomaintaining macroeconomic stability, improving the efficiency of usingresources, especially financial resource, and creating necessaryconditions for the economic restructuring and growth model shifting.
Applauded initiatives raised at the conference, Deputy PM Ninhexpressed his wish that participants will put forth practical andlong-term policy recommendations as a foundation for the Government tobuild a specific roadmap to make the financial system healthy andimprove supervision capacity.
Mentioning the impactsof the financial system on the sustainable development, Vuong Dinh Hue,head of the Party Central Committee’s Economic Commission, said thatVietnam’s financial strategy by 2020 sets a target of building a healthynational financial system and ensuring financial security,macroeconomic and financial-monetary stability, thus facilitating thepromotion of economic development, growth model renovation and economicrestructuring.
In the coming time, Vietnam willcontinue to improve the efficiency of mobilising, allocating and usingnational financial resources, renovate financial mechanisms for publicagencies and step up diversification of social resources for publicservices, while perfecting financial policies for businesses andrestructuring State-owned enterprises, he said.
Thecountry will develop the financial market and services synchronously,promote cooperation and international integration on finance, as well asincrease supervision and inspection to ensure national financialsecurity, he added.
The conference was jointlyorganised by the Party Central Committee’s Economic Commission, theEconomic Committee of the National Assembly and the World Bank inVietnam.-VNA
Financial supervision, financial restructuring and financial security system issues were main topics at the conference.
Addressing the event, Deputy Prime Minister Vu Van Ninh stated thatthe financial system in Vietnam has developed quickly and promotedits role as a main capital distribution channel for the economy, thusgreatly contributing to the country’s socio-economic developmentachievements.
However, the system, which is now inthe first stage of its development, has revealed shortcomings such asdeclining asset quality, increasing bad debts and poor liquidity, hesaid.
To cope with this situation, he said that theVietnamese Government has defined the restructuring of the financial andbanking system as one of the three focuses of the economicrestructuring to shift from the quantity-based growth model to thequality-based one, ensuring the rapid and sustainable development of theeconomy.
According to the Deputy PM, after twoyears of implementing the project, Vietnam’s financial and bankingsystem has seen drastic changes, making important contributions tomaintaining macroeconomic stability, improving the efficiency of usingresources, especially financial resource, and creating necessaryconditions for the economic restructuring and growth model shifting.
Applauded initiatives raised at the conference, Deputy PM Ninhexpressed his wish that participants will put forth practical andlong-term policy recommendations as a foundation for the Government tobuild a specific roadmap to make the financial system healthy andimprove supervision capacity.
Mentioning the impactsof the financial system on the sustainable development, Vuong Dinh Hue,head of the Party Central Committee’s Economic Commission, said thatVietnam’s financial strategy by 2020 sets a target of building a healthynational financial system and ensuring financial security,macroeconomic and financial-monetary stability, thus facilitating thepromotion of economic development, growth model renovation and economicrestructuring.
In the coming time, Vietnam willcontinue to improve the efficiency of mobilising, allocating and usingnational financial resources, renovate financial mechanisms for publicagencies and step up diversification of social resources for publicservices, while perfecting financial policies for businesses andrestructuring State-owned enterprises, he said.
Thecountry will develop the financial market and services synchronously,promote cooperation and international integration on finance, as well asincrease supervision and inspection to ensure national financialsecurity, he added.
The conference was jointlyorganised by the Party Central Committee’s Economic Commission, theEconomic Committee of the National Assembly and the World Bank inVietnam.-VNA
