Government officials, domestic and foreign financial and economic experts gathered at an international conference in Hanoi on December 18 to discuss ways to build a healthy, efficient and sustainable financial 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 that the financial system in Vietnam has developed quickly and promoted its role as a main capital distribution channel for the economy, thus greatly contributing to the country’s socio-economic development achievements.

However, the system, which is now in the first stage of its development, has revealed shortcomings such as declining asset quality, increasing bad debts and poor liquidity, he said.

To cope with this situation, he said that the Vietnamese Government has defined the restructuring of the financial and banking system as one of the three focuses of the economic restructuring to shift from the quantity-based growth model to the quality-based one, ensuring the rapid and sustainable development of the economy.

According to the Deputy PM, after two years of implementing the project, Vietnam’s financial and banking system has seen drastic changes, making important contributions to maintaining macroeconomic stability, improving the efficiency of using resources, especially financial resource, and creating necessary conditions for the economic restructuring and growth model shifting.

Applauded initiatives raised at the conference, Deputy PM Ninh expressed his wish that participants will put forth practical and long-term policy recommendations as a foundation for the Government to build a specific roadmap to make the financial system healthy and improve supervision capacity.

Mentioning the impacts of the financial system on the sustainable development, Vuong Dinh Hue, head of the Party Central Committee’s Economic Commission, said that Vietnam’s financial strategy by 2020 sets a target of building a healthy national financial system and ensuring financial security, macroeconomic and financial-monetary stability, thus facilitating the promotion of economic development, growth model renovation and economic restructuring.

In the coming time, Vietnam will continue to improve the efficiency of mobilising, allocating and using national financial resources, renovate financial mechanisms for public agencies and step up diversification of social resources for public services, while perfecting financial policies for businesses and restructuring State-owned enterprises, he said.

The country will develop the financial market and services synchronously, promote cooperation and international integration on finance, as well as increase supervision and inspection to ensure national financial security, he added.

The conference was jointly organised by the Party Central Committee’s Economic Commission, the Economic Committee of the National Assembly and the World Bank in Vietnam.-VNA