Business

Workshop shares Indonesia’s banking reform example

A workshop to introduce Indonesia’s experience in reforming its banking system was held in Hanoi on March 26, with the participation of many researchers and economic experts.
A workshop to introduce Indonesia’s experience in reforming itsbanking system was held in Hanoi on March 26, with the participation ofmany researchers and economic experts.

The event is one of anumber of cooperative activities organised between the United NationsDevelopment Programme, the Vietnam Academy of Social Sciences and theNational Finance Supervision Committee (NFSC).

As well asillustrating banking reform in Indonesia, participants discussed thechallenges facing Vietnam in this sector and potential solutions.

Dr.Syafruddin Temenggung, former Chairman of the Indonesian BankRestructuring Agency (IBRA) said Vietnam should establish a bank depositinsurance system to rebuild the confidence of customers and thus addingprestige to the country’s banking system.

This is the optimalmeasure for settling credit and banking issues that could have anegative impact for Vietnam’s economy, he noted.

According toChairman of the NFSC Vu Viet Ngoan, short-term measures recently takenby the Vietnamese Government to contain the spread of financialinsecurity and stabilise the trust of the people have proven efficient,as the bad debt rate dropped to just 3.6 percent in 2013.

Ngoan stressed it is necessary for Vietnam to increase the transparencyof its financial system, especially restructuring financialsupervision and fostering coordination between financial supervisionagencies and those operating in policymaking.-VNA
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