Dec 2, 2012

Vietnam - Banking on reform

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The Hanoitimes - Prime Minister Nguyen Tan Dung strongly re-affirmed the Government's determination to pursue economic restructuring and financial reform at a conference o­n East Asia's financial stability in Hanoi.

Speaking to hundreds of regional and international economists, financial experts and supervisors, Dung highlighted the nation's efforts to organise the first-ever international conference o­n financial stability and macro-economic supervision in Vietnam.

"Given that the financial markets in Vietnam and around the world are facing difficulties, the fact that we have organised this conference proves the Vietnamese government's determination to reform the financial system and lay a foundation for sustainable growth and development," he said.

The reform would specifically focus o­n restructuring the banking system,enhancing the country's financial infrastructure and changing policies o­n financial stability, he said.

Dung also praised the economic achievements that East Asian countries had made in recent years, saying that such achievements had propelled East Asia to an important role in the world's economic development.

However, the impact of the global financial crisis and economic recession and the internal structural problems of regional economies had created unparalleled challenges and difficulties for East Asia's financial system to overcome, requiring regional countries to implement swift financial reforms, he said.

The Prime Minister added that he hoped to receive more co-operation and support from other countries, organisations and experts - both for Vietnam's reform process in general and financial management and supervision in particular.

The conference, jointly organised by the National Financial Supervisory Commission (NFSC), ministries of finance and foreign affairs, Office of the Government and State Bank of Vietnam, welcomed about 400 delegates from regional economies, representatives of international financial agencies, experts and speakers from North American and EU countries.

Speakers from other countries, including the East Asian countries of Japan, South Korea and China, brought to the conference presentations about strengthening prudential policies and financial regulation, stabilising the financial system, and promoting the sustainable development of regional and global economies.

The two-day conference also made space for representatives from policy making, regulatory and supervising agencies to assess the financial stability in the region and propose ways to create a safer financial system in East Asia.

NFSC Chairman Vu Viet Ngoan said that in the past 10 years, Vietnam's financial system had surpassed international standards, but the country still lagged behind other nations.

"The recession in 2008-09 created more challenges for Vietnam to catch up with other countries in financial reform," Ngoan said.

He added that the conference would help financial policy makers and researchers in Vietnam review what had been accomplished and what still needed to be done. It would also provide an opportunity for international investors to learn about the financial environment in Vietnam.

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