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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