Dec 2, 2012

Vietnam - Vietnam persists in reforming financial system: PM

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The Hanoitimes - Despite the instability of the financial market in Vietnam and the world, the Vietnamese Government’s persists in reforming the financial system and maintaining a steady growth rate fuelled by sustainable development.

Prime Minister Nguyen Tan Dung made the statement at the East Asian Financial Stability Conference in Hanoi o­n November 27.

It is the first international conference o­n financial stability and macro-economic supervision hosted by Vietnam.

The event, themed “Financial stability frameworks and supervision in changing environments”, attracted nearly 400 delegates including financial experts, authorities from the world’s leading banks, and international financial representatives from 14 economies in East Asia and around the world.

In his opening speech, PM Dung said the conference serves as a forum for managers and policymakers to share experiences, exchange research results, and propose initiatives and recommendations to promote stability and sustainable development in Vietnam in particular and the world in general.

The event will also contribute to strengthening cooperative relations between supervisory agencies within East Asia and other regions around the globe, he said.

PM Dung affirmed East Asia’s key role as a driving force behind the global process of economic development.

He emphasised the inevitability of the trend requiring leaders, financial policymakers, and supervisory agencies to continue along their reform roadmaps, reinforce policy coordination, and monitor the financial market effectively to build safer and more sustainable financial systems in the East Asian region.

Dung highlighted Vietnam’s achievements recorded during its Doi Moi (Renewal) process. He outlined the restructuring orientations of Vietnam’s modernisation and industrialisation process in the interests of rapid and sustainable development.

The Government leader reiterated the focus of the financial market restructuring program comprises reforming the banking system, upgrading financial infrastructure, and renovating the mechanisms of financial stability and supervision in accordance with international standards.

He stressed the need to strengthen coordination in the region and the world, especially in relation to financial supervision. He also highlighted the role of international financial organisations in effectively coping with the challenges arising from international economic integration and globalisation.

During the two-day conference, delegates conducted debates with themes relating to maintaining policy caution and improving financial safety norms. They also discussed basic solutions to the problems of protecting market stability in East Asia and the world.

One of the conference’s goals is to establish a regular financial stability forum in East Asia.

The event was co-organised by the National Financial Monitoring Committee, the Office of the Government, the State Bank of Vietnam, and the Ministry of Finance.

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