Vietnam hosts its first East Asia conference for financial stability

The event is being hosted by the National Financial Supervisory Commission, coordinated with the ministries of Finance, Foreign Affairs, Government Office  and State Bank.

The conference has received participation of approximately 400 delegates from regional economies, representatives of international financial agencies such as IMF, WB, ADB, Bank of International Settlement (BIS), combining with experts and speakers from the North American and the EU countries.

Vu Viet Ngoan, chairman of the National Financial Supervisory Commission, in his opening speech said that the East Asia’s economic miracles and successes in the past decades had made important contributions to the world’s economic development, thus could help restore global economic growth.

However, he said the damaged world financial crisis and global economic recession, current complications in the world’s financial market, especially in the Eurozone, together with the irregularities reflecting internal structural problems of the regional economies, have put unparalleled challenges and difficulties ahead the East Asia’s financial system.

This requires the leaders, policy-makers, the oversight agencies to drastically continue and speed up the financial reforming pathway, to increase policy coordination and effective market oversight mechanism in pursuit of a safer and more sustainable financial system for East Asia, said Ngoan.

Speaking at the conference, Vietnam’s Prime Minister Nguyen Tan Dung said Vietnam was implementing a strategy to continue strengthening industrialisation and modernisation for a sustainable and fast development, for Vietnam to become an industrial country in 2020.

To get there, he said Vietnam was transferring its growth model sticking with restructuring the economy which focused on restructuring service production, investment, the state-owned enterprises system and the financial and credit system.

“I also express that the main content of the restructuring programme of the Vietnam’s financial market is to restructure the banking system, strengthen financial infrastructure, renew the financial stabilisation mechanism and supervising the financial system in line with international common practices and standards which aimed at ensuring macro-economic stabilisation and growth,” Dung said.