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Home / Economy / Banking & Finance
Strengthening financial system supervision
VGP 05:35, 2013/12/19
The international conference on strengthening financial system soundenss and supervision was jointly held by Vietnamese agencies and the World Bank in Ha Noi on Wednesday.
Over the past two years, Viet Nam has restructured the financial market, focusing on the commercial banks and financial organizations in a bid to have a more sound and transparent financial system.

 

In the reviewed period, the country has also overcomed the consequences of non-performing loans, improved liquidity and created fundamental changes in terms of institutions, market structure and policy stance.

Banking operations have gradually become stable and weak commercial banks have been restructured and strictly controled.

Besides, administration and market supervision has been enhenaced, contributing to maintaining macro-stability, improving national financial resources, and facilitating economic reform and growth model transformation.

Viet Nam expects to develop the financial market in a comprehensive and firm manner so that capital resources could be channelled to effective sectors instead of being affected by administrative decisions.

Experiences of Viet Nam and the world show that the State needs to enhance management of capital market to make sure it operates smoothly, transparently and effectively.

In his remarks to the conference, Deputy PM Vu Van Ninh said many things need to be done to have a really sound financial market, including the compatability of domestic and international regulations on safety system, high rate of non-performing loans, cross-ownership between banks and enterprises, making the allocation of resources ineffective.

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