Strengthening financial system supervision

The overview of the conference - Photo: VGP

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 overcome 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 controlled.

Besides, administration and market supervision has been enhanced, 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 channeled 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 compatibility 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.

By Huong Giang