PM asks NFSC to focus on macro-economy, supervision of financial market

PM Nguyen Xuan Phuc attends a ceremony on the 10th founding anniversary of the National Financial Supervision Commission, Ha Noi, March 6, 2018 - Photo: VGP/Quang Hieu

Speaking at the event, the PM recalled the establishment of the agency when the financial crisis and global recession started. 

He asked the Commission to supplement and complete its functions and tasks, especially enhancing coordination mechanism with functional ministries and agencies.

Regarding the supervision of the financial market, the relations between supervision agencies and role of each supervision agency, the PM assigned the Commission to actively enhance coordination with the Ministries of Finance, Planning and Investment and the State Bank of Viet Nam. 

The Commission needs to focus on analyzing and evaluating the situation, particularly risks of the financial market, banking system, stocks, and the insurance, real estate markets and proposing mechanism, policies and measures, including tools to identify risks and criteria to assess the safety of the financial system in line with the international standards and rules. 

The PM required taking measures to stabilize the financial and monetary systems, restructure credit organizations attached to bad debt, update, analyze and report the international and domestic financial situations.    

The PM proposed the Commission organize some meetings and conferences to discuss crucial and urgent issues as well as establish and complete the legal framework and supervision mechanisms for financial and banking corporations. 

By Thuy Dung