PM Nguyen Tan Dung calls forn more joint supervision of financial market in East Asia, Ha Noi, November 27, 2012 – Photo: VGP/Nhat Bac

PM Nguyen Tan Dung made the point on November 27 in Ha Noi while addressing an international conference on financial market stability in East Asia entitiled “Financial stability frameworks and supervision in changing environments.”

PM Dung said the conference, the first  of its kind held in Viet Nam, showed the host country’s high determination in transforming its financial system to secure a safe and stead foundation for the country to maintain the growing momentum and achieve sustainable growth, he said.

According to the Vietnamese Government chief, East Asian countries have gained great achievements in growth, regional connectivity and economic integration. These successes helped turn the region into a driving force for the global economy.

Deep integration of the financial sector and connectivity of macro-economic policies have assisted the region in surmounting the consequences of the previous financial crisis and mitigating negative impacts of the current global economic recession.

In the new development process, Viet Nam is speeding up socio-economic development strategy to convert itself into a basic industrialized and modernized country by 2020.

To fulfill the goal, said PM Dung, Viet Nam is shifting the growth model and restructuring the economy, especially the financial and credit systems to improve the quality and effectiveness of the economy.

The PM hoped that the participants would frankly discuss, share experience and propose practical solutions to enhance the stability and sustainable growth in the region. The conference would strengthen cooperation among financial supervisory agencies in East Asia and with other regions.

He also expected to receive further cooperation and support from other countries, international organizations and scholars for national development in general and financial management and supervision in particular.

After the opening ceremony, there was a seminar on  “Strengthening cautionary policies, improving financial safety standards; “Reinforcing financial foundations - crucial to East Asia’s stabilisation targets” and “Financial stability in East Asia for sustainable economic growth in the region and the world.   

The conference will last until November 28 after a plenary session. 

By Kim Loan

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