The Prime Minister Nguyen Xuan Phuc made the commitment on May 11 in Ha Noi at the ASEAN Banker Summit which was jointly held by the State Bank of Viet Nam and the Asian Banker. The summit attracted more than 1,000 banking leaders and investors both at home and abroad.
This is the second time Vietnam has hosted the summit, which sees the participation of prestigious banks from Asia and developed nations such as Standard Chartered, ANZ and HSBC.
“We highly appreciated the organization of the summit - a prestigious official and foremost forum for bank leaders, experts, and managers to discuss and share experience on newly-emerging challenges in the region and across the globe,” said the Prime Minister Nguyen Xuan Phuc
He also hailed the summit theme “Breaking traditions,” as reflecting a long-term vision and determination to embrace innovation towards a dynamic and effective financial and banking community, and overcome challenges for development.
According to the Government leader, Vietnam has persistently followed the comprehensive reform in all fields and attained significant achievements.
Over the past three decades, the country has persistently pursued a comprehensive economic reform and reaped marked achievements with an average growth rate of around 6.6%. Vietnam has become a middle-income country with the economy operating under a market mechanism and a modern administrative model, which is nearing international standards and practices
The country has also applied the modern administrative modal in accordance with international standards and practices. Vietnam’s banking system was one of foremost sectors in the innovative process and served to assist high growth.
The Vietnamese Government will continue with the tune-up while fulfilling the targets of curbing inflation, stabilising the macro-economy, and speeding up economic restructuring in tandem with growth model transformation.
Vietnam, said the PM, has entered a new development period in which the macro-economy was stabilized and inflation was put under control. The nation is looking to develop sustainably for an economic growth rate of 6.5 -7.0% in the 2016 - 2020 period. In a parallel effort, Vietnam will step up the reshuffle of credit institutions and the settlement of bad debts, and improve administration capacity as well as the efficiency of the banking system.
The International Monetary Bank (IMF), the World Bank (WB), and the Asian Development Bank (ADB) assessed that Vietnam had already attained encouraging growth rates and become one of the three East Asian economies which enjoyed positive growth. Those financial institutions also forecast that the Vietnamese economy would continue to be stable and among one of the two most dynamic emerging ones in Southeast Asia in 2016.
However, these are initial outcomes, numerous challenges and difficulties still lie ahead, said the Government leader.
As part of its efforts to increase international integration, by 2020, Vietnam expects to set up trade ties with 55 partners, including all members of the Group of Seven (G7) and 15 members of the Group of 20 (G20), the Prime Minister Nguyen Xuan Phuc said.
He also hoped that via the summit, delegates would understand about the hospitable land and country of Vietnam and figure out business and investment opportunities there.
“Your success means our success” and “Vietnam stands ready to cooperative for a powerful, stable, prosperous Asian and international community,” he affirmed. Vietnam wishes that delegates will set forth orientations and new solutions to the management of the financial and banking system, thus contributing to boosting regional and global economic development, the Prime Minister Nguyen Xuan Phuc stated
At the summit, SBV Governor Mr. Le Minh Hung revealed that the domestic banking sector would spur reform to integrate into regional and international financial systems; apply international standards; ensure a fair competitive environment, and offer favorable ways for foreign players to penetrate Vietnam.
Mr. Le Minh Hung also hoped that foreign investors would proactively engage in the domestic banking restructuring process.
This year, the event included several conferences and workshop on Bank Management Challenge and Bank Managers Convention; Technology Decision Makers School and Conference; International Transaction Banking Convention; Supply Chain Challenge; and Financial Markets Infrastructure Dialogue.
