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Financial stability in East Asia discussed

An international conference to discuss the stability of financial markets in East Asia opened in Hanoi on November 27. Entitled “Financial stability frameworks and supervision in changing environment,” the two-day event will exchange and update information on the developing global economy and international financial market, as well as assess the stability and sustainability of the East Asia financial market.

In his opening speech, PM Dung said over the past several decades, East Asian nations have recorded great achievements in economic development, intra-bloc connectivity and world economic integration, which have helped the region play an important role in global economic development.

However, the world financial crisis and global economic downturn as well as current complicated developments in the world financial market have posed many risks to the East Asia financial system, he said.

It requires financial leaders, policy makers and supervisory agencies to continue on the road to reform, and strengthen policy coordination and the effective supervision of the financial market to build a safer and more sustainable East Asia financial system, Dung added.

In a terrain of unforeseen global and local financial market instabilities, the conference, the first of its kind held in Vietnam , demonstrates the Vietnamese Government””s determination to reform the financial system in a safe and firm manner to create the grounds for growth and sustainable development, the PM said.

The conference will also highlight Vietnam ””s efforts to increase its transparency as well as active and proactive international economic and financial integration.

Dung said Vietnam, after more than 25 years of renewal, has escaped its ””underdeveloped”” status and is now in the list of middle-income countries. It has registered a stable macro economy, relatively high growth and improved standards of living.

However, he noted that Vietnam remains a poor country, coping with unsustainable economic development, low economic productivity, quality, efficiency and competitiveness, weak human resources and poor infrastructure.

To become an industrialised country by 2020, the country is changing its growth model in combination with economic restructuring with the focus on services, investment, State-owned enterprises and credit and financial systems, while adjusting market strategies to improve the quality, efficiency and competitiveness of the economy, he outlined.

The PM expressed his belief that 400 participating managers and policy makers will discuss frankly, share experiences and research results, and propose practical and specific measures and policies to boost stability and sustainable development in Vietnam , the region and the world as a whole.

He said he hopes that many useful lessons will be introduced during the event to help tighten bilateral and multilateral cooperation in the field.

The conference will end on November 28 with a plenum and three sessions.