The Prime Minister on November 14 issued Decision No. 2183/QD-TTg to approve a scheme to promote Vietnam’s participation in regional and global financial, monetary and banking institutions.
The move aims to stimulate economic growth, promote the development of international financial and economic relations and accelerate the liberalization of trade, investment, information and labor, which gives a chance for Vietnam to take advantage of the global market and boost business and production activities for socio-economic development.
ADB Vice President Stephen P. Groff visits Saigon Innovation Hub in Ho Chi Minh City (November 3, 2016) __Photo: Hoang Hai/VNA
Furthermore, in the globalization context, by effectively participating in global and regional economic and financial institutions and organizations, Vietnam will have opportunities to access their member states’ capital markets and financial and banking services with favorable conditions in order to build and upgrade its infrastructure facilities and promote its socio-economic development.
To this end, the scheme sets forth important tasks to be performed by domestic authorities. The prime task is to improve the effectiveness of participation in financial, monetary and banking institutions. In particular, Vietnam will attach importance to the active participation in formulating policies, initiatives and programs to raise capital for, restructure or reform, these institutions in order to elevate its status in these institutions.
Another task is to increase the efficiency of use of capital sources provided by these institutions. Specifically, the country will formulate plans and strategies to make the best use of capital sources, including less preferential and commercial loans.
The country is expected to build its integration capacity, particularly, to improve the domestic legal framework to facilitate the implementation of its commitments and obligations towards these institutions.- (VLLF)