The 17th Asian Banker Summit, the region’s largest annual gathering of senior executives and financial services sector players, opened in Hanoi on Wednesday. Addressing the event, Prime Minister Nguyen Xuan Phuc pledged to continue economic reforms across the country, including in the banking sector, as Vietnam integrates into the global market.
More than top leaders of financial organisations and commercial banks from over 30 countries attended the event. They discussed problems that the banking sector faces such as the threat of higher interest rates, credit risk and measures to prevent money laundering. This is also an opportunity for Vietnam’s banking sector to learn from the experiences posed by integrating into the world economy.
Nguyen Thi Hong, Deputy Governor, State Bank of Vietnam said: The event has underlined that Vietnam’s banks need to improve risk management and diversify their products in order to become more competitive in the integration process.
Speaking at the event, Prime Minister Nguyễn Xuân Phúc stressed that Vietnam highly appreciated the theme of the summit which focused on breaking traditions. It reflects the long term vision of creating a dynamic banking environment.
The prime minister said the Vietnamese government was gradually adopting modern governance models and steadily adjusting its rules and practices to better align with international standards. The banking sector plays an important role in accomplishing these goals.
"We need to restructure credit institutions associated with bad debts and improve monitoring and management of the banking sector in terms of international standards. We will create a more favourable environment for investors. We need to attract more domestic and foreign investors because businesses are considered the motive force for socio-economic development," said Prime Minister Nguyễn Xuân Phúc.
Prime Minister Nguyễn Xuân Phúc said that the government was committed to creating favourable conditions for foreign investors by clearing any obstacles they may face. He also stressed that Vietnam always stands ready to co-operate with the international community for peace, stability and prosperity.
