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Next-decade Finance Strategy to boost economic recovery

by NDO/VNA16 November 2021 Last updated at 16:00 PM

The Vietnam Finance Forum 2021 takes place in Hanoi on November 16. (Photo: VNA)
The Vietnam Finance Forum 2021 takes place in Hanoi on November 16. (Photo: VNA)

It is urgent for Vietnam to develop financial and budgetary solutions to stablise the macro-economy and boost economic recovery and development post-COVID-19, Deputy Finance Minister Vo Thanh Hung told the Vietnam Finance Forum 2021 on November 16.

This year’s event was themed “Finance Strategy for the 2021 – 2030 period: Solutions for Economic Recovery and Development in Vietnam.”

Also speaking at the event, Dr. Nguyen Nhu Quynh, Deputy Director of the Ministry of Finance’s National Institute for Finance (NIF) said according to the next decade’s Finance Strategy, the national finance policy plays a pioneering role in effectively mobilizing, distributing and using both domestic and foreign resources, and directing the resources into fulfilling priority socio-economic development goals in each certain period of time.

It is important for the country to focus more on improving policies to effectively mobilise resources for development, enhancing business climate and accelerating the mobilization of non-State resources, Quynh said.

He also emphasized the need to tighten control of State budget deficit, properly manage public debts and step by step provide more fiscal space for heightening the national finance’s resilience.

Vice Chairman of the National Financial Supervisory Commission Dr. Vu Nhu Thang said to develop a healthy and efficient financial market and minimise impacts of systemic crises, Vietnam must reform the financial sector through facilitating fair competition and stability of the banking system.

He further urged for the improvement of financial infrastructure to enable the country to keep up with the ever-changing fintech trends.

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