Forum discusses financial policy reform to boost growth model transformation

Thursday, 2019-09-19 16:13:17
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Deputy Minister of Finance Do Hoang Anh Tuan speaks at the Vietnam Finance Forum 2019, which opens in Quang Ninh on September 19, 2019. (Photo: VNA)
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NDO – The Vietnam Finance Forum 2019 opened in the northern province of Quang Ninh on September 19, discussing financial policy reforms for renewing Vietnam’s growth model and economic restructuring.

The forum brought together about 300 delegates from central agencies, international organisations, research institutes, universities and members from the business community. They shared their research results and perspectives to form a system of scientific arguments for proposing reform in financial policies, in order to seek motivation for renewing the growth model and restructuring the economy in Vietnam towards fast, comprehensive and sustainable development.

The event featured two themed discussion sessions, including financial policy reforms to renovate the growth model in Vietnam and financial policy reforms to promote economic restructuring in the country.

Speaking at the opening, Deputy Minister of Finance, Do Hoang Anh Tuan, said that in Vietnam, renewing the growth model, changing the economic structure and restructuring of the national finance has achieved initial results during the last decade. However, there are still challenges ahead despite the fact that the economic growth was at 6.35% on average over the past five years.

At the forum, experts looked into the issues and assessed challenges for the current Vietnam’s financial policy system, from which supposing solutions to renovate the growth model and restructure the economy during the 2021-2030 period, with a vision to 2045 to better serve rapid and sustainable growth.

They suggested to see the private sector as not only important but also a fundamental driving force and a main pillar to create breakthroughs in developing the economy.

Deputy Minister Tuan expressed his desire to find an optimal solution to boost the private sector’s development, striving to have 6-10 private enterprises in the world’s top 500 in the next 10 years.

It is also necessary to evaluate the effective use of public financial resources, promote innovation and restructuring of State-owned enterprises and state capital in enterprises, and develop better financial and budgetary policies to contribute to improving labour productivity on the basis of restructuring the economy.