Financial and capital markets to dramatically develop in 2008

At the Việt Nam Finance and Capital Markets Conference 2008 held by the Ministry of Finance on January 23 in Hà Nội, over 300 delegates from domestic and foreign economic groups discussed hot issues relating to Việt Nam’s finance and capital markets.

Most of the audience asserted that, in 2007, Việt Nam gained an admirable growth and is now one of most dynamic and promising economies in Asia.

However, according to many attendants, the competitiveness and capital absorbability of the Vietnamese economy remain quite low, so that ministries, sectors and businesses have not maximized resources.

Mentioning solutions to improve the situations, Mr. Brad Levitt, Head of the Global Capital Market Department of Standard Chartered Bank, suggested Việt Nam quickly lift all blockages relating to regulations.

Meanwhile, WB Acting Director in Việt Nam Martin Rama stressed that, Việt Nam’s laws and policies on indirect investments and procedures to open branches have not been revised properly, slowing down the adoption and implementation of projects. According to him, Việt Nam should found financial intermediate organs to instruct investment process and formalities for investors.

Finally, the delegates asked the Government to offer a complete legal frame and mechanism to facilitate the healthy and safe development of capital market as well as further improve investment environment by developing infrastructure, training human resource, and boosting administrative reforms.

By Xuân Hồng