The efficiency of financial, monetary and banking institutions promoted

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The participation in financial, monetary and banking institutions in international areas will contribute to Vietnam’s economic growth, promote the development of economic and financial relations.

Currently, Vietnam is a member of 6 financial, monetary and banking institutions, including the International Monetary Fund (IMF), the World Bank (WB), Asian Development Bank (ADB), International Investment Bank (IIB), International Bank for Economic Cooperation (IBEC) and Asian Infrastructure Investment Bank (AIIB), as a founding member.

The participation in financial, monetary and banking institutions in international areas will contribute to Vietnam’s economic growth, promote the development of economic and financial relations, promote free trade areas and investment, which gives a chance for Vietnam to take advantage of the global market, promoting production and business activities for socio-economic development.

Therefore, when Vietnam actively participates in financial, monetary and banking institutions, it creates opportunities for Vietnam to access capital markets and financial services of the member countries with favourable conditions and reasonable price to build, upgrade infrastructure and develop the economy and soceity.

Moreover, this will help Vietnam get equal status as other member countries in the construction of global financial and monetary policies, to raise the voice, have the right to negotiate, complain about the disputes within the framework of international organizations and institutions, thereby protecting the interests of Vietnamese businesses.

In order to enhance the effectiveness of the participation in financial, monetary and banking institutions in international areas for 2020-2030, the first task is to improve the operations of financial, monetary and banking institutions. In particular, Vietnam should actively participate in the activities to develop policies, initiatives and programs to raise capital, restructure and reform these institutions in order to improve the status of Vietnam in financial, monetary and banking institutions in international areas, to get the key positions such as CEO or CFO of these institutions.

In addition, Vietnam should promote the efficiency of use of resources supported from financial, monetary and banking institutions in international areas, promoting the amendment of policies and technical cooperation for economic development. Besides, Vietnam needs to make strategic plans to make use of sources and develop the production and exploitation of goods in line with Vietnam's status as a country with a medium income; enhancing the efficiency of use of resources.

The next task is to access and engage in financial, monetary and banking institutions in international areas to design a financial framework of the cooperation.

Another task is to build and develop integration capacity. Specifically, amending the legal framework for the application, deployment and implementation of the commitments and obligations of Vietnam in financial, monetary and banking institutions in international areas.

New regulations about fee rate for the license for establishment and operation of credit institutions VCN - For credit institutions, license fees for the establishment and operation of banks for the first ...

Besides, Vietnam needs to carry out the construction, training and human resource development of a qualified and skilled labour force to participate actively in financial, monetary and banking institutions in international areas to raise the voice and enhance the position of Vietnam in international areas, study mechanisms and policies related to the roadmap and the level of participation that Vietnam can carry out.