Scale financial market According to international practice, Vietnam will be equivalent to about 300% of GDP by the end of 2021. A new report released by the Asian Development Bank (ADB) and the BIDV Research and Training Institute shows that the financial market including banking, insurance, and securities has made great strides in recent years. In particular, macro stability plays an important role for the market to develop sustainably.
According to the research team’s forecast, Vietnam’s economy could grow by 5.5 – 6% this year and higher next year, thanks to the push from stimulus packages for economic recovery. Vietnam’s financial market will also benefit from this recovery, but it cannot avoid the impact of the downward correction of world stocks.
Vietnam’s financial market needs to develop more balanced and control systemic risk. (Illustrated photo – Photo: VNA)
However, along with the impact of recent policies and measures, the market is expected to develop healthier.
“Developing the capital market is an irreversible trend for Vietnam, because the capital market is a medium and long-term capital supply channel for the Vietnamese market. We need to look more positively, not because of the risks. This has limitations and impacts on the development of the capital market”, said Mr. Nguyen Minh Cuong, Chief Economist of the Asian Development Bank (ADB).
The experts also made policy recommendations, emphasizing the completion of the legal framework and policies related to bad debt settlement, healthy stock and bond markets, and creating a legal corridor for business development. digital economy; at the same time encouraging green finance such as green credit, green bonds.
“The financial market can only be stable when the macro-economy is stable. Therefore, we must coordinate monetary and fiscal policies, in order to well implement the recovery program set by the National Assembly on the one hand, on the one hand. and issued by the Government, the second is to stabilize the macro economy, and at the same time control inflation as well as prices,” said Can Van Luc, Chief Economist of BIDV.
Prime Minister Pham Minh Chinh pledged at COP26 that we will be zero carbon by 2050, which is a great opportunity to make Vietnam’s financial market greener, with more money and capital flows from the country. to invest in energy transition, develop green and clean agriculture, and produce green and clean products to increase competition with world goods,” said Pham Xuan Hoe, former deputy director of the Institute of War. banking strategy, emphasis.
The report also stated that Vietnam’s financial market needs to develop more balanced and control systemic risks, especially the spillover between banking – securities – insurance – real estate. This will be a necessary step for the market to develop sustainably in the long term.
at Blogtuan.info – Source: vtv.vn – Read the original article here