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On short - and long - term measures to restructure the Vietnam’s banking system

The article presents the following content: About official view on banking system, objectives of the restructuring of the banking system and measures to restructure the banking system, measures to control the system and regulate its operations at the macro level should SBV take to carry out the restructuring. | JED No.213 July 2012 | 39 On Short- and Long-Term Measures to Restructure the Vietnam’s Banking System An Interview with Trần Hoàng Ngân Associate Professor, Doctor of Philosophy at University of Economics – HCMC, Member of Advisory Council on National Financial-Monetary Policies 1. Please tell us about official view on, and objectives of, the restructuring of the banking system. After over 25 years of economic reform, Vietnam has attained important achievements, such as maintaining the macroeconomic stability and high growth rates, escaping the state of underdevelopment, improving the living standard and reducing proportion of the poor, and becoming a middle-income country (its per capita GDP in 2011 was US$1,300). At present, Vietnam, however, still faces various difficulties and challenges: The macroeconomic stability is not as high as expected; high and prolonged inflation (14% per year in 2007-2011), huge and continuous budget deficit (over 5% of the GDP for many years), huge trade gap and adverse balance of payments on current account; heavy public debt (about 54% of the GDP); and increasing foreign debt (some 41% of the GDP by the end of 2011), etc. These problems are partly caused by external factors, such as financial crisis and global recession from 2008 onwards but the main causes are inner weaknesses of the Vietnamese economy (obsolete growth model and economic structure, poor productivity, inefficiency of financial-monetary policies, and bad management of resources, investment and market, etc.). Hence, the VCP Central Executive Committee in Session XI of its third conference and Resolution 10/2011/QH13 emphasized the restructuring of the three important fields: public investment, public sector (especially state-owned groups and corporations), and finance market (especially the system of commercial banks and financial organizations). 40 | Trần Hoàng Ngân On Short- and Long-Term Measures Lessons from financial crises in Southeast Asia in 1997-98 .