Financial Market Orientation Stage 2021- 2025: Need To Focus On Completing The Legal Framework, Policy Mechanism

In the framework of the workshop consultation with the establishment of the economy, the economy period 2021-2025 was coordinated by the Economic Commission with the Organization Legislative Research Institute, TS. Financial schools (TTTC) This period should focus on perfecting the legal framework, policy mechanisms and implementation of solutions for a comprehensive development organization. The operation efficiency of the financial market is still not high in the workshop, Vice Chairman of the Economic Committee Nguyen Minh Son said that the scale and structure of financial market (TTTC) has a more reasonable adjustment between the money market and capital market, between the stock market and bonds , Government bonds and corporate bonds, between credit services and non-credit services; Payment in cash decreases, the form of payment via banks is expanded, especially through the electronic wallet system. However, the operational efficiency of TTTC is generally not high. The currency market structure shifted slowly, not gathering much for the production sector but still focused much on "other types of service activities"

. The size of the capital market is small, the corporate bond market has not yet developed. The scale of insurance market is small compared to other countries around the world. Chairman of Nguyen Minh Son Economic Committee "We need to evaluate the determination of tasks and solutions for restructuring TTTC as at the draft plan Planning the restructuring of the economy in the period 2021 - 2025 has ensured the requirements for building and completing the national finance, restructuring, strengthening monitoring and regulating financial markets, improving efficiency operating financial markets; strict management of market participating organizations; ensure high liquidity and system safety; Improving the size and efficiency of the stock market to actually become a major capital mobilization channel of the economy, with policies to encourage the development of retirement and disaster insurance and agriculture insurance As required to ask at the Party's 11th National Congress of Congress ", Vice Chairman of Nguyen Minh Son Economic Committee emphasized
Proposing 6 groups of solutions on this content, suggestions at the seminar, TS.Vu Nhu Thang, Vice Chairman in charge of the National Financial Supervisory Committee said that after more than 30 years of renovation and development, Vietnam achieved many important economic and social achievements in which There is a TTTC. Up to now, Vietnam TTTC has basically formed with full components of the market, and increasingly showing a particularly important role in mobilizing and allocating capital. In particular, the period of 2016-2020, Vietnam TTTC has developed greatly in both substances and quantities, ensuring the function of providing capital to the economy, supporting growth and business sector, while serving the brand Economic restructuring fruit. However, the TTTC is considered to have not yet developed corresponding to the potential, has not been deeply integrated into the international market and has some potential risks and limitations to address the consultation held In the form of direct incorporation "TTTC development in the period 2021-2025, it is necessary to focus on perfecting the legal framework, policy mechanisms and implementation of solutions for TTTC to develop comprehensively in healthy and modern directions , ensuring a reasonable structure between the money market and the capital market, catching up with the new trends of the international financial market, contributing to well implementing strategic breakthroughs, restructuring the economy in association with Innovating the growth model, improving the productivity, efficiency and competitiveness of the economy ", TS.Vu Nhu Thang emphasizes the development orientation in the period of 2021-2025, TS. RA 6 specific groups of solutions: One is, developing a stable, transparent, modern monetary market, in line with the orientation and roadmap to restructure the financial market. (i) multi d Stiking the market members, promoting the formation and development of the system of monetary brokers, primary traders and encouraging the development of professional organizations in the market. (ii) Diversify tools and transaction methods on the monetary market, especially market risk prevention tools. Development promotes the use of derivative tools on the currency market on exchange rates and interest rates to disperse risks and prevent risks in the market
Standardizing and perfecting products to facilitate the existing tools in the market traded on the secondary market (iii) synchronously develop and increase linkage, reduce segment and missing status The interconnection of the parts market includes the interbank market, open market, foreign exchange market, short-term credit market. (iv) Promoting money market activities - Banking According to the market mechanism. Advancing allows members to participate in the market to be free to determine the interest rate of capital mobilization and lending based on capital supply and demand in the market. Creating an equal and safe environment for credit institutions operating in Vietnamese territory, implementing public principles

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