Finance Minister Vu Van Ninh has attended the Global Emerging Markets Summit (GEMS) 2009 where he presented Vietnam’s solutions to overcome the global financial crisis and economic downturn.
“The Vietnamese Government will continue implementing open monetary solutions, enhancing its institutions and monitoring the financial system to ensure the macro-economic stability,” the minister told the two-day summit which is expected to wrap up on April 29.
He went on to say that instead of direct intervention in the market, the Vietnamese State has focused on the supervision and monitoring of the banking system and financial institutions to reduce risks in the system.
The two-day summit, which focuses on the reform of management work and economies’ re-construction, also heard speeches on China and India’s roles in global business, Africa’s potentials, Islamic nations’ financial market potentials and the future for the Asian telecom sector.
They also discussed the role of the Association of Southeast Asian Nations (ASEAN) in the 21st century in the shadow of emerging China and India in Asia as well as the role of sovereign wealth funds and private equities in emerging economies.
The participants agreed that 2009 is the year full of difficulties and challenges to all nations worldwide in general and emerging economies in particular.
It is necessary to restore investors’ confidence to promote business activities, they said.
GEMS 2009, that was held by the Asian Strategy and Leadership Institute (ASLI) of Malaysia, drew the participation of many experts in finance and emerging economies, including Secretary General of the UN Conference on Trade and Development (UNCTAD) Supachai Panitchpakdi, former Pakistani Prime Minister Shaukat Aziz, HSBC Group's Chief Economist Stephen King and Chief Economist of the African Development Bank (ADB) Louis Kasekende./.