Vietnamese banks praised for role in monetary policy renewal
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[January 12, 2006]

Vietnamese banks praised for role in monetary policy renewal

(Thai Press Reports Via Thomson Dialog NewsEdge)Section: Regional News - The banking system has over the past 20 years served as a key channel to provide capital for the national economy.

Banks' contributions to the national renewal were recognised by economists at a seminar held by the State Bank of Vietnam, the National Assembly's Economic and Budgetary Committee, and the Bank for Industry and Commerce in Hanoion Jan. 11.



The banking system has helped local enterprises practise new business concepts such as effective use of capital and workforces, market surveys and application of advanced technology, said participants.

They also praised the banking system's key role in financial support towards realisation of Government and Party policies.



However, Deputy Chairwoman of the NA's Economic and Budgetary Committee Duong Thu Huong urged the banking sector to amend its monetary policies in concert with national economic policies.

A proper legal foundation is in need to boost the reform of banking operations, the senior economic expert said.

For his part, Deputy SBV Governor Phung Duc Ke pledged to quickly work out amendments to two banking laws for submission to the National Assembly by 2007.

Based on its 55 years of experience, including 20 years of renewal, the banking sector is sure to meet with success in its new stage of development, said Ke. - VNA

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