Over the past three decades, the country has persistently pursued a comprehensive economic reform and reaped marked achievements, he said, citing the national annual average growth rate of about 6.6 percent.

 

Vietnam has become a middle-income country with the economy operating under a market mechanism and a modern administrative model, which is nearing international standards and practices, the PM added.

 

He noted that the domestic banking system has been one of the pioneers in the reform process and one of the main drivers of the economy.

 

The Vietnamese Government will continue with the tune-up while fulfilling the targets of curbing inflation, stabilising the macro-economy, and speeding up economic restructuring in tandem with growth model transformation.

 

The country will strive to raise productivity, efficiency and competitiveness in order to promote international integration and gear towards sustainable development, he said.

 

In a parallel effort, Vietnam will step up the reshuffle of credit institutions and the settlement of bad debts, and improve administration capacity as well as the efficiency of the banking system.

 

According to the PM, the nation is focusing on streamlining administrative procedures, improving the business climate, increasing competitiveness and creating optimal conditions for individuals and businesses.

 

It is also striving to lure more domestic and foreign investors, promote democracy and encourage innovations, the leader said, stressing that Vietnam regards enterprises as drivers of its socio-economic development.

 

As part of its efforts to increase international integration, by 2020, Vietnam expects to set up trade ties with 55 partners, including all members of the Group of Seven (G7) and 15 members of the Group of 20 (G20), he said.

 

This is the second time Vietnam has hosted the summit, which sees the participation of prestigious banks from Asia and developed nations such as Standard Chartered, ANZ and HSBC.

 

The event offers an opportunity for the international community to learn more about the Vietnamese banking system and help local banks develop their international relations, heighten their competitiveness, expand the market and apply management experience as well as cutting-edge technologies in the banking and finance sector. The host country also uses the occasion to boost its investment attraction.

 

PM Nguyen Xuan Phuc said with its topic focusing on new breakthroughs, this year’s summit reflects a long-term vision and the resolve to conduct renovations, looking towards a dynamic and effective financial and banking community.

 

Contents of discussion at the event are suitable with the world’s and the region’s present situations, which are now experiencing twists and turns, the leader said.

 

Vietnam wishes that delegates will set forth orientations and new solutions to the management of the financial and banking system, thus contributing to boosting regional and global economic development, he stated.