Vietnamese financial regulator asked to provide prompt advice

Tuesday, 2018-03-06 16:48:50
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PM Nguyen Xuan Phuc awards the Labour Order to the NFSC.
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NDO - Prime Minister Nguyen Xuan Phuc has asked the National Financial Supervisory Commission (NFSC) to advise the Government regarding macroeconomic management in a timely manner.

The PM made the statement while attending a ceremony on March 6 to mark the 10th anniversary of the commission’s foundation.

The Government leader urged the financial regulatory authority to focus on assessing the potential risks in the financial market and banking activities, in order to make recommendations on the appropriate measures to deal with market volatility.

The NFSC was also asked to employ international risk assessment tools and standards to create a sound financial system.

PM Phuc also urged the other ministries and agencies to work more closely with the NFSC, emphasising that the commission’s words might be unpleasant to the ear but are also warnings that need to be heeded.

He recalled that, in the last ten years, many opinions of the commission’s leaders at monthly Government meetings have been highly appreciated and taken note of, helping to curb inflation and stabilise the macroeconomy.

For his part, the NFSC’s acting chairman said that a stronger legal foundation would provide the commission with better access to the necessary data so as to perform its supervisory duties more effectively.

On this occasion, Prime Minister Phuc awarded the Labour Order to the NFSC and other state accolades to a number of the commission’s leaders and employees.