UNDP talks financial policy analysis project in Vietnam
30-APR-2008 Intellasia | 28/Apr/2008 Dau Tu Chung Khoan page 39
Apr 30, 2008 - 6:58:00 AM
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High inflation along with the stock market slump due to many objective and subjective reasons including weak analysis and forecast ability have forced Vietnam to deal with financial risks after joining the World Trade Organisation. Exchanging with Dau Tu Chung Khoan in the lobby of the signing ceremony of "Financial Policy Analysis" project held in Hanoi on April 25, UNDP's National director in Vietnam, Setsuko Yamazaki said that at the moment, Vietnam has undergone unexpected financial changes that were shown via inflation and price storm.
Which is the biggest challenge Vietnam has to face after joining WTO?
Practically in many countries, globalisation brings in the big expectation that countries can access larger markets with a huge capital and more new technologies. In my opinion, risks for the finance sector are at very high. Capital is not a kind of commodity. The value of banknote depends on human actions at present and in future differently. Risks of private sector will easily overflow into the state dominated sectors and become social risks. Thus, the analysing of financial policies plays a very important role in eliminating these risks.
With the signing ceremony, UNDP will finance US$3.5 million to Vietnam in analysing financial policies. Which big purposes that the project aims at are?
As I stated, Vietnam has undergone economic and social changes quickly by deep integration into the global and regional market. Especially the entry to WTO made many challenges as well as opportunities for Vietnam. In such a context, state fiscal and financial policy reforms are getting more urgent and complex, requiring cautious analysis to draw up suitable policies to support the country's industrialisation, modernisation and international economy integration. In order to deal with the requirements, in 2003 Vietnam's finance ministry and UNDP co-implemented the project of enhancing financial policy analysing ability of the government. Thanks to the project, Policy Advisory Group (PAG) was set up to offer independent proposals to help Vietnamese finance ministry build up suitably financial policies. PAG quickly became the high quality policy advisor for Vietnamese government whereby we decided to continue implementing the project.
Which countries was UNDP's Financial Policy Analysis project launched in?
We have carried out the project in a lot of nations in long time. generally, it gained good results, helping governments especially of developing countries have necessary ability of analysing and forecasting financial changes and then release suitable policies.
Can you please give details about the project?
First off, we will help the government build up operation regulation of PAG including database and forecast model, analysis and forecast system of finance ministry. Also we will give timely proposals on urgent and important issues relating to the state's finance system.
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