Within the framework of the Project "Improving early warning and risk management capacity for Vietnam's financial sector", the National Financial Supervisory Commission (the Commission) in collaboration with the Korea International Cooperation Agency (KOICA) held the Workshop on "Early warning of financial market risks" on December 16, 2022 in Vinh Phuc.
The workshop aims to create a forum to exchange and collect opinions of domestic and international experts on the assessment and identification of risks to the international and domestic financial markets; a number of issues related to the supervision of financial conglomerates; proposals and recommendations to strengthen the management and supervision of the financial market, contributing to ensuring the safety and soundness of the financial market.
The conference consisted of 2 sessions: 1) Session I with the topic: “Early warning of financial market risks” focused on the discussion of the financial market situation in the period 2016-2021 and some issues raised for the next period 2022-2025, activities to test the resilience of the Vietnamese banking system, international experience on early warning of financial market risks and recommendations, challenges to Vietnam’s macroeconomy in 2023; Session II with the topic: “Supervision of financial conglomerates – Current situation in Vietnam and recommendations” focused on discussing financial conglomerate supervision activities in Vietnam, key issues in supervision of financial conglomerates in Korea and recommendations, Financial conglomerates and Risks to Financial Stability.
The conference was attended by representatives from the Economic Committee of the National Assembly, the State Bank of Vietnam, the Ministry of Finance, the Ministry of Planning and Investment, the National Financial Supervisory Commission, a number of Research Institutes, universities, financial institutions and representatives from some international organizations: WB, IFC, KOICA, Korea Financial Supervision Agency.
In the context that the world is faced with changes, the domestic economic-financial economy is coping with difficulties and challenges, the workshop focused on discussing on economic, financial risks in the country and in the world affecting financial stability, early warning methods of risks in the financial market, the issue of strengthening supervision of risks in the financial system, including the supervision on financial conglomerates.
Proposals and recommendations have been put forward for NFSC to perform its assigned functions and tasks of consulting to the Government and the Prime Minister in term of general supervision of the financial market; analysis, assessment and warning of risks to the financial market and the macro-economy.