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20 COVER STORIES 8 ECONOMY & POLICY
MAKING FINANCIAL MARKETS DIGITAL TRANSFORMATION - DRIVING

OPERATE SMOOTHLY FORCE FOR ADMINISTRATIVE REFORM

After two years of Covid-19, financial markets bear new risks from Vietnam is in the process of digital transformation and some
rising corporate bonds and also bad debts and potential debts. positive results have been recognized in administrative reform
There have been a number of instances where banks have acquired by people and the business community through the
securities companies and securities companies have acquired Satisfaction Index of Public Administration Services (SIPAS)
insurance companies - reminiscent of the “cross-ownership” issues and the Public Administration Reform Index (PAR Index) for
that plagued the banking sector in the 2007-2012 period, and ten 2021. In order for reform to achieve the best possible results,
years later the consequences are yet to be completely resolved. In ministries, branches, and localities need to perform five basic
addition, private sector debt is substantial compared to the tasks. These are important in promoting reform efforts and
financial strength of enterprises. The Ministry of Finance needs to will contribute to creating a State administration that is truly
boost the restructuring of the insurance market. It is also necessary an administration of the people, by the people, for the people.
to clarify solvency in the private sector. Vietnam is still lacking in
reliable industry reports. The public debt ceiling also needs to be
raised, if only slightly, to ease the load on the banking system.

22 COVER STORIES
THE DREAM OF

BECOMING REGIONAL

FINANCIAL CENTERS

Joining Ho Chi Minh City, central Da Nang city has recently
introduced a project to establish a regional financial center within
its boundaries. Local governments hope to turn both cities into 27 DIGITAL BIZ
regional and, eventually, global capital hubs. Many analysts suggest
looking at the depth of Vietnam’s financial market to develop a Digital transformation
feasible and effective development roadmap. In the current context
of strong tech development, they emphasize that Vietnam should in meDia no longer
have a legal framework for digital transformation in the financial
sector, including a sandbox mechanism.
unusual

Digital transformation in media agencies is impossible to
avoid, the “Digital communication promotes economic
recovery” seminar, held within the framework of the launch
of the VTVMoney Economic Information Ecosystem, heard.
The trend now is for media agencies to capture data about
users. The strategy for the digital transformation of media
to 2025 and vision to 2030 has been submitted to the Prime
Minister and approval is imminent.

4 Kinh tế Việt nam | số 22 | ngày 30/5/2022 www.vneconomy.vn