The PM has approved a project facilitating Viet Nam’s participation in regional and international financial, monetary and banking institutions.
Viet Nam is currently a member of six financial, monetary and banking institutions, including the International Monetary Fund (IMF), the World Bank (WB), the Asian Development Bank (ADB), the International Investment Bank (IIB), the International Bank for Economic Cooperation (IBEC), and most recently the Asian Infrastructure Investment Bank (AIIB), as a founding member. Participation in those institutions will contribute to stimulating economic growth, promoting the intensive and extensive development of international financial relationships and accelerate the liberalization of trade, investment, information and labor, thereby enabling Viet Nam to take advantage of the world market and boost business and production activities for socio-economic development. In the context of globalisation, by becoming a part of regional and global economic and financial organizations, Viet Nam will have a chance to access the capital market as well as financial and banking services in financial institutions and markets of member countries with favorable conditions and reasonable prices, in order to upgrade infrastructure and boost socio-economic development. Besides, the country will be more actively engaged in the international cooperation and connection processes, and participate in establishing a fairer and more reasonable international economic order, contributing to promoting the democratization and equalization of international relationships. Participation in regional and world organizations and institutions will ensure Viet Nam an equal position to other member countries in planning global financial and monetary policies, a more respected voice, fairer negotiation and complaining rights over the disputes under the framework of those organizations and institutions, as well as the conditions to protect the interests of the country and enterprises.