Article Abstract:
Vietnam's banking system has become more transparent as the nation starts to adopt reforms to inspire confidence in local banks. The Vietnam Bank for Agriculture was the first state-owned institution to be independently audited. Another state commercial bank, the Industrial & Commercial Bank of Vietnam, will perform its second independent audit. Other efforts at boosting public confidence in the system include stricter oversight of joint-stock banks, detailing of rules for recognizing bad debts and disclosure of the results of independent audits.
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Article Abstract:
A UN report says that Vietnam's existing incentives, regulations and systems for resource allocation are hindering the development of the country's economic growth. The report also says that Vietnam's economic policies may divert investments into the wrong sectors which could result in a heavier debt burden. The report urges Vietnam to focus on developing a competitive export industry to sustain its high rates of growth.
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Article Abstract:
Vietnamese Prime Minister Vo Van Kiet capitalized on the opening session of the country's legislature to decry Vietnam's inefficient and corrupt legal system. Kiet noted that the legal system's inadequacies and its poor tax collection mechanisms have contributed to the Vietnam's economic difficulties. He urged the legislature to adopt reforms to enhance the legal system and social security framework.
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