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RoK explains how to survive a financial crisis
A programme to restructure its economy helped the Republic of Korea (RoK) to weather the financial crisis of 1997 and become better prepared than most to survive the current global crisis.
This was just one of the RoK’s experiences in the global economy that was discussed at a workshop held in Hanoi on May 12.
At the workshop, Dr. Okyu Kwon, a former RoK Deputy Prime Minister and Minister of the Economy and Finance, said that his country had made a bold and appropriate response when restructuring six economic-financial fields. They include finance and business, the financial supervisory system, bankruptcy procedures, a social security network, business administration practices and the international financial structure.
As a result, the RoK modernised its legal framework, financial market institutions, and the government’s capacity to cope with the threat of economic recession.
When giving his opinion, former Vietnamese Deputy PM Vu Khoan said that Vietnam’s economic restructuring should focus mainly on investments, particularly public investment in the country’s infrastructure, business, financial and banking systems.
The financial and economic experts also talked about the solutions that the Vietnamese Government has applied to prevent a recession as well as the need to curb the rising inflation rate.
They also talked about the role that the bigger Asian countries play in preventing and overcoming a financial crisis and the extent of collaboration between different Asian economies.
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