Financial Education in the context of improving financial inclusion in Vietnam
On 23rd March, 2018, VNU University of Economics and Business cooperated with the Vietnam Financial Literacy Network and the Institute of Chartered Accountants in England and Wales (ICEAW) held the international conference on “Financial Education in the context of improving financial inclusion in Vietnam”.
The key objective of this international conference is to bring together academics, practitioners, policymakers and other stakeholders to discuss ongoing researches and viewpoints on theoretical and empirical issues related to financial education, financial literacy and financial inclusion.
Overview of the conference
The conference was attended by nearly 200 academics and leading experts in financial literacy and finance and banking, representatives of World Bank in Vietnam, GIZ, UNDP in Vietnam, State Bank of Vietnam, The Deposit Insurance of Vietnam, New York University, Hanoi University of Technology, Banking Academy, economists, lecturers, fellows, students and mass media.
Assoc.Prof.Dr. Nguyen Truc Le - Rector of the UEB gives opening speech at the conference
The conference had five presentations made by senior experts in financial and finance and banking, including (i) Lessons learned and international practices in developing financial behavior by Mr. Alwaleed Alatabani, Lead Financial Sector Specialist, World Bank in Vietnam; (ii) Reviewing and evaluating the achievements, limits and future directions of financial education in Vietnam by Dr. Can Van Luc, currently Chief Economist of the Bank for Investment and Development of Vietnam (BIDV) cum Director of BIDV Training School; (iii) Experiences in building training programs for improvement of teachers’ financial understanding by Dr. Koh Noi Keng, Chair of the Financial Literacy Hub for Teachers, National Institute of Education in Nanyang Technological University, Singapore; (iv) Ms. Magdalena Segre, Consultant of GIZ analyzed the role of financial understanding in developing micro insurance in Vietnam; (v) Dr. Dinh Thi Thanh Van - Vice Dean of the Faculty of Economics and Business, VNU University of Economics and Business, Vietnam Financial Literacy Network Cofounder presented the study on measuring financial literacy and financial capability of some groups following international standards set by the World Bank and Organization for Economic Co-operation and Development (OECD).
Dr. Dinh Thi Thanh Van (on the left)
Dr. Can Van Luc - Chief Economist of BIDV
Especially, Dr. Dinh Thi Thanh Van shared the information about Vietnam Financial Literacy Network, founded in 2015. The network aims at conducting high quality researches related to financial literacy and financial education, providing financial education services to the society and becoming a link between users and providers of personal financial products and services. In this way, the network will contribute to the financial market development, economic prosperity and welfare enhancement of Vietnamese people. In addition to research, the network also designs and teaches personal finance for students, poor households and gives consultation to projects of USAID and UNDP in financial education.
Various questions and comments were made at the discussion panel of the conference. According to Mr. A.Alatabani - Representatives of WB, each nation should have suitable strategy in enhancing the financial understanding based on its own needs and demands. The implementation can be undertaken by a certain agency; however, the key point is to establish an effective cooperation between ministries, departments and relevant parties. Dr. Can Van Luc has the same view on the necessity of having a long-term national strategy in financial education.
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