At a seminar, which was jointly held by the Vietnam Academy of Social Science and the Japan International Cooperation Agency (JICA) in Hanoi on October 24, Japanese Deputy Chief Cabinet Secretary Takeshi Hachimura offered financial proposals to support Vietnam’s development policies.

He said the imbalance between spending and saving in Vietnam has existed for a long time and the vicious circle of the economy is attributed to the underdeveloped financial system.

Delegates at the event agreed that Vietnam must modernize its currency trading system; effectively utilize money mobilized from the people and track down and prevent illegal trading.

In the long term, these measures will transform Vietnam’s international trade deficit to a trade surplus, they said.