Delegates agreed that the crisis has had a substantial impact on all economies, which could be compared to that of the Great Depression in 1929-1933. They speculated about whether the crisis is the result of globalisation, and if so, this requires policymakers and economists to pinpoint the specific cause and propose solutions to fix it.

Dr Dinh Van An, director of the Central Institute for Economic Management, maintained that globalisation and international economic integration are an irreversible trend in which the market economy stimulates creativity and allocation of resources effectively and proportionally. Despite its downside, the global financial crunch has offered a lot of opportunities to economies, he said.

Vietnam - a developing country actively integrating into the world economy – should introduce measures and policies to seize opportunities and overcome challenges, he said.

To this end, he suggested that policymakers keep abreast of developments inside and outside the country, especially from big economies, big financial institutions and Vietnam’s important partners, so as to come up with timely and appropriate responses.

Prof. Nguyen Van Nam, rector of Vietnam National University of Economics, presented new theories on the financial crisis and proposed adding these theories to Vietnam’s banking and financial system.

Other delegates presented reports on new economic theories and lessons drawn from the crisis.

The session will continue through August 21.