The scientific conference on Reshaping the global financial system and Vietnam's strategy

18 Mar, 2021

Recent changes in the international environment are expected to have many profound effects on the world economic and political appearance in the coming time. The main fluctuations can be mentioned as China’s new economic policy, the shift in global supply chains, or the shift of international investment capital flows. Traditional international financial centers are also moving due to geopolitical upheavals (Are UK, Hong Kong... still global financial centers?). All geographic-economic-political factors resonated by permanent changes in human behavior (distance work or career choice in the gig economy) from the impact of the pandemic is reshaping global finances. Identifying trends, assessing opportunities and risks from reshaping international finance will help policymakers, investors, businesses, and academics respond appropriately.

The AI platforms deployed in the global financial systems is now getting stronger at an exponential pace, which is unprecedented in history. For example, Jack Ma, the founder of Ant and Alibaba, an e-commerce conglomerate, is said to be among the pioneers of using digital consumer and business activity data to assess credit risks, reduce borrowing costs, provide customized services. This is the main reason why Chinese financial corporations have expanded at an unprecedented rate. Developed countries are now racing to catch up with giants Ant and Alibaba. Is the fact that AI has been and will shape global finance an irresistible trend? In addition to the enormous benefits AI brings in the financial sector, what challenges threaten the financial sovereignty of nations (monopoly and ambiguity of technology companies, money laundering, terrorism, personal data ,safety, independence of central banks…).

The development of digital currencies has received the attention of many investors, governments, and also the Central Banks of the world's leading countries. For example: China is speeding up the process of launching the China's National Digital Currency - DCEP (Digital Currency Electronic Payment, DC/EP); Facebook is planning to launch the Diem cryptocurrency this year. The future of digital currencies can threaten the position of strong currencies in the world such as USD, EUR, ... And even with their advantages, digital currencies can gradually replace strong currencies in payments, investments, and reserves. How will this scenario have an impact on the stability of the international monetary system, and does Vietnam need adaptive policies?

The abovementioned earthquakes have been and will reshape the global finance at an exponential rate with huge but extremely uncertain interests ahead. The only question the conference wants to ask is: WHAT DO WE NEED TO DO?

In the given context, the School of Finance - University of Economics Ho Chi Minh City cooperated with the Saigon Liberation Newspaper for Financial Investment - Saigon Liberation Newspaper to coordinate with the organization of a national conference with the theme: "Reshaping the global financial system and Vietnam's strategy" which aims to provide a forum for scientists, experts, businesses, and organizations to discuss how the aforementioned movements affect the financial system. What strategies do Vietnam need to adapt to these changes? Identifying trends, assessing opportunities and risks from reshaping the global financial system will help policymakers, investors and businesses react accordingly.

The conference is expected to be held on April 27, 2021 at University of Economics in Ho Chi Minh City with the participation of:

Members of the Prime Minister's Economic Advisory Group such as: Dr. Tran Duc Kien; Dr. Truong Van Phuoc; Assoc.Prof.Dr. Tran Hoang Ngan; Dr. Tran Du Lich; Dr. Vu Thanh Tu Anh...

Members of the National Financial and Monetary Policy Advisory Council such as: Prof.Dr. Tran Ngoc Tho; Dr. Can Van Luc...

With the participation of scientists, domestic and international researchers, who are of interest.

The conference will focus on the issue of reshaping the global financial system and the strategy for Vietnam such as:

Recent changes in the international financial environment.
The relocation of international financial centers.
New economic policies of China and America.
Shifts in global supply chains or international capital flows.
Changes in human behavior resulting from the effects of the pandemic or changes in job selection behavior following the trend of the gig economy.
The impact of the development of digital currencies on the position of strong currencies in the world, on the stability of the international and Vietnamese monetary systems.
The great benefits, opportunities and challenges that AI brings in the financial sector.
The issue of financial sovereignty of countries (monopoly, money laundering, terrorism, personal data safety, the independence of the Central Banks...).
Identify trends, assess opportunities and risks from reshaping global finance, the appropriate responses of policy makers, investors and businesses; proposing adaptive policy in a new context of Vietnam.

The Organizing Committee are pleased to announce and look forward to receiving articles from researchers participating in this conference. Papers will be selected by the Organizing Committee to be published in the Conference Proceedings.

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