National Financial Supervisory Commission dissolved

The Commission's functions and tasks have been transferred to the Ministry of Finance, the State Bank of Viet Nam, the Government Inspectorate and the Government Office.

Established in 2008, the Commission was tasked to advise the Prime Minister in analyzing, evaluating and forecasting the impact of financial market on macro economy and the impacts of macroeconomic policies on the financial market.

The Commission was also responsible for assisting the Prime Minister in coordinating the supervision of the national financial market (banking, securities, insurance), helping the Prime Minister to carry out general supervision of the national financial market.

The dissolution of the Commission is part of Viet Nam's ongoing overhaul of the political system to make it more efficient and to save budget for development investment.

At central level, four Party organs and agencies, five committees of the National Assembly, five ministries and three Governmental bodies have been dissolved or merged with others.

At local level, the number of provinces and cities has been reduced to 34 from 63 while district-level administrations were dissolved. The number of communes has been reduced to 3,320 from 10,035 through merger.

With this historic political system overhaul, at least 230,000 cadres and employees have to get early retirement or move from the public sector to other sectors./.