As the Deputy Head of the Central Propaganda Department, in charge of directing press work, Dr. Nguyen The Ky is perhaps the person who must know and read the largest number of newspapers in Vietnam. And not only newspapers, he also undertakes many important tasks in guiding ideology and culture in accordance with the Party's guidelines and viewpoints. Yet, surprisingly, Dr. Nguyen The Ky granted reporters in the financial sector a warm and insightful exchange, sharing his deep understanding of economic and financial life as well as the value of economic and financial information for the country's development. Considering these opinions to be extremely useful for journalism training, USSH would like to excerpt this interview.
Economic and financial journalism – The cutting edge of cutting edges
PV: Sir, as the Deputy Head of the Central Propaganda Department, playing a crucial role in directing press work, could you please share some assessments and observations on the current position and role of economic journalism in general, and financial journalism in particular?
Dr. Nguyen The KyJournalists and journalists are not merely the faithful secretaries of the times, as some have said, but rather, they are always at the forefront of life. Given this role of the press and journalists, I believe that economic and financial journalism always occupies the most important, "cutting-edge" positions in journalistic life. This is inevitable because, ultimately, politics is simply a concentrated expression of economics. And from a conceptual standpoint, for many years, our Party has identified economic development as central and Party building as crucial. In the current context, with the economy facing numerous difficulties, the role of the press in general, and economic journalism in particular, in creating information channels and offering suggestions and solutions to overcome these challenges is even more evident.
Along with the reform process, the press in our country has received comprehensive attention and development in all fields, truly becoming the voice and forum of all strata of the people. And naturally, where life is most vibrant, the press is also most vibrant. In my opinion, the economic and financial press is also the most dynamic and rapidly developing sector in recent times. While in the early years of reform, there were only a few scattered newspapers and websites in the economic field, today, the number of specialized economic news agencies as well as economic information websites of non-specialized newspapers has surged. For example: Vietnam Economic Times, Vietnam Financial Times, Banking Times, Investment Newspaper, Business Forum Newspaper, Industry and Trade Newspaper, Saigon Economic Times, Rural Economy Newspaper, Finance-Investment… along with specialized radio and television programs on economics and finance such as: VITV, Infortivi, Business Finance News, Economic and Financial, Stock Market 24 Hours… If you follow parliamentary sessions, National Assembly meetings, government meetings, and Central Committee meetings, you will immediately see the role of economic journalism, as much information, policies, and guidelines have been absorbed and processed by leaders and managers through the press.
Former district party secretary and his advice
PV: What are your observations and assessments regarding the current state of information in the economic field in general and finance in particular?
Dr. Nguyen The KyFinancial information is the core and lifeblood of economic information. From information about "money and daily necessities," interest rates, stocks, prices, real estate... related to people's lives, information about capital, taxes for businesses... to information about national resources, budgets, projects, public debt... it has now developed quite extensively and is constantly updated every day and every hour.
However, due to various reasons, it can be said that information about the financial sector still lags far behind real-life situations and fundamentally fails to meet public needs. Economic journalism in general, and financial journalism in particular, despite the large number of publications and reporters, frankly speaking, still lacks reputable economic publications, influential writers, and insightful analytical and predictive articles that could "shock" the investment community. There is still a prevalence of articles that "modify" reports, "illustrate" policies, and copy press releases.
There are many reasons for this situation, but fundamentally, it can be said that first and foremost, our training system still has many shortcomings, lacking specialized training programs for journalists in the fields of economics and finance. Currently, journalists writing about economics in general, and finance in particular, are still quite fragmented. Most financial journalists today are trained in journalism, but their in-depth financial knowledge is weak, or they are trained in finance but lack journalistic skills. Both of these shortcomings result in financial information that is superficial and lacks the necessary depth as mentioned above…
PV: We understand that you have worked in many fields, including serving as a district Party secretary, then as the editor-in-chief of a newspaper, and now as a leader of an agency overseeing the press system… What advice do you have for ensuring that information in the economic field in general, and financial journalism in particular, always meets the public's demands?
Dr. Nguyen The KyLike many other fields, the primary goal of economic and financial information is to reflect real life and voice the concerns of the people (including businesses). Personally, I find it unfortunate that the current widespread economic and financial media is primarily focused on policy reporting. In other words, it remains macro-level and detached from the lives of the people…
In my opinion, financial journalism needs to play a crucial role in creating forums and initiating programs to contribute to building a healthy national financial system, as well as disseminating financial knowledge to every citizen and every social stratum. When I was the Party Secretary of Nam Dan District, I received advice from several experts. We planned to implement a program to equip farmers with financial knowledge. The goal was to pilot a "Family Spending Handbook" for each farming household. This handbook would not only provide information on how to access loans for poverty reduction, loans for children's education and overseas employment, and preferential loans from programs and projects for farmers, but it would also simply track how their families spent their money over a certain period (usually one month). Through such statistics, they can become aware of and calculate their financial usage. They can then adjust their spending in the most reasonable, economical, and efficient way. The magazine could also open forums for "Young Financial Professionals," which are students from economics universities. Or the forum could discuss lessons for building a healthy national financial system. We already have the Law on Practicing Thrift and Combating Waste. However, overall, our society is still incredibly wasteful. From the story of government bonds being invested indiscriminately, as many National Assembly representatives have pointed out, to the extravagant spending on weddings, celebrations, parties, and other events... which we see everywhere. Financial journalism can absolutely open forums to educate the public and society, warning them about the culture of spending... that is the mission of financial journalism. Furthermore, the Financial press could also open more sections focusing on current affairs and politics. In particular, we are currently implementing the campaign to study and follow the moral example of Ho Chi Minh. Through this, we can tell stories about how President Ho Chi Minh "managed finance." In 1946, the country was in a precarious situation, facing countless difficulties (illiteracy, famine, etc.) while the treasury had only a few coins left. At that time, President Ho Chi Minh launched the "Rice Jar for the Resistance," "Warm Clothes for Soldiers in Winter," and "Gold Week" movements, mobilizing all resources to create the great August Revolution in history. Then there's the story of how we transported gold along the Ho Chi Minh Trail. Or we can revisit figures like Professor Cao Cu Boi, one of the people who participated in our anti-hyperinflation campaign in the early years of the Doi Moi (Renovation) period…
Today, social life is gradually changing. However, resources for development remain a pressing issue. Therefore, educating people about saving money and building a financial culture for society is crucial. Avoiding waste starts from small things (daily meals, clothing, etc.) to large investments. Wealthy countries like Germany are very thrifty, even down to the smallest food item. Similarly, Japan – a rich and powerful nation – is also extremely frugal, even saving on… garbage. It can be said that developed nations owe their success to building a strong financial culture.
I believe only financial journalism can provide in-depth and specific guidance on these matters for the public. Furthermore, financial journalism could also open a "Profiles - Events" section to revisit financial lessons for businesses and the public, from reviewing the world's largest bankruptcies to how the wealthy consume, how billionaire Bill Gates spends his money and raises his children, and how Nick Vujicic earns his money and his views on finances… for businesspeople and society to read. From there, people can learn valuable lessons and develop rational spending habits, contributing to building a smart consumer society and a healthy national financial system… Only then can financial journalism truly reach every corner of life, attracting and engaging readers…
A financial journalists' club – why not?
PV: So, in your opinion, what do we need to do to build a professional economic news information system along with a team of professional journalists in the financial field?
Dr. Nguyen The KyIn my opinion, the first step should be to establish a specialized professional organization in the field of finance. For example, creating a "Financial Journalists' Club." This would be a forum for exchanging professional experience and for gathering a team.
Secondly, it is necessary to develop a team of professional reporters and editors specializing in economics and finance, possessing both the knowledge and essential skills required for their work.
Thirdly, we need to build a team of qualified teachers and a comprehensive training curriculum for economic and financial journalists in journalism training centers and schools. Specifically: the Faculty of Journalism and Communication (University of Social Sciences and Humanities); the Faculty of Journalism (Academy of Journalism and Communication)... as well as the Professional Training Center of the Vietnam Journalists Association. At the same time, in each locality, we also need to equip every farmer and child with essential consumer knowledge. Currently, in Yen Bai, thanks to the introduction of the Tax Program into high school curricula, students there understand what taxes are, the value of taxes... and know that public works are built with tax money. From that, people have become more conscious of preserving and protecting public works.
Thank you, sir!