One of the most pressing tasks facing Vietnam in its transition to a market economy is that of establishing macroeconomic control. In November, 1992, the Vietnamese government set up the State Fiscal and Monetary Council (SFMC) under the leadership of the first deputy prime minister to do just that. In response to a request from SFMC, a Vietnamese advisory group was organized under this project to study Japan's financial system, while a counterpart Japanese group was formed to make recommendations to SFMC on reforming Vietnam's fiscal and monetary policies. Four joint meetings of the advisory groups were held to discuss three key themes: inflation control, reform of the banking system, and creating a capital market. Both groups compiled reports on their research and submitted formal proposals to the relevant Vietnamese government authorities.