On the morning of July 15, Prime Minister Pham Minh Chinh attended a conference to review banking activities in the first 6 months of the year and implement tasks for the last 6 months of 2023 organized by the State Bank of Vietnam in an online form. at the bridge at the headquarters of the State Bank of Vietnam (Hanoi) and online to 63 branches of the State Bank in the provinces and cities directly under the Central Government.
Also attending the Conference were Governor of the State Bank of Vietnam Nguyen Thi Hong; leaders of central ministries and branches; leaders of banks and credit institutions.
At the Conference, the delegates listened to the report; discuss and evaluate the achieved results, shortcomings, limitations, causes and propose tasks and solutions to focus on in the coming time in order to operate monetary policy to serve the task of economic stability. macro, curb inflation, promote growth. In which, the delegates discussed enthusiastically on the following issues: access to capital of people and businesses; interest rate adjustment; handling bad debts, restructuring credit institutions; Digital transformation in banking…
Carrying out the tasks assigned and directed by the National Assembly, the Government and the Prime Minister, in the first 6 months of the year, the State Bank of Vietnam has operated monetary policy firmly, flexibly, proactively and promptly. time, efficiency; contribute to controlling inflation, stabilizing the macro-economy and supporting and promoting growth. In particular, the State Bank of Vietnam has adjusted interest rates 4 times in a row, with a reduction of 0.5 – 2% per year.
The State Bank also operates appropriate credit solutions, ensuring capital supply for the economy but not being subjective to inflation risks, directing credit to production – business, priority areas. , strictly control credit for potential risk areas, create favorable conditions in accessing credit capital. As of June 30, the economy’s credit reached over VND 12.49 million billion, up 4.73% compared to 2022.
In addition, the State Bank restructured the system of credit institutions associated with bad debt settlement; strengthening inspection and supervision activities, ensuring system safety; continue to improve the legal framework on monetary and banking activities; promoting digital transformation, promoting non-cash payment activities; ensure security and safety in payment activities and information systems for banking applications; preventing and combating high-tech crimes in the banking sector…
Speaking at the conference, Prime Minister Pham Minh Chinh emphasized that in the context of many difficulties and challenges, in the first 6 months of 2023, our country’s socio-economic situation will continue to recover and develop. in the direction of “next month is better than last month, next quarter is higher than last quarter”, with many bright spots. In that common result, there is the positive and important contribution of the State Bank and the system of credit institutions in Vietnam.
Prime Minister Pham Minh Chinh delivered a speech to direct the conference on implementing banking tasks in the last 6 months of 2023. (Photo: Duong Giang/VNA).
In which, the State Bank has focused on reviewing and perfecting the monetary and banking institutions, ensuring progress and quality; promote administrative reform, contribute to improving the business investment environment; operating monetary policy firmly, proactively, flexibly, timely, effectively and in harmony with fiscal policy and other policies to control inflation, stabilize the macro-economy, create a foundation for sustainable development; efforts to implement many credit solutions, diversify products, direct credit to production, business, priority areas and growth drivers; digital transformation in the banking industry continues to be promoted; financial capacity, management and administration of credit institutions are increasingly improved; International cooperation in the field of currency and banking has achieved many positive results…
In addition to the achieved results, the Prime Minister also frankly pointed out the limitations and inadequacies that the banking industry needs to overcome such as: interest rates, especially lending rates are still high compared to tolerance. of the economy and compared with the desire to be supported and shared by businesses and people; credit balance increased low, 6 months only reached 3.58%; bad debts continue to be handled but still have many potential risks; The progress of handling weak credit institutions is still slow…
Analyzing difficulties and challenges in the coming time, the Prime Minister said that the Government has agreed that the direction of management is “Priority should be focused on removing difficulties for production and business, stimulating consumption, especially, priority must be given to growth associated with macroeconomic stability, controlling inflation, controlling public debt and government debt, ensuring major balances, and ensuring people’s living standards.
In the direction and management, special attention should be paid to ensuring a harmonious and reasonable balance between interest rates and exchange rates, between growth and inflation, between supply and demand, and between monetary and fiscal policies. ; continue to implement monetary policy proactively, flexibly, with controlled, timely and effective easing; coordinate synchronously, closely and in harmony with the expansionary fiscal policy which is reasonable, focused, focused, effective, quick and decisive.
According to the Prime Minister, the Bank is likened to the “blood vessel” of a country. Banks themselves are also businesses, at the top of the bank are entrepreneurs, who are at the head of the wave and head of the wind. Banks and businesses are a “symbiotic” relationship, both sides benefit, so it needs to be implemented according to the market mechanism on the basis of “harmonious benefits, shared risks”.
Prime Minister Pham Minh Chinh delivered a speech to direct the conference on implementing banking tasks in the last 6 months of 2023. (Photo: Duong Giang/VNA).
Regarding the main tasks and solutions for the last 6 months of 2023 and in the coming time, the Prime Minister requested the State Bank to implement proactive, flexible and timely monetary policy management solutions. , effectively to remove difficulties for production and business, promote growth associated with macroeconomic stability, control inflation; continue to review and perfect institutions, mechanisms and policies on monetary and banking; promote decentralization, decentralization, cut administrative procedures; quickly issue decrees and circulars on issues that Circular 02 has not yet regulated for corporate bonds.
Regarding credit activities, the Prime Minister requested the State Bank to focus on managing the growth of credit balance with a reasonable structure, meeting the credit capital demand for the economy; directing credit capital into production and business, priority areas and growth drivers; implement synchronous and drastic solutions to reduce interest rates, especially lending rates; determine the credit growth limit in accordance with the actual situation; direct the review of lending conditions and criteria to make adjustments more appropriate and favorable, ensuring increased access to credit of people and businesses; accelerate the implementation of the credit package of 40 trillion dong to support interest rates and 120 trillion dong for social housing loans.
The Prime Minister requested credit institutions to implement solutions to reduce costs, cut fees to reduce lending interest rates; reviewing and adjusting lending conditions and criteria, reducing, simplifying, publicizing and transparent lending procedures to increase credit access for businesses and people; creating favorable conditions for capital to support the early recovery of the real estate market, especially focusing on construction and social housing, housing for workers and low-income people, accelerating disbursement of the 120 credit program trillion dong with appropriate, effective and manageable lending conditions but must be absorbed.
The Prime Minister directed to continue to operate the exchange rate proactively and flexibly in accordance with the domestic and international situation, macro-balances, currency and monetary policy objectives; flexible intervention to stabilize the foreign currency market. Implement market principles but with technical regulation when necessary, especially in stabilizing market sentiment; continue to implement drastically and effectively the Scheme on restructuring the system of credit institutions associated with bad debt settlement in the 2021-2025 period; focus, urgently handle and restructure weak commercial banks, ensure liquidity and safety of the system.
Given that, the size of our country’s corporate bond market is still modest with outstanding loans of about 15% of GDP, lower than other countries and targets; In order to promote the development of a healthy, efficient and sustainable corporate bond market, the Prime Minister directed to create conditions for well-functioning businesses to raise capital through bond issuance to support economic recovery. ; urgently conduct credit rating to contribute to regaining confidence in the market; developing the market for listed corporate bonds…
The Prime Minister also requested to strengthen inspection and supervision; promoting innovation and application of science and technology in banking activities; promote communication; train staff to meet task requirements in the new situation.
On this occasion, together with the State Bank of Vietnam and the banking industry, the Prime Minister called and suggested the business community to make efforts, try harder, enhance cost savings, innovate corporate governance, build effective production and business plans, application of high technology, promotion of digital transformation, development of quality products in the direction of green production, green growth, circular economy, environmental friendliness, meeting requirements to expand domestic and international markets.
The Prime Minister requested the ministries, branches and localities to accompany and closely coordinate with the State Bank, credit institutions in the area and the business community to remove difficulties for production and business. is to review and perfect mechanisms, policies and laws, reform administrative procedures, and reduce costs for people and businesses.
According to VietnamBiz.vn
