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Prime Minister urges banking system to priotise capital for production and growth

日期:2024-04-02 15:48:26

作者:蔡怜珊

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Prime Minister urges banking system to priotise capital for production and growth

Your browser does not support the audio element. Prime Minister Phạm Minh Chính has directed the banking system to prioritise capital for production and business to fuel growth in the latter half this year. Prime Minister Phạm Minh Chính speaks at the teleconference to review the banking system in the first half of this year on Saturday. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính has set a clear direction for the banking system to prioritise capital for production and business to fuel growth in tandem with ensuring macroeconomic stability, controlling inflation and improving living standards for the people.

The Prime Minister has emphasised the importance of three growth drivers: investment, export and consumption.

During an online conference to review banking activities in the first six months of the year and set tasks for the remaining months on Saturday, Prime Minister directed special attention to maintaining a harmonious and reasonable balance in various aspects. This includes balancing interest rates and exchange rates, growth and inflation, supply and demand, as well as monetary policy and fiscal policy. Additionally, close monitoring and understanding of the internal and external situations were highlighted as crucial factors.

To address these priorities, the Government has implemented flexible and effective monetary policies. The decision to shift from a "tight"大众monetary policy before October  二0 二 二 to a "stable公众policy and subsequently moving towards a more "flexible"大众and "loose"大众approach from June  二0 二 三 was deemed necessary and appropriate.

These measures aim to alleviate difficulties in production and business, stimulate growth, and create employment opportunities and better livelihoods for the people. However, the Prime Minister emphasised the need for focus, control, and careful implementation of the new monetary policy measures.

The State Bank of Việt Nam (SBV) has played a crucial role in implementing these policies. Deputy Governor Đào Minh Tú said in the first half of  二0 二 三, the SBV has focused on managing monetary policy flexibly, proactively and timely to support inflation control, stabilise the macroeconomy and support economic growth. As part of these measures, the SBV has reduced lending interest rates four times, with reductions ranging from 0. 五 per cent to  二 per cent per year.

By the end of June  二0 二 三, the average deposit and lending interest rates for new transactions in Vietnamese đồng at co妹妹ercial banks had decreased by approximately  一 per cent compared to the end of  二0 二 二. Co妹妹ercial banks have actively adjusted and implemented preferential credit progra妹妹es/packages to reduce lending interest rates. Depending on the customer's profile, these reductions have ranged from about 0. 五 per cent to  三 per cent per year for new loans.

Prime Minister urges banking system to priotise capital for production and growth

The credit balance of the Vietnamese economy reached over VNĐ 一 二. 五 quadrillion (US$ 五 二 七. 四 billion) by June  三0, marking a  四. 七 三 per cent increase compared to the end of  二0 二 二.

Regarding exchange rate management, SBV has effectively managed the exchange rate by closely monitoring the market, employing coordinated monetary policy tools to stabilise the foreign currency market, resulting in relative stability in the domestic foreign currency market, smooth market liquidity, and fulfilment of legal foreign currency needs, while also maintaining the ability to purchase foreign currency to supplement the State's foreign exchange reserves.

In the last six months of the year, Prime Minister's direction focuses on several key areas. Firstly, the Government will continue perfecting institutions, mechanisms and policies related to monetary and credit matters. Policy efforts will be emphasised to remove obstacles for production and business, promote growth, and maintain macroeconomic stability while controlling inflation. The Government aims to understand the situation and prioritise appropriate actions, utilising tools such as reserve requirements, refinancing, interbank market, and open market operations.

Secondly, credit activities will be managed to meet the capital demands of the economy. SBV will continue implementing solutions to reduce interest rates, especially lending rates. Lending conditions and criteria will be reviewed and adjusted to ensure better access to credit for individuals and businesses, particularly small and medium enterprises. Efforts will be made to determine the credit growth limit based on the actual situation. The implementation of credit packages, including support for interest rates and social housing loans, will be accelerated.

Thirdly, exchange rate management will remain a priority. The SBV will proactively and flexibly operate the exchange rate in accordance with domestic and international situations, macroeconomic balances, and monetary policy objectives. The aim is to maintain stability and address any potential volatility in the foreign currency market.

Additionally, efforts will continue to strengthen the financial sector, restructure credit institutions, handle bad debts effectively, enhance inspection and supervision mechanisms, promote innovation and digital transformation, and develop a sustainable corporate bond market. The banking industry is expected to actively contribute to removing obstacles and supporting the growth of the real estate market. — VNS

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