**New Guidelines for Monetary Policy Management in 2024**
Prime Minister Pham Minh ChÃnh signed Directive No. 14/CT-TTg on May 2, 2024, on monetary policy management in 2024, focusing on removing difficulties for production, business, promoting growth and stabilizing the macroeconomy.
The Prime Minister requested the State Bank of Vietnam to closely monitor domestic and international situations to forecast and manage monetary policy proactively, flexibly, promptly, and effectively, especially harmonizing and coordinating interest rates and exchange rates. Manage credit growth effectively in conjunction with macro stabilization, inflation control, economic growth promotion, and ensuring the safety of banking operations and the credit institution system.
Immediately Check the Gold Market
The Prime Minister requested the State Bank to strengthen inspection, examination, control, and supervision of credit provision by credit institutions. Immediately carry out inspections on the gold market, the operations of gold trading businesses, shops, gold bar distribution and trading agents; complete the system of inspections to ensure continuity, connection from central to local, effectiveness, and efficiency.
Promptly review, develop, and complete documents guiding the Law on Credit Institutions in 2024 for synchronous implementation from July 1, 2024, when the Law on Credit Institutions takes effect.
Strengthen communication on mechanisms and policies on monetary policy management and banking operations; in which, focusing on new policies, policies that directly affect people and businesses such as exchange rates, credit, interest rates, savings, borrowing, payments, etc., through diverse and rich communication methods that ensure transparency, international commitments, and legal provisions.
Preside over and coordinate with the Ministry of Agriculture and Rural Development and related ministries and sectors to assess the implementation results and propose amendments and supplements to Decree No. 55/2015/ND-CP of June 9, 2015, and Decree No. 116/2018/ND-CP of September 7, 2018, on credit policies for agricultural and rural development in line with reality and meeting the requirements of sustainable agricultural and rural development.
Continue to Reduce Lending Interest Rates
The State Bank directs credit institutions to actively implement solutions for credit growth, directing credit to production, business, priority sectors, and growth drivers; strictly controlling credit for potentially risky sectors, ensuring safety, efficiency, and liquidity risk control.
Continue to reduce costs and strive to reduce lending interest rates at a reasonable level; strictly implement the public announcement of transparent average lending rates so that businesses and people can conveniently choose banks with low interest rates that meet their credit requirements.
Spend time and effort focusing on reviewing and classifying real estate projects to promptly provide appropriate credit solutions for each eligible business and project; have appropriate credit solutions for feasible and effective BOT, BT, and oil and gas projects; continue to effectively implement policy credit programs.
Increase lending for daily life and consumption, promote lending through electronic and online methods. Diversify banking credit products and services suitable for each customer segment and market, type, and production, business needs of people, businesses, and cooperatives, especially legitimate and legal borrowing needs for people’s lives and consumption.
