Prime Minister Pham Minh Chinh – Photo: VGP/Nhat Bac
This was the conclusion of Prime Minister Pham Minh Chinh at the Conference of the Government’s Standing Committee with the Joint Stock Commercial Banks on solutions to contribute to the country’s socio-economic development this afternoon, September 21.
The policy of not criminalizing economic and civil relations
After the leaders of the State Bank of Vietnam and ministries and branches answered and clarified the proposals and recommendations of the joint-stock commercial banks, concluding the Conference, Prime Minister Pham Minh Chinh highly appreciated the strong development, maturity, and efforts of the credit organization system, including joint-stock commercial banks.
The Prime Minister also emphasized that the Party and State have a policy of not criminalizing economic and civil relations; at the same time, noting that enterprises in general and joint-stock commercial banks, in particular, must comply with the law and not evade taxes.
The head of the Government expects joint-stock commercial banks to continue to accompany the Party, State, and people to overcome difficulties and challenges that the whole world is also facing, as well as internal difficulties of the country, especially after the recent natural disasters.
Regarding the direction of monetary and fiscal policies, the Prime Minister affirmed that the direction and administration of monetary and fiscal policies in the past time have been appropriate and have achieved fairly good results. Accordingly, the socio-economic situation in the first eight months of 2024 has achieved quite outstanding results in all fields, tending to develop well, including the contribution of the banking system, especially joint-stock commercial banks.
Pointing out some difficulties and limitations facing joint-stock commercial banks, the Prime Minister requested that, in order to solve some difficulties related to debt collection, collateral for loans, late payment penalties, etc., by September 25, the State Bank and the Ministry of Finance shall report and propose to the Government and the Government Office to collect opinions of the Government members for the Government to report to the Standing Committee of the National Assembly and submit it to the 8th session of the National Assembly soon.
The banking system implements “6 increases”, “6 decreases”, “6 accelerations and breakthroughs”
Assessing the situation for the coming time, Prime Minister Pham Minh Chinh requested that the ministries and branches, when handling work, must have high determination, great efforts, and drastic actions, and work with enterprises to resolve them in the spirit of “5 clearness”: clear persons, clear jobs, clear time, clear responsibilities, and clear products. The Prime Minister requested the banking system to implement “6 increases”, “6 decreases”, “6 accelerations and breakthroughs”
Accordingly, the “6 increases” include: Increasing the capacity of credit institutions, including joint-stock commercial banks; increasing the ability to access and absorb credit, especially for small and medium-sized enterprises, traditional growth drivers, and new growth drivers; increasing the removal of legal obstacles and improving credit quality; increasing close coordination and effectiveness between the State, banks, and enterprises, and improving the governance capacity of banks and the financial market; increasing transparency in deposit and lending interest rates and fighting against black credit; increasing supervision, inspection, and risk prevention, and fighting corruption and negativity.
The “6 decreases” include: Reducing lending interest rates at a reasonable level; reducing transaction and operating costs; reducing administrative procedures; reducing harassment and disturbance; reducing negativity, group interests, and “backyard” and reducing bad debt…
The “6 accelerations and breakthroughs” include: Accelerating and breaking through in digitization; accelerating and breaking through in service quality; accelerating and breaking through in human resource quality; accelerating and breaking through in banking infrastructure; accelerating and breaking through in serving production and business, creating jobs and livelihoods for people, contributing to economic growth; accelerating and breaking through in reaching out to the international market.
The Prime Minister also requested that ministries, branches, localities, and enterprises continue to implement synchronously, drastically, and effectively fiscal, monetary, and other macro-policies to remove difficulties for businesses and people, control inflation, maintain macro-economic stability, maintain growth momentum, and ensure the economy’s major balances.
Regarding the joint-stock commercial banks, Prime Minister Pham Minh Chinh suggested that they well perform the tasks of developing the Vietnamese banking industry by 2025, with an orientation towards 2030, striving that by the end of 2025, there will be at least 2-3 joint-stock commercial banks in the group of 100 largest and strongest banks in the Asian region.
“Afternoon Agenda: Government Meets with Major Shareholding Banks”
On the afternoon of September 21, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired a meeting of the Government’s Permanent Members with the joint-stock commercial banks to discuss solutions to contribute to the country’s socio-economic development.
The Politburo’s Stance on the High-Speed North-South Railway Investment Plan
On September 18, the Political Bureau met to discuss and provide feedback on the proposal for the high-speed rail investment project on the North-South axis.
Accelerating Public Investment Disbursement to Offset $1.7 Billion in Damages Caused by Storm No. 3
As Super Typhoon No. 3 ravaged Vietnam, causing an estimated damage of a staggering 40 trillion dong, Prime Minister Pham Minh Chinh emphasized the urgent need to mitigate these losses by expediting the disbursement of public investment funds.
‘Beating the Sun and Rain, Unfazed by Wind and Storm’: Achieving the 3,000-km Expressway Goal
The Prime Minister has urged the Ministry of Transport and local authorities to continue embracing the spirit of “surmounting the sun and conquering the rain, never losing to the wind and storms”. By being proactive in dealing with adverse weather conditions, they aim to complete 3,000 kilometers of expressways by 2025.
Prime Minister Chairs Meeting on 40 Key National Transport Projects
On the afternoon of September 17, Prime Minister Pham Minh Chinh, head of the National Steering Committee for important national projects and key transport sector projects (the Steering Committee), chaired the 14th meeting of the Steering Committee.
