The Prime Minister directs the implementation of monetary policy in 2024, removing difficulties for production, business and promoting growth
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State Bank of Vietnam (SBV) operates monetary policy in a proactive, flexible, timely and effective manner
The Prime Minister requests ministries, agencies, People’s Committees of provinces and centrally-run cities, collectives and individuals related to the assigned functions and tasks to immediately deploy and effectively implement the following tasks and works:
The State Bank of Vietnam understands and resolutely implements adequately and effectively solutions and tasks according to the Resolutions and Conclusions of the Central Committee, Politburo, the Resolutions of the National Assembly and Government, especially the Resolution No. 01/NQ-CP dated January 05, 2024, Resolution 02/NQ-CP dated January 05, 2024 and the directions of the Prime Minister, Government leaders on operating monetary and credit policies, exchange rates, interest rates, the gold market, etc., Telegrams No. 1426, 23 on solutions for managing the gold market, Telegram No. 18 on regulating credit growth in 2024.
Closely monitoring the situation in the world and in the country to forecast and operate monetary policy proactively, flexibly, timely and effectively, especially in harmoniously and reasonably operating between interest rates and exchange rates. Effectively regulating credit growth associated with stabilizing the macro economy, controlling inflation, stimulating economic growth and ensuring the safe operation of banks and the credit institution system.
Directing credit into production and business; reducing costs and striving to reduce lending interest rates
The Prime Minister’s Directive states that the State Bank directs credit institutions to synchronously implement solutions to strive to reduce lending interest rates:
Actively deploying solutions for credit growth, directing credit into production, business, priority sectors and growth drivers; strictly controlling credit in potentially risky sectors, ensuring safety, effectiveness and controlling liquidity risk.
Continuing to reduce costs, striving to reduce lending interest rates at a reasonable level; seriously implementing the public announcement and transparency of average lending interest rates so that enterprises and people can conveniently choose banks with low interest rates, suitable for their credit capital needs.
Spending time and effort focusing on reviewing and classifying real estate projects to promptly have appropriate credit solutions for each enterprise and project that meet the conditions; having appropriate credit solutions for feasible and effective BOT projects, traffic projects, oil and gas sector; continuing to effectively implement policy credit programs…
Increasing lending to serve life and consumption, promoting lending through electronic and online channels. Diversifying banking credit products and services to suit each customer segment and market, types and business and production needs of people, businesses and cooperatives, especially legitimate and legal capital needs to serve people’s lives and consumption.
Promoting the implementation of programs, projects, and credit policies such as: The VND 30,000 billion credit program for forestry and fishery sectors; The credit program contributes to implementing the Project “Sustainable development between one million hectares of specialized high-quality and low-emission rice and associating green growth in the Mekong River Delta region by 2030” according to Decision 1490/QD-TTg dated November 27, 2023 of the Prime Minister; The VND 120,000 billion program for lending for social housing, workers’ housing, and renovation of old apartments to contribute to implementing the Project “Investing in building at least 01 million social houses for low-income people and workers in industrial zones in the period 2021-2030″…
Actively and proactively deploying the program to connect banks and businesses in a practical and suitable manner.
Continuing to implement the policy of debt restructuring and maintaining debt group according to Circular No. 02/2023/TT-NHNN dated April 23, 2023, ensuring timely support for businesses and borrowers in difficulty, while at the same time preventing opportunism, violating regulations, and distorting the nature of bad debts.
Promoting the pioneering role and exemplary role of state-owned credit institutions; enhancing social responsibility and business ethics of credit institutions in sharing and supporting people and businesses according to the viewpoint “Harmonizing interests and sharing risks”.
