On August 1st, Deputy Prime Minister Ho Duc Phoc chaired the meeting of the Steering Committee for restructuring credit institutions and handling bad debts.
Deputy Prime Minister Ho Duc Phoc chairs the meeting of the Steering Committee for restructuring credit institutions and handling bad debts.
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Directing capital towards production and business
In his opening speech, Deputy Prime Minister Ho Duc Phoc stated that, in the past, we have strongly implemented the restructuring of credit institutions and successfully transformed four banks. Currently, we are in the process of restructuring SCB Bank.
He clarified that the meeting discussed several issues related to the implementation of monetary policies to promote growth, striving for a GDP increase of over 8% this year and aiming for double-digit growth in the next term. The Deputy Prime Minister requested the delegates to speak frankly, evaluating the achievements and tasks that need to be focused on in the coming time for the most effective restructuring of credit institutions.
At the meeting, after listening to the report by the State Bank of Vietnam on the restructuring of credit institutions in conjunction with bad debt handling, representatives of ministries and branches (Ministry of Finance, Government Office, State Audit Office, Central Policy and Strategy Committee, Ministry of Construction, Ministry of Public Security, Ministry of Industry and Trade, MARD, Ministry of Justice, and MOST) expressed basic agreement with the report of the State Bank.
At the same time, the representatives of the ministries and branches further commented on the contents related to the implementation of the tasks mentioned in Decision 689 of the Prime Minister approving the Project “Restructuring the system of credit institutions associated with handling bad debts in the 2021-2025 period”; safe and sustainable development of the life insurance sector; measures to manage and direct capital towards production and business; promoting green credit; applying digital technology in banking activities to improve service quality for people and businesses; developing preferential credit packages for enterprises, strengthening links between enterprises and banks; managing exchange rates and foreign exchange; managing the foreign exchange market and the gold market; increasing charter capital for state-owned commercial banks;…
The delegates also discussed the restructuring of SCB Bank, handling bad debts of credit institutions, handling cross-ownership situations, coordinating monetary policy with fiscal policy and capital market, handling secured assets, handling bad debts in the field of land and real estate, fighting crimes in the monetary and banking field, implementing enforcement related to credit institutions, improving the efficiency of banking inspection, supervision and control, and reforming lending procedures…
Effectively managing monetary policy to promote economic growth
Deputy Prime Minister Ho Duc Phoc emphasized the need for effective monetary policy management, maintaining macro stability, curbing inflation, stabilizing exchange rates, and boosting economic growth – Photo: VGP/Tran Manh
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Concluding the meeting, Deputy Prime Minister Ho Duc Phoc highly appreciated the very appropriate and important opinions, recommendations, and suggestions of the representatives of the ministries and branches. He requested the State Bank of Vietnam to absorb and complete the report to continue implementing solutions to effectively manage the activities of credit institutions in the coming time.
Deputy Prime Minister Ho Duc Phoc emphasized the need for effective monetary policy management, maintaining macro stability, curbing inflation, stabilizing exchange rates, and boosting economic growth.
At the same time, it is necessary to tightly manage and maintain the stability of the banking system, continuously monitor and evaluate restructured credit institutions and banks with potential weaknesses to take timely and effective measures.
The Deputy Prime Minister also requested a harmonious and reasonable combination of monetary policy with fiscal policy, promoting digital transformation in payment activities, effectively managing monetary policy to ensure capital provision for production and business, properly managing the foreign exchange market, stabilizing the exchange rate against the US dollar, and studying and advising on solutions for issuing bonds in US dollars…
Regarding the credit room, in the short term, it is still a management tool, and increasing the credit room in the current period is necessary. For banks operating effectively, the credit room needs to be increased to provide more capital to the economy.
The Deputy Prime Minister also emphasized the design and effective implementation of preferential credit packages (such as social housing loans and poverty reduction loans), tightly managing capital flows, and directing credit towards production and business to promote rapid and sustainable economic development. At the same time, strengthening and improving the efficiency of banking inspection, supervision, and control (with a focus on potential risks), effectively preventing cross-ownership, and resolutely handling bad debts…
– 13:40 01/08/2025
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