Trang Chủ
The meeting was also participated by Deputy Prime Minister VuongDinh Hue, leaders of a number of ministries, departments, banks, credit institutions in the banking system.
Protectinglegitimate interests of depositors in all situations
Recalling a number of "records" gained in terms of socio-economic development last year, the Prime Minister said that the banking sector also possessed a number of "records" such as the early realization of the "dream" goal of hitting US $50 billion foreign reserves by2020 (equal to about 14 - 15 weeks of import value) byactually reaching US $53 billion.
The Prime Minister acknowledged that the reasonable exchange rate policy helped rapidly increase the foreign reserves as mentioned above.
The State Bank of Vietnam (SBV) actively and flexibly controlled the monetary policy which helped maintain the stability of the monetary market; The inflation rate was maintained at 3.53%, lower than the target set by the National Assembly, creating a reserve space for the Government to adjust the prices of some commodities managed by the State and create favorable conditions for other fiscal and macro-economic policies to promote their effect, thus paving for maintaining macro-economic stability as well as curbing inflation at a low level in the medium and long term. This was considered to be the most important success of the monetary policy management.
Another success is that banks continue to promote their role as the main supply of funds for the economy.
"We appreciate the reasonable adjustment of the interest rate policy. Interest rates last year dropped by 0.5-1%, helping entrepreneurs reduce capital costs", The Prime Minister acknowledged and praised the speech byarepresentative of the Bank for Agriculture and Rural Development at the meetingthat it will reduce 0.5% more of its interest rates from tomorrow.
Recognizing that the process of restructuring the credit institutions system and restructuring bad debts was attentively implemented early with good initial results, the Prime Minister affirmed that the state legitimately protects the interests of depositors in all circumstances, we have full capability to do so.
The Prime Minister praised the effort and determination of the entire banking industry.However, he also pointed out a number of considerations that need to be fixed such as credit quality had been improved but not sustainable. The credit structure has been changed positively but not proactively, strongly in accordance with market discipline. There were still weak credit institutions and high rate of bad debts which should be continuously and strongly restructured. The banking inspection and supervision have been improved but not yet met requirements. Early detection and early warning, prevention of risks in banking inspection and supervision werestill limited.
Taking the lead in implementing the motto "10 words"
“At the meeting, the Prime Minister asked the banking sector to take the lead in implementing the Government's action motto of 2018: disciplined, honest, active, creative and effective. , integrity, action, creativity, efficiency) to efficiently support the Government to implement the comprehensive socio-economic development program, extensive and intensive economic reforms to achieve and exceed important targets in 2018 as well as in the full term of office” , The Prime Minister also agreed to the implementation of the 8-word motto proposed by the SBV at the meeting: proactive, safe, flexible and efficient.
With that spirit, the Prime Minister asked the banking sector to conduct some key tasks, including the appropriate monetary policy management with effective exchange rates in sound combination with fiscal policy and other macroeconomic policies . The commitment to maintain macroeconomic stability, control inflation at low levels, accelerate growth in 2018 as well as in medium and long term should be realized. The foreign exchange market and gold market should be better managed so that adverse changes could be forecasted, the foreign exchange reserves should be increased, the international payment balance should be improved.
Credit should be focused on the Government’s prioritized developmentareas . It would be important to develop the consumer credit market, microfinance and tightly control credit for risky areas.
The Prime Minister suggested that the SBV continue to expand, have a wider vision, properly implement the mandates of the Government's integrated ministry in managing and regulating macroeconomics, controlling inflation, stimulating growth, securing sustainable and lending balanced to various sectors of the economy.
All resources should be focused to effectively implement the schemeonrestructuring credit institutions system and dealing with bad debts. Favorable conditions should be createdfor credit institutions to consolidate, upgrade capability and efficiency and strive to hit a target that Vietnam will have a number of banks with sizescomparable to the leading banks in the region.< /p>
The SBV should continue to increase the efficiency of management, inspection and supervision in order to promptly detect and minimize violations and contribute to consolidate people's confidence in the banking system.
The whole system should pay more attention to the quality, psychology and morality of banking staff to take suitable measures to minimize violations because the recent mistakes were very harmful. The discipline of the staff of the banking sector should be paid special attention. "Be aware that the uprightness of the banking sector could spread out to the whole society."
The Prime Minister requested to speed up the development and application of modern banking products and services in order to keep pace with the new trend of the 4th industrial revolution and integrate effectively into the international banking system . Meanwhile, special importance must be attached to ensure security and safety, avoid risks and adverse effects of digital technology. The legal framework for managing virtual assets, electronic money and virtual money should be actively completed.
On the occasion of upcoming Lunar New Year, the Prime Minister asked for measures to ensure sufficient money supply, avoid big changes. There should be specific scenarios to be prepared in all circumstances, so that the safe and fluent payment activities and ATM system will be guaranteed.
Duc Tuan
According to: "http://baochinhphu.vn"
