Prime Minister Nguyen Xuan Phuc (middle) at the event (Photo: VNA)Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has ordered the bankingsector to orientate itself in line with the Government’s spirit ofbreakthroughs.
Attending the meeting in Hanoi on January 9 to launch tasks for the bankingsector, PM Phuc ordered the State Bank of Vietnam (SBV) to continue itsflexible monetary policy as well as work to stabilise the macro-economy, pavingthe way for other sectors to thrive.
He underlined that this is a daunting task, requiring precise and rationalmanagement.
Hailing the banking sector’s contributions to the nation’s macro-economicstability in 2018, PM Phuc said that the SBV’s monetary policy was carried outin harmony with other macro-policies, which was important to keep the averageinflation at 3.54 percent and below the ceiling target.
More specifically, in the context of complicated and unexpected developments ofthe global economy, the SVB’s policies created favourable conditions for domesticbusiness and production, as well as helped increase the nation’s foreignexchange reserves to more than 60 billion USD.
Thanks to better management capacity, many financial institutions with poorperformance in previous years showed greater profits in 2018, the leader said,adding that comprehensive restructuring in the credit institution system inassociation with bad debt settlement resulted in positive impact on the wider economy.
Also, he noted, the shake-up process in some organisations still lags behind requirement,that is why internal control and inspections in the banking sector must becarried out in a more timely manner to hand out strict punishment to anyviolation.
At the meeting, leaders of some commercial banks proposed that the Prime Ministersoon increase the chartered capitals for state-owned commercial banks.
Meanwhile, the SBV asked the Ministry of Justice and other competent ministriesand sectors to join hands in handle shortcomings in bad debts settlement. –VNA
VNA
