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ECONOMYBANKING & FINANCE

SBV requested to take pioneer role in implementing socio-economic development goals

Updated at Friday, 06 Jan 2017, 17:30
The Hanoitimes - Prime Minister Nguyen Xuan Phuc has asked the State Bank of Vietnam (SBV) to take the pioneer role in carrying out the goal by keeping inflation at under 4 percent and contributing to accomplishing the GDP growth target of 6.7 percent.
Speaking at a SBV conference in Hanoi on January 5 to launch 2017 tasks, Prime Minister (PM) Nguyen Xuan Phuc hailed the central bank’s flexible and active management over monetary policies, attributing the success in keeping the inflation rate under 5 percent to the sound enactment of policies on managing State-managed goods prices and monetary governance policies.
 
Prime Minister Nguyen Xuan Phuc makes a speech at the conference.
Prime Minister Nguyen Xuan Phuc makes a speech at the conference.
The Government leader highlighted the SBV’s prompt and suitable response also helped maintain macro-economic stability and ensure the operation of the system.
PM Phuc stressed that the banking sector plays as a blood artery of the economy and praised its significant contributions the nation’s socio-economic growth in 2016.
By the end of 2016, the sector fulfilled all monetary targets set earlier. Total means of payment increased 17.88 percent, while total raised capital grew by 18.38 percent against 2015.
Inflation was basically controlled, and kept at 1.87 percent, contributing to maintaining the yearly CPI at 4.74 percent, fulfilling the set target of keeping the figure less than 5 percent as set by the National Assembly.
Liquidity of the banking system was ensured, while the inter-baking system operated smoothly. 
However, he also mentioned some problems in banking activities, including high interest rate, high poor performing loans as well as poor performance of the system in solving those loans.
The PM stressed that macro-economic stability continues a major task in 2017 and asked the central bank to take the pioneer role in implementing the goal by keeping inflation at under 4 percent and contributing to accomplishing the GDP growth target of 6.7 percent.
Beside managing the monetary policy in a flexible, proactive, and careful manner and closely following market fluctuations, the SBV should maintain the stability of the foreign exchange and gold markets, while increasing foreign currency reserve and maintaining the value of Vietnamese dong, PM Phuc said.
He also directed the SBV to prioritise capital for sectors with great contributions to economic growth, export, and employment such as hi-tech agriculture, and small and medium-sized enterprises.
The Cabinet leader asked large banks to help businesses reduce cost, while requesting commercial banks to develop preferential credit packages for hi-tech agriculture or a type of business needed support like tourism and aviation.
The PM also required the SBV to improve the transparency of interest rates, while completing institutions and legal frameworks to better support the restructuring of credit organisations and ensuring safety for the banking system.
The bank was also requested to coordinate closely with media agencies to popularise the monetary and macro-economic policies of the Party and State.
Translated by Thu Minh
Source: Duong Tung-Kinhtedothi.vn
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