NOTICE

CONCLUSION OF THE PRIME MINISTER AT THE MEETING FOR CONCLUDING BANKING OPERATION RESULTS OF THE FIRST 6 MONTHS AND IMPLEMENTING TASKS OF THE LAST 6 MONTHS OF 2023

On July 15, 2023, at headquarters of the State Bank of Vietnam, Prime Minister Pham Minh Chinh attended and chaired the Meeting for concluding banking operations of the first 6 months and implementing tasks of the last 6 months of 2023. Participants of the Meeting include Governor of the State Bank of Vietnam, leaders of the State Bank of Vietnam heads of Ministry of Public Security, Ministry of Finance, Ministry of Construction, Ministry of Planning and Investment, Ministry of Justice, Ministry of Information and Communications, State Audit, and Office of the Government. Upon hearing report presented by leaders of the State Bank of Vietnam and remarks of participants of the Meeting, the Prime Minister hereby concludes:

1. Commend, acknowledge, and appreciate the State Bank of Vietnam, leaders of the State Bank of Vietnam, public officials, officials, and employees in banking sector for a multitude of efforts in regulating monetary policies and stabilizing credit institution system in recent times, especially during hardships. Past results are positive, appreciated, and precious in stabilizing macroeconomics, controlling inflation, promoting growth, and maintaining major balances of the economy.

2. Tasks and solutions for the near future reported by leaders of the State Bank of Vietnam at the Meeting are essentially approved. The State Bank of Vietnam continues to acknowledge remarks at the Meeting, accomplish tasks and solutions in order to lead, coordinate, and organize implementation until the end of 2023 and preparation for 2024.

3. In the near future, the State Bank of Vietnam needs to be further active, decisive, extensive, and exhaustive and promptly, effectively implements direction of the Government, the Prime Minister in order to further successfully implement tasks, especially primary tasks below:

a) Continuing to extensively and effectively exercise their role, functions, tasks, and responsibilities as state authority for governing monetary, banking, exercise the roles of central banks in stabilizing money value, ensuring safety in banking operations and in credit institution system, safety and effectiveness of national payment system, and granting loan capital for the economy; acknowledging situation in and out of Vietnam; adhering to practical situations, producing accurate forecast in order to promptly, rapidly, appropriately, and effectively respond via policies; increasing state management, inspection, examination, and close supervision of financial, monetary, banking operations, and credit institution system.

b) Continuing to implement monetary policies actively, flexibly (reducing loan interest, increasing credit limit appropriate to market development, supplying M2 cash in a timely and effective manner, channeling credit in growth drives: investment, consumption, export, etc.), promptly, effectively, and cooperate closely, harmoniously with expansionary fiscal policies on a reasonable, goal-based, rapid, and thorough manner; reasonably and effectively balancing interest and rates, inflation and growth to stabilize macroeconomics, control inflation, maintain major balances of the economy; prioritize resolving difficulties in manufacturing and business operations.

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d) Focusing on regulating credit growth with appropriate proportion in order to satisfy loan capital for the economy, channeling loan capital in manufacturing and business operations in a goal-based, controlled, healthy competitive market rule-compliant manner. Continuing to implement solutions for promoting disbursement of 40 thousand billion VND credit package to provide interest rate subsidies, 120 thousand billion VND to grant loans for social housing mortgage, and 15 thousand billion VND for sawmill and aquaculture products.

Directing credit institutions to reduce costs, reduce spending, remove unnecessary administrative procedures, increase application of information technology, increase digital transformation in order to facilitate interest rate reduction, increase credit accessibility, enable customers to restore manufacturing and business activities on a basis of mutual benefits and shared risks.

dd) Steadily regulating foreign exchange market, stabilizing VND; studying past implementation to learn from experience and more effectively utilize attained results.

e) Effectively implementing solutions for restructuring credit institution systems according to Decision No. 689/QD-TTg dated June 8, 2022 of the Prime Minister and Resolution No. 42/2017/QH14 dated June 21, 2017 of the National Assembly.

g) Renovating, increasing effectiveness of inspection, examination, and supervision in order to design tools, renovate implementation methods, improve organization apparatus and structure, satisfy set requirements, improving quality of officials engaging in inspection, examination, and supervision in order to prevent, warning, and neutralize threats early, remotely, inspecting in order to implement better and more efficient detection operations, maintaining legitimacy and adequacy, not criminalizing civil and economic relations, protecting legitimate, reasonable rights and benefits of relevant entities as per the law.

h) Promoting digital transformation and innovation in banking operation, cashless payment, security, safety in payment activities and digital transformation, implementing Scheme No. 6 for developing application of population data, identification, and electronic authentication serving national digital transformation of 2022 - 2025 period and vision to 2030 in banking sector. Extensively implementing administrative reform, improving business environment, increasing credit rating and trust of the general public and enterprises.

i) Continuing to prioritize and successfully implement communication, especially for policies of the Communist Party, messages and extensive commitment of the Government, Prime Minister, regulations, policies, and regulating solutions of the Governor of State Bank of Vietnam, public concerns regarding monetary and banking operations. Promoting information transparency and disclosure, promptly publicizing new policies, regulations, and solutions of the Government to enable the general public, enterprise, and society to access accurate, official information. Closely cooperating with the Ministry of Public Security in fighting, preventing malinformation, taking actions against false information, distorted information, and information that negatively affects financial, monetary, banking market.

k) Continuing to improve public official quality, promote benefits and training for public officials. Developing solutions to request credit institutions to develop healthy, law-compliant, competitive, equal, sharing, and fair business culture.

l) Cooperating with the Ministry of Finance in implementing solutions for developing corporate bond market and securities market effectively, safely, and sustainably; continuing to improve legal framework, develop risk management tools, study and differentiate bonds issued by economic institutions and other institutions in order to apply appropriate management regulations; creating mobilization channel for medium-term and long-term capital for the economy, reducing dependence on banking loan capital; improving continuous state management, inspection, examination, supervision of monetary market, credit market, securities market, corporate bond market.

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For your information and implementation./.

PP. MINISTER, DIRECTOR
VICE DIRECTOR




Mai Thi Thu Van