PM sets key orientations for banking system in 2018

VGP – PM Nguyen Xuan Phuc has asked the banking sector to take the lead in realizing the Government’s motto of “Discipline, Integrity, Action, Creativity, Effectiveness” to support the Government to launch the socio-economic development program and restructure the economy to gain key targets set for 2018.

January 10, 2018 3:21 PM GMT+7

PM Nguyen Xuan Phuc attends a meeting of the banking system on implementing its key tasks, Ha Noi, January 9, 2018 - Photo: VGP/Quang Hieu

The PM made that statement on January 9 at a meeting of the banking system on implementing its key tasks in 2018.

Speaking at the event, he lauded the records of the sector in 2017, including the foreign reserves of US$53 billion (the set target of US$50 billion by 2020), the inflation rate controlled at 3.53%, lower than the target set by the National Assembly and interest rate down from 0.5-1%.

The PM consented with the State Bank of Viet Nam (SBV)’s orientations at the meeting in the manner of activeness, safety, flexibility and effectiveness.

He asked the sector to monitor the monetary and exchange policies in harmony with the fiscal and other macro policies as well as realize its commitments to stabilizing the macro-economy, controlling inflation at low rate and enhancing economic growth in 2018.

The Government leader proposed the SBV effectively monitor the foreign currencies and gold markets, forecast disadvantages, strive to increase foreign reserves and improve international payment balance.

It is necessary to develop consumption credit market, micro-finance and closely follow credits of risk areas, he said, suggesting the SBV mobilize all resources to effectively launch the credit system restructuring plan and tackle bad debts.

The PM requested the sector to enhance the application of modern banking service products in line with the new trends of the fourth industrial revolution and integrate into the international banking system.

The SBV has to ensure security and safety, prevent risks and realize a plan to complete a legal framework on management of virtual assets and currencies.

By Thuy Dung