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Vietnam Today

PM urges banking sector to focus on building trust

Released at: 16:50, 06/01/2017

PM urges banking sector to focus on building trust

Photo: VGP

Monetary policy needs to be regulated flexibly and prudently and combined more closely and effectively with fiscal policy, PM tells SBV conference.

by Quoc Uy

Prime Minister Nguyen Xuan Phuc has asked the banking sector to focus on building public trust, which he said was of extreme significance in facilitating regulation work as well as ensuring the success of policies, the Vietnam Government Portal (VGP) has reported.

He made the request at a conference held by the State Bank of Vietnam (SBV) in Hanoi on January 5 to implement tasks for 2017.

He praised the banking sector’s outstanding contributions to the country’s positive outcomes in 2016 while speaking highly of its policy responses during the year.

The VGP reported him as saying that monetary policy was regulated in a proactive and flexible fashion and inflation was under control, thereby enabling the regulation of fiscal policies and the prices of essential commodities.

Vietnam’s foreign exchange reserves have hit a record high of $41 billion, he added.

Concerning tasks for 2017, the PM asked the SBV to use monetary and financial tools to curb inflation at below 4 per cent and maintain macro-economic stability, as well as to make breakthroughs in handling weak banks and bad debts and contribute to realizing the economic growth target of 6.7 per cent set by the National Assembly.

Monetary policy needs to be regulated flexibly and prudently and combined more closely and effectively with fiscal policy in order to support growth at a higher level and ensure the macro-economy is stabilized and inflation under control, he said.

The SBV should also focus on removing difficulties, continue finalizing institutions and legal regulations aimed at effectively supporting the restructuring of credit institutions, and handling bad debts, particularly concerning procedures for dealing with security assets, mortgage assets, the rights of creditors, and the responsibilities of borrowers.

The PM requested that the banking sector take the lead in implementing the 2017 motto of “Strengthened Discipline, Upheld Responsibility, Creative Emulation, and Rapid and Sustainable Development”, which has been set by the government.

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