Deputy Prime Minister Le Minh Khai: flexibly manage monetary policy and control inflation

VCN - The Government will closely follow the Resolutions of the National Assembly and monitor the domestic situation to operate monetary policy tools proactively, flexibly, and synchronously to control inflation according to the set target.
Pressure from inflation control Pressure from inflation control
Ministry of Finance: find solutions to stabilize supply to reduce petrol and oil prices Ministry of Finance: find solutions to stabilize supply to reduce petrol and oil prices
Economy bouncing back strongly but inflation cause for concern: cabinet meeting Economy bouncing back strongly but inflation cause for concern: cabinet meeting
Deputy Prime Minister Le Minh Khai: flexibly manage monetary policy and control inflation
Deputy Prime Minister Le Minh Khai spoke at the Q&A session on the morning of June 9. Photo: quochoi.vn

Continuing the 3rd session, the XV National Assembly, at the Q&A session on the morning of June 9, Deputy Prime Minister Le Minh Khai made a speech and clarified some contents of the third group of issues in the banking sector.

Specifically, on the management of monetary policy, to implement the Resolutions of the National Assembly, the Government and the Prime Minister have directed the State Bank to operate monetary policy flexibly, closely and coordinate with other policies and solutions to stabilize the macro-economy and control inflation in the context of high global inflation.

The operating policies did not have much influence on the increase in the inflation target, but mainly due to the increase in commodity prices.

The Government will closely follow the Resolutions of the National Assembly and monitor the situation in the country to operate monetary policy tools proactively, flexibly, and synchronously to control inflation according to the set targets; to stabilize the currency and foreign exchange markets, deploy monetary policy solutions to support the economic recovery and development program.

Simultaneously, the Government encourages credit institutions to continuously reduce operating costs to reduce lending interest rates; effectively implement interest rate support policies for enterprises, cooperatives, and business households; manage credit growth appropriately to fully and promptly meet capital demand for production and business, direct credit to priority areas associated with improving credit quality; and remove difficulties, support customers affected by the Covid-19 pandemic, ensure the safety of banking operations.

Regarding the restructuring of credit institutions and weak banks, Deputy Prime Minister Le Minh Khai said that the Government and the Prime Minister directed the State Bank and relevant agencies to drastically implement solutions to restructure the credit institution system. This has achieved important results, in particular, the legal framework continues to be perfected.

The credit system has made positive changes in terms of scale, financial capacity, credit quality, and operational efficiency; enhanced the role of providing credit to the economy, making an important contribution to mobilizing resources to promote socio-economic development, especially in priority sectors and fields serving production and business.

Deputy Prime Minister Le Minh Khai: flexibly manage monetary policy and control inflation
Overview of the Q&A session on the morning of June 9. Photo: quochoi.vn

To continuously improve the quality, operational efficiency, and safety of credit institutions, the Deputy Prime Minister said that after reporting to the Politburo, the Prime Minister would issue Decision 689/QD-TTg approving the project "Restructuring the system of credit institutions associated with bad debt settlement in the 2021 – 2025 period".

In which, there will be several regulations such as: perfecting the legal framework on currency and banking activities; restructuring and handling bad debts; and improving financial capacity, competitiveness, credit quality, efficiency in governance and administration, and transparency in the banking operations.

Simultaneously, promote the application of information technology and digital transformation in banking activities; continuously take measures to strengthen financial capacity and safety of banking operations; step up the handling of bad debts, improve credit quality for credit institutions; and consolidate and perfect the model as well as improve the financial capacity of Vietnam Asset Management Company.

Regarding credit control in the fields of securities, bonds, real estate, and implementation of the Resolutions of the National Assembly and the Resolution of the Government on the socio-economic development plan in 2022, according to the Deputy Prime Minister, the Government and the Prime Minister directed the State Bank to administer the credit policy to fully and promptly meet production and business activities; as well as prioritize control over potential risk areas.

“For projects and loan options in the real estate sector, which are feasible, have good liquidity, continue to provide credit in accordance with regulations to customers who are able to repay loans in full and on time," said the Deputy Prime Minister.

By Thanh Nguyen/ Ha Thanh

Related News

Dong Nai Customs: Striving to reach budget revenue early

Dong Nai Customs: Striving to reach budget revenue early

VCN - Dong Nai Customs Department is making efforts to complete the budget collection task 1 month early.
Managing price effectively, reducing pressure on inflation

Managing price effectively, reducing pressure on inflation

VCN - Timely and effective price management helps control the consumer price index (CPI) and inflation in accordance with the set target.
State budget revenue reached 85.1% of estimate

State budget revenue reached 85.1% of estimate

VCN - The Ministry of Finance said that in the first 9 months of 2024, the total state budget revenue is estimated at 1,448.2 trillion VND, equal to 85.1% of the estimate, of which many revenue items have achieved good collection progress and growth compared to the same period in 2023. However, in recent months, budget revenue has begun to face difficulties, etc.
Thanh Hoa Customs cooperates effectively with businesses

Thanh Hoa Customs cooperates effectively with businesses

VCN – By effectively implementing trade facilitation solutions, only in the first eight months of 2024, Thanh Hoa Customs Department has exceeded the revenue target for 2024. The positive achievement results from the cooperation between the Customs and businesses for smooth customs clearance and procedures.

Latest News

Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).

More News

Innovating gold market management mindset

Innovating gold market management mindset

VCN - To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, Senior Lecturer at the Institute of International Trade and Economics, National Economics University, believed that a shift in gold market management was needed. Moving away from administrative control toward more economically driven mechanisms and policies is essential.
Businesses need support from vietnamese representative offices abroad

Businesses need support from vietnamese representative offices abroad

VCN - Several heads of Vietnamese representative offices abroad believe that Vietnamese businesses need to prepare solutions to respond to the changing global economy and meet the increasing demands of the international market.
Vietnam-Cambodia relations expected to enter new development period: official

Vietnam-Cambodia relations expected to enter new development period: official

The upcoming trip to Cambodia by National Assembly (NA) Chairman Tran Thanh Man is expected to advance the relations between the two countries into a new development period on the basis of equality, mutual benefit, effective cooperation, and respect for each other's interests, a legislator has said.
Vietnam emerges as forerunner in global nearshoring trend

Vietnam emerges as forerunner in global nearshoring trend

Vietnam has emerged as a leading destination for companies relocating their production facilities, aiming to protect supply chains from potential disruptions, according to an article published by Brazil’s riotimesonline.com on November 17.
PM’s visit to Dominican Republic to cement ties

PM’s visit to Dominican Republic to cement ties

Following his trip to Rio de Janeiro Brazil for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh, accompanied by his spouse and a high-ranking Vietnamese delegation, is set to embark on an official visit to the Dominican Republic from November 19-21.
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"

VCN - On November 8, 2024, Vietnam Report in collaboration with VietNamNet Newspaper announced the VNR500 Ranking - Top 500 Largest Enterprises in Vietnam in 2024. The indicators under the VNR500 Ranking show that the business performance has been positive although there are still "headwinds".
"Explosion" of aviation retail with new services

"Explosion" of aviation retail with new services

VCN - With many large investment projects, Vietnam is considered a potential destination for the aviation trade industry in the Asian region, in which aviation retail will "explode".
PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

PM attends Vietnam-Brazil business forum ​in Rio de Janeiro

Prime Minister Pham Minh Chinh attended a Vietnam-Brazil business forum in Rio de Janeiro on 17 November afternoon (local time) as part of his trip to Brazil for attendance at the G20 Summit and bilateral activities in the Latin American country.
Party leader requests extra efforts to fulfill education, training reform goal

Party leader requests extra efforts to fulfill education, training reform goal

Party General Secretary To Lam attended a meeting with outstanding teachers and education managers in Hanoi on November 18, during which he asked for stronger efforts to complete the goal of education and training reform.
Read More

Your care

Latest Most read
Vietnam

Vietnam's internet economy projected to hit 36 billion USD in 2024

Vietnam's e-commerce and digital economy remain highlights of the country’s socioeconomic development, with the internet economy to reach 36 billion USD this year, marking a 16% increase compared to 2023, heard a forum on digital transformation of industry and trade in 2024 in Hanoi on November 21.
Adapting to multicultural environments in global business

Adapting to multicultural environments in global business

VCN - In multicultural environments, businesses believe that a strong spirit of cooperation is essential, combined with internal strengths based on knowledge and a high-quality workforce.
Vietnam resolved to boost digital economy with national action plan

Vietnam resolved to boost digital economy with national action plan

Vietnam has adopted a national action plan on digital economy development, which outlines key tasks and solutions for the 2024-2025 period.
NA Chairman departs for official visit to Cambodia

NA Chairman departs for official visit to Cambodia

National Assembly Chairman Tran Thanh Man and a high-ranking delegation of Vietnam’s Party and State left Hanoi on November 21 for an official visit to Cambodia, where the top legislator will attend the 12th General Assembly of the International Conference of Asian Political Parties (ICAPP) and the 11th Plenary Session of International Parliament for Tolerance and Peace (IPTP).
Innovating gold market management mindset

Innovating gold market management mindset

To better manage the gold market in the current context, Ass. Professor Dr. Nguyen Thuong Lang, believed that a shift in gold market management was needed.
Mobile Version