Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong addresses the seminar (Source: laodong)
Hanoi (VNA) – The picture of Vietnam’s monetary policy in 2015 is brighter than that in 2011, affirmed Deputy Governor of the State Bank of Vietnam Nguyen Thi Hong at a seminar on the management of the policy in the period and its impact on the economy in Hanoi on December 17.

According to Hong, in 2011, the country’s gross domestic product (GDP) grew 6.2 percent and inflation rose by 18.13 percent, while its 2015 GDP is estimated at over 6.5 percent and inflation is kept at a low level despite increases in domestic consumption and investment demands.

Five years ago, interest rates stood at 20-25 percent per year, compared to the current 6-9 percent for short-term rates and 9-11 percent for medium- and long-term ones, which help address difficulties for enterprises.

Credit growth is well controlled in accordance with economic development requirements, while banks’ liquidity is improved, Hong said.

Director of the Business Development Institute Le Xuan Nghia stated that the monetary policy in the 2011-2015 period was a success, winning praises from both domestic and foreign experts.

The State Bank has carried out numerous drastic measures to restructure the banking system, which creates an important premise for the system’s modernisation.

Deputy head of the Banking Strategy Institute Pham Xuan Hoe affirmed that the monetary policy and banks’ operations during the period have contributed significantly to curbing inflation and stabilising the macro-economy and the gold and foreign currency markets.-VNA