Central bank praised for 65-year development achievements

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc hailed the State Bank of Vietnam (SBV) for its efforts over the last 65 years as contributing to curbing inflation, stabilising the macro-economy and maintaining stable growth for the country.

Speaking at a ceremony in Hanoi on April 26 to celebrate the bank’s 65th founding anniversary, PM Phuc highlighted achievements made by the SBV during recent times, especially in accelerating the restructuring of credit organisations, and improving the efficiency of its operation, to lay a solid foundation for its future sustainable development.

He stressed that the SBV should continue to improve efficiency in its guidance and management, keep a close watch on and accurately make forecasts for the internal and external economic situations.

The bank is required to pay attention to flexibly managing the tools of monetary policy in connection with fiscal policy and other policies; while realising its goal of inflation control, ensuring the value of the Vietnamese Dong and maintaining a reasonable interest rate, stabilising the foreign exchange market and increasing foreign exchange reserves.

The PM asked the bank to focus on further promoting the restructuring of credit organisations and effectively addressing bad debts, while taking suitable measures to disburse credit funds for socio-economic development.

He also urged the bank to better the reform of administrative procedures, to facilitate access to credit loans for people and enterprises.

The SBV should direct credit organisations to cut down expenses, ensure appropriate lending rates and concentrate credit on prioritised fields; also, enhancing links with relevant ministries, sectors and localities and regularly arranging dialogues with business associations and communities should be done in order to listen to and swiftly solve difficulties facing their businesses and production, PM Phuc noted.

On the occasion, the government leader presented the Ho Chi Minh Order to the SBV for the third time in recognition of its achievements and significant contributions to the country’s development.

Established on May 6, 1951, the SBV well performed its task of State management over monetary, credit and banking operations. After implementing the restructuring of credit organisations in 2011-2015, the bank is managing seven State commercial banks, 28 joint stock commercial banks, six foreign banks and 50 branches of foreign banks, two joint-venture banks, one cooperative bank, and over 1,000 people’s credit funds.

The central bank made breakthroughs in applying advanced technologies to its operation. It has also actively cooperated with international financial organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank, in order to expand partnerships and mobilise financial and technical assistance for the country.-VNA