Hanoi (VNA) – Deputy Prime Minister Ho Duc Phoc called for effective coordination between monetary and fiscal measures to ensure macro-economic stability for sustainable development while chairing a meeting on September 16 with the State Bank of Vietnam (SBV) and relevant ministries and sectors to review monetary policy and gold market management over the past nine months and chart directions for the period ahead.
He laid stress on the need for enhanced measures to remove bottlenecks for the economy, promote business and production activities, and accelerate the disbursement of public capital to stimulate demands while generating more jobs to ensure social welfare.
On monetary policy, Phoc asked the central bank to have rational and flexible implementation approach, maintain reasonable control over deposits and loans as well as current lending rates and direct credit flows into priority sectors. He stated that the SBV must step up inspections of cross-ownership and tighten oversight of commercial banks’ capital flows, particularly those with heavy exposure to real estate lending.
Additionally, he ordered relevant agencies to concentrate efforts on combating gold smuggling and preventing illegal gold imports, adding the SBV must launch an official gold price information portal, study the establishment of gold exchanges, and issue guiding documents to implement the Government’s decree on the management of gold trading activities.
The Ministry of Finance (MoF), he said, must sharpen focus on the management, examination, and control of margin lending, corporate bond issuance, and gold trading invoices, while also examining taxation policies on gold transactions to curb speculation.
Phoc called on ministries and localities to attract investment, diversify trade markets, and develop the stock market on a sustainable footing, urging measures to expand affordable housing and prevent real estate speculation.
The central bank reported that various measures were harmoniously carried out to bolster economic growth while maintaining macro-economic stability, controlling inflation, and stabilising the gold market. Besides it worked to remove bottlenecks for the economy and put in place credit policies to handle roadblocks for the realty sector.
Meanwhile, the MoF highlighted state budget collection and tax relief measures, noting Vietnam’s stock market is showing stable growth and could soon be upgraded. The ministry also updated on government bonds, corporate bonds, and public investment disbursement situation, pledging closer coordination with the SBV, the Government Inspectorate, and relevant agencies to inspect gold trading activities./.
