Economists and other business leaders on July 15 hailed the newlyamended laws adopted by the National Assembly on the State Bank ofVietnam and credit organisations, saying they are critical forsustainable economic growth.
Speaking at a seminar in HCMCity, the former governor of the State Bank of Vietnam, Cao Si Kiem,said the amended law on the State Bank has identified the bank’sspecific responsibilities and tasks.
Kiem, who is alsochairman of the Vietnam Small-and Medium-sized Enterprises Association,said that under the new law the State Bank would supervise and inspectcommercial banks and the circulation of foreign currency.
Inaddition, the law requires the bank to be transparent in its dealingsand information, and demands that it forecast risks and offeradvantageous policies for businesses and the general public.
Anotheramended law that affects business growth positively gives creditorganisations financial autonomy, and allows them to develop anorganisational network, generate capital and choose their operationscale. “To increase business competitiveness in domestic and globalmarkets, Kiem said, “banks in general need to invest in moderntechnology, especially for payments, to ensure security and qualityservices for businesses and customers.”
In addition, he said “there is a need for new management of foreign exchange and the use ofthe Vietnamese dong instead of heavy dependence on the US dollar, whichtends to fluctuate.”
Kiem said during the NA’s last session,deputies discussed related banking issues that could affect the businesscommunity, including capital, interest rates, the exchange rate, andtransparent procedures.
He pointed out that lower interest rateson loans are needed to ease credit for businesses, and noted thatcapital should be distributed in a timely manner.
Kiem said, “the deposit interest rate is expected to reach 10 percent, and thelending interest rate, 12 percent.”
Also speaking at the seminarwas Le Tham Duong, head of the Banking University’s BusinessAdministration Department, who noted that,” lower interest rates wouldbenefit exporters, especially those in the agro-forestry and fisheryindustries.”
He said that specific solutions to improve linkagesbetween businesses and banks must be proposed and developed./.
Speaking at a seminar in HCMCity, the former governor of the State Bank of Vietnam, Cao Si Kiem,said the amended law on the State Bank has identified the bank’sspecific responsibilities and tasks.
Kiem, who is alsochairman of the Vietnam Small-and Medium-sized Enterprises Association,said that under the new law the State Bank would supervise and inspectcommercial banks and the circulation of foreign currency.
Inaddition, the law requires the bank to be transparent in its dealingsand information, and demands that it forecast risks and offeradvantageous policies for businesses and the general public.
Anotheramended law that affects business growth positively gives creditorganisations financial autonomy, and allows them to develop anorganisational network, generate capital and choose their operationscale. “To increase business competitiveness in domestic and globalmarkets, Kiem said, “banks in general need to invest in moderntechnology, especially for payments, to ensure security and qualityservices for businesses and customers.”
In addition, he said “there is a need for new management of foreign exchange and the use ofthe Vietnamese dong instead of heavy dependence on the US dollar, whichtends to fluctuate.”
Kiem said during the NA’s last session,deputies discussed related banking issues that could affect the businesscommunity, including capital, interest rates, the exchange rate, andtransparent procedures.
He pointed out that lower interest rateson loans are needed to ease credit for businesses, and noted thatcapital should be distributed in a timely manner.
Kiem said, “the deposit interest rate is expected to reach 10 percent, and thelending interest rate, 12 percent.”
Also speaking at the seminarwas Le Tham Duong, head of the Banking University’s BusinessAdministration Department, who noted that,” lower interest rates wouldbenefit exporters, especially those in the agro-forestry and fisheryindustries.”
He said that specific solutions to improve linkagesbetween businesses and banks must be proposed and developed./.
