The Ministry of Finance needs to coordinate with other agencies to research and report a plan on gasoline tax reduction to the Government, the Prime Minister and competent agencies for approval, Deputy Prime Minister Le Minh Khai, head of the National Financial and Monetary Policy Advisory Council, said on July 12.
The State Bank of Vietnam (SBV) has been working to regulate liquidity in order to stabilise the monetary market given global economic uncertainties and geopolitical tensions, and control inflation and stand ready to ensure capital for economic recovery and development, its Deputy Governor Dao Minh Tu said on July 12.
Though some banks increased their deposit interest rates early this month, it is not a common trend and the rate currently is still at the lowest level it has been in many years.
The COVID-19 pandemic is weighing on the banking system’s non-performing loans (NPLs), requiring significant efforts to keep NPLs ratio below 3percent by the end of this year as targeted by the Government.
Prime Minister Nguyen Xuan Phuc on February 25 highlighted the twin tasks of curbing the spread of COVID-19 and completing socio-economic targets set by the National Assembly.
Deputy Prime Minister Vuong Dinh Hue chaired a quarterly meeting of the National Financial and Monetary Policy Advisory Council in Hanoi on December 27.
Some members of the national financial and monetary policy advisory council have pointed out certain problems in the economy, warning that failure to address them would not only make faster growth unachievable but also decelerate economic expansion.
The Government should enhance macro-economy stability to strengthen the national economy when risks are yet to appear, said members of the National Financial and Monetary Policy Advisory Council at a meeting on July 2.
If banks cannot increase charter capital, they’ll have to reduce credit growth, which could harm the provision of capital to serve economic development.
Deputy Prime Minister Vuong Dinh Hue, Chairman of the National Financial and Monetary Policy Advisory Council, chaired a meeting in Hanoi on September 28 to review monetary policy for the third quarter of 2018 and outline tasks for the coming time.
Banks are investing significantly in retail banking services instead of only focusing on corporate lending in the hope of gaining higher profits from the potential segment this year.
There has been considerable discussion in the media recently about the urgent need to cut the nation’s bulging public workforce because it has become a heavy burden on the State Budget and the economy as a whole.
Vietnam must continue to maintain stability, accelerate restructuring and improve the competitiveness of the economy in the face of ongoing global headwinds, members of a think-tank report.
The National Financial and Monetary Policy Advisory Council will concentrate on dealing with the reorganisation of credit institutions and State-owned enterprises, and handling bad debts.
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