PM asks banking sector to continue effective fiscal, monetary policies

Prime Minister Pham Minh Chinh has instructed the banking sector to continue to implement fiscal and monetary policies in a firm, flexible, and effective manner, creating a supportive financial and banking ecosystem that enables businesses and individuals to thrive and drive economic development.

Visiting the State Bank of Vietnam (SBV) on February 3 - the first working day after the nine-day Tet holiday, PM Chinh said the sector should contribute to maintaining macroeconomic stability, promoting growth, and ensuring key economic balances.

It should focus on reducing costs to lower lending rates, prioritising credit for key sectors such as social housing development and the elimination of temporary and dilapidated houses. Additionally, the sector should direct credit towards revitalizing traditional growth drivers, such as investment, exports, and consumption, and foster new growth drivers.

The Government leader also encouraged the banking sector to continue addressing weak banks, effectively managing bad debts, and leading digital transformation efforts. It should complete the national banking database, improve institutional frameworks, and ensure equal opportunities for individuals and businesses to grow.