The above proposal was made at a meeting of the National Financial and Monetary Policy Advisory Council on the afternoon of September 28 chaired by Deputy Prime Minister Le Minh Khai.
According to Deputy Governor of the State Bank (SBV) Pham Thanh Ha, the gold bar market has been fundamentally rearranged, orderly and disciplined; The gold bar buying and selling business network has been consolidated in a gradually narrowing direction; Gold capital mobilization and lending activities ended.
During many times, gold prices fluctuated complicatedly, but market operations remained relatively stable compared to the previous period, not putting pressure on the foreign currency market as before. People's habits and awareness of gold bars have changed, part of the people's gold resources have been transformed for economic development.
Deputy Governor of the State Bank Pham Thanh Ha at the meeting. (VGP photo)
At the meeting, experts said that this year's inflation situation is not worrying, and affirmed that the goal of "anti-goldization" has been successful.
Experts propose removing the state monopoly on SJC gold bars and licensing gold bar production to a number of businesses that meet the conditions.
Experts also proposed many solutions related to fiscal policy, monetary policy and banking operations. They also proposed investment and construction policies, including social housing, policies to stimulate domestic demand, promote exports, private investment, and open up capital sources for businesses.
After listening to the opinions, Deputy Prime Minister Le Minh Khai assigned the State Bank to research and fully synthesize the opinions expressed at the meeting to synthesize and complete the report, propose solutions, and report to the Prime Minister.
The State Bank of Vietnam reviews and completes the legal framework, mechanisms and policies related to the gold market to develop a transparent, healthy, effective and sustainable gold market, contributing to promoting socio-economic development. festival.
Regarding the stock market, the Deputy Prime Minister requested drastic implementation of solutions to upgrade the stock market, "not because of some incidents that slow down this process", and at the same time, it is necessary to further accelerate solutions. legislation related to "green finance".
Also at the meeting, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that the State Bank has synchronously implemented solutions to manage monetary policy and banking operations, regulate liquidity, balance interest rates - exchange rates, and support economic recovery but do not be subjective to inflation risks.
According to Mr. Ha, credit growth at the beginning of the year was low mainly due to seasonal factors during the Lunar New Year and the ability to absorb capital is not high, but it recovered in March 3. The State Bank also promoted credit programs and policies for priority areas and growth drivers such as the VND 2024 billion credit program and loan program for forestry and fishery products.
Bad debt tends to increase in the context of the credit/GDP ratio at the end of 2023 being 133%, posing potential financial risks. The ability of credit institutions to mobilize medium and long-term capital is still low compared to the long-term investment capital needs of the economy.
