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Deputy Governor Pham Thanh Ha shares about monetary policy management at the press conference in October 2025 |
Patriotic emulation - the foundation for improving the quality of monetary policy management
With that core role, all advice and work results of the CSTT Department are associated with very high requirements for intelligence, accuracy, speed and responsibility. Over the years, the CSTT Department has not only completed its professional tasks but also created in-depth emulation movements, becoming an important driving force to promote work efficiency, innovation spirit and internal solidarity.
Imbued with the teachings of President Ho Chi Minh: "Emulation is patriotism, patriotism requires emulation", emulation work in the Department of Information and Communications is determined not only as a movement but also as an important task, a driving force for each cadre to strive to overcome difficulties, innovate thinking and improve the quality of consulting. The Party Cell Executive Committee, the Department's Leadership Board, the Trade Union Executive Committee and the Youth Union always coordinate closely to propagate and thoroughly disseminate to all cadres, party members and union members the meaning of emulation, considering emulation as an important factor creating internal strength, contributing to the successful completion of assigned political tasks.
To bring the emulation movement into life, associated with the implementation of professional tasks, the Board of Directors of the CSTT Department assigns tasks to organizations and unions to deploy, monitor and evaluate the results of the emulation movement in accordance with the characteristics of each organization, thereby promptly detecting, praising and rewarding active collectives and individuals; as a basis for evaluating and summarizing the emulation movement. Emulation work is carried out regularly and continuously, associated with progress, quality and efficiency of work, arousing the spirit of solidarity, mutual love, love for the profession and industry, thereby encouraging and promoting the ownership and creativity of each individual.
Party work has been seriously and synchronously implemented, from studying and following Ho Chi Minh's ideology, morality and style to the topic "Strengthening the pioneering and exemplary role of cadres and party members in the new era", creating a solid ideological foundation for the staff. In professional work, the Department launched emulation movements towards excellently completing the task of advising on CSTT; emulating and responding to industry events such as the movement "Cadres, civil servants, public employees and workers of the banking industry promote the 70-year tradition, solidarity, creativity, emulation to successfully carry out the tasks of the banking industry in the period 2020 - 2025"; the movement "The whole country competes to build a learning society, promote lifelong learning in the period 2023 - 2030", thereby encouraging cadres to actively study, research and improve their professional qualifications.
For the Trade Union, many movements of profound humanity have been practically implemented such as "For the poor - No one is left behind" in the period of 2021-2025, "The whole country joins hands to build new rural areas in the period of 2021-2025", or the movement "Cadres, civil servants and public employees compete to implement office culture in the period of 2019-2025". These movements not only create a civilized working environment but also spread the spirit of sharing and social responsibility.
The Youth Union of the CSTT Department also affirmed its pioneering role by actively participating in seminars to disseminate legal documents, scientific research activities, and propaganda on sea and island sovereignty and foreign policy; at the same time, it actively participated in gratitude and social security activities.
The emulation movement of the CSTT Department takes place regularly, continuously, closely linked to the progress and quality of work. That competitive atmosphere has aroused the spirit of solidarity, love for the industry, love for the profession, promoting the ownership and creativity of each individual. Each cadre is both the subject and a typical example spreading the emulation spirit in the collective. It is the extensive and substantial emulation movement that has created a strong internal resource to help the CSTT Department overcome many difficulties and challenges in the context of a volatile world economy.
Flexible monetary policy management, maintaining macroeconomic stability
Over the past 5 years, thanks to a high sense of responsibility and emulation movements closely linked to professional tasks, with the attention and close direction of the SBV's Board of Directors and the close coordination of units in the Industry, the officers and civil servants of the Monetary Policy Department have constantly made efforts, promoted the spirit of innovation and creativity to provide timely and accurate advice for management work. Thanks to that, the Monetary Policy Department has made an important contribution to stabilizing the macro economy, supporting sustainable economic growth in the context of the country's deep integration and being affected by unprecedented external shocks. Vietnam is one of the few countries that has controlled inflation continuously, with an average level in the period of 2020 - 2024 only in the range of 1.84 - 3.63% (compared to the 2025 target of 4.5 - 5.0%), significantly lower than the global inflation rate which increased sharply in the same period. This achievement clearly affirms the role, mettle and contribution of CSTT management work to the socio-economic development of the country.
These results are even more evident when the economy faces major challenges. Specifically, synchronous and flexible management of monetary policy tools, timely handling during the Covid-19 pandemic, when mass withdrawals occurred at SCB, coordinating with fiscal policy in regulating liquidity in the money market, contributing to the goal of controlling inflation, stabilizing the macro economy, and supporting growth.
One of the important highlights of credit management in recent times is the implementation of flexible solutions, associated with improving credit quality, ensuring to meet capital needs for the economy while still being consistent with the target of controlling inflation. From 2024, the State Bank will innovate credit growth management, approaching the roadmap of limiting and moving towards eliminating credit limit allocation according to Resolution 62/2022/QH15 of the National Assembly, creating a more transparent environment for credit institutions, while improving capital use efficiency.
Regarding interest rates, the State Bank has operated consistently, in line with macroeconomic developments, monetary policy and monetary policy targets, and directed credit institutions to reduce costs and lending rates to support the economy. The publication of average interest rates, interest rate differentials, and interest rates of credit packages and programs on the website has contributed to increasing transparency, creating convenience for people and businesses when accessing capital.
Regarding exchange rates, in the context of strong international fluctuations, the State Bank applies a flexible central exchange rate mechanism, capable of absorbing external shocks. The adjustment of the spot exchange rate band from ±3% to ±5% from October 17, 2022 aims to create room for exchange rates to fluctuate in accordance with the market. At the same time, the State Bank flexibly applies foreign currency purchase and sale intervention measures, monetary policy tools and communication to stabilize the foreign exchange market, contributing to controlling inflation and maintaining macroeconomic stability.
The CSTT Department also promptly advised on amending, supplementing and promulgating many legal documents on CSTT management, supporting credit institutions in banking activities. These documents not only perfect the state management function of currency but also have a positive impact on currency and banking activities, promote the development of the currency market and meet the requirements of international integration.
The efforts in professional work and emulation movements of the Department of Monetary Policy have been recognized through many high-level awards: Certificate of Merit from the Prime Minister for the collective; Certificate of Merit from the Governor of the State Bank; many consecutive years of achieving the title of Excellent Labor Collective; 1 individual was awarded the Second Class Labor Medal; 2 individuals were awarded Certificates of Merit by the Prime Minister; many individuals achieved the title of Emulation Fighter of the Banking Industry...
Looking back on the past journey, the effective implementation of emulation movements of the CSTT Department shows that the important lesson is to correctly identify the purpose, meaning and practical effects of the emulation movement. Each cadre must perceive emulation as a driving force to overcome difficulties, promote advantages and be creative in work. At the same time, to achieve effectiveness, emulation requires the leadership of the Party Committee, the coordination of the government and organizations, closely linking professional work with ideological work and organizational building.
In the coming time, difficulties and challenges are enormous in the context of a rapidly changing and complex world, the openness of the Vietnamese economy is increasingly greater, requiring monetary policy to adapt promptly and flexibly, meeting the requirements of state management in the new situation, contributing to the successful implementation of the country's socio-economic development goals, participating in the era of national development. With the attention and close direction of the SBV Party Committee, SBV's Board of Directors, the solidarity and patriotic emulation spirit of each cadre, party member, civil servant, and unit in the SBV, the Monetary Policy Department in particular and the SBV in general will continue to promote the achieved results, overcome difficulties and challenges to reap success.
Source: https://thoibaonganhang.vn/khoi-day-suc-manh-sang-tao-trong-tham-muu-dieu-hanh-chinh-sach-tien-te-174054.html
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