On the afternoon of November 11th, concluding the first group of issues related to the banking sector, National Assembly Chairman Tran Thanh Man stated: During the session, 43 National Assembly deputies asked questions, and one deputy participated in a debate; 11 deputies registered but were not given the opportunity to ask questions. He requested that these deputies submit their questions to the National Assembly Standing Committee for forwarding to the Governor of the State Bank of Vietnam for a response as per regulations.
The Speaker of the National Assembly stated: The questioning session was lively and frank. The questions from National Assembly deputies closely followed the content of the questioning, being specific and clear. This was the second time answering questions during the 15th National Assembly term, and the Governor of the State Bank of Vietnam had prepared well in terms of content, grasped the issues thoroughly, had a comprehensive understanding of other macroeconomic policies, and answered directly the questions raised by the National Assembly deputies.
The Chairman of the National Assembly assessed that, in the past period, the banking sector has achieved many important results. The proactive, flexible, timely, and effective management of monetary policy, closely coordinated with fiscal policy and other macroeconomic policies, has contributed to curbing inflation, stabilizing the macroeconomy, and supporting economic growth. The money and foreign exchange markets are basically stable, lending interest rates have decreased, and the system of credit institutions operates safely. Exchange rates have been managed flexibly and synchronously within the framework of the overall monetary policy. The difference between domestic and international gold prices has narrowed. Support for loans and interest rate reductions and waivers for people and businesses to recover production and business after the COVID-19 pandemic and natural disasters has been implemented synchronously and effectively.
Despite the achievements, the banking sector still faces numerous difficulties and challenges. Inflation has decreased but this is not sustainable and still carries potential risks. Further interest rate reductions are difficult to implement. The pressure to supply capital from credit institutions remains significant. The gold market is not yet stable and sustainable, and still carries potential risks; there is still a disparity between domestic and international gold prices. The process of compiling, reviewing, and supporting borrowers affected by natural disasters remains difficult and problematic.
During the questioning session, the Chairman of the National Assembly requested the Government, the State Bank of Vietnam, and relevant ministries and agencies to take into account the opinions of National Assembly deputies and implement effective solutions to address the issues, focusing on key priorities.
Accordingly, the focus will continue to be on closely monitoring market developments and the domestic and international economic situation to manage monetary policy promptly, effectively, proactively, and flexibly, ensuring liquidity for the credit institution system, contributing to the stability of the money and foreign exchange markets; managing interest rates and exchange rates in line with macroeconomic balance and inflation; and continuing to direct credit institutions to reduce costs to lower lending interest rates. At the same time, proactive and flexible credit management solutions will be implemented, in line with macroeconomic developments and inflation, to meet the capital needs of the economy; credit institutions will be directed to focus credit on production, business, priority sectors, and economic growth activities; and credit will be strictly controlled in sectors with potential risks.
The Government, the State Bank of Vietnam, and relevant ministries and agencies will implement management solutions to stabilize the gold market; enhance the State's role in managing and regulating the gold market in accordance with regulations; prevent gold price fluctuations from affecting exchange rates, inflation, and macroeconomic stability; and research measures to encourage people to sell gold to invest in production and business. In 2025, a review of Decree No. 24/2012/ND-CP dated April 3, 2012, on the management of gold trading activities will be conducted; and proposals for amendments and additions to suit the current situation will be made.
The Chairman of the National Assembly requested the early implementation of policies to restructure debt repayment terms, maintain debt classifications, waive or reduce interest rates, and lower lending rates to support and alleviate difficulties for customers in stabilizing production and business after storms, floods, and landslides; promote green credit; and coordinate with ministries, sectors, and agencies to resolve obstacles and expedite the smooth implementation of preferential credit programs.
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