DNVN - In 2024, the State Bank of Vietnam managed the exchange rate flexibly and appropriately, contributing to absorbing external shocks. At the same time, it boosted the supply of credit capital to the economy .
In its review of 2024 activities, the State Bank of Vietnam (SBV) noted that the global economy experienced slow and uneven growth. Central banks lowered interest rates, and commodity and currency markets fluctuated sharply due to the uncertainty of the global economy.
The domestic economy is growing positively, and inflation is under control in line with the set targets. Compared to other countries in the world, Vietnam is a bright spot in controlling inflation and stabilizing the macroeconomy, contributing to attracting FDI.
However, due to its high degree of openness, Vietnam faces many difficulties and challenges as the global economic recovery is not yet sustainable, inflation risks remain, and resilience is limited. In response to these challenges and opportunities, the State Bank of Vietnam has implemented a comprehensive set of solutions to facilitate access to credit for businesses and individuals, and to support production recovery.
The State Bank of Vietnam (SBV) has implemented a flexible monetary policy, contributing to macroeconomic stability and inflation control. It has also supported liquidity for credit institutions and maintained stability in the money and foreign exchange markets.
In managing interest rates, the State Bank of Vietnam (SBV) continues to maintain the policy interest rates despite high global interest rates, creating favorable conditions for credit institutions to access capital from the SBV at low costs. It also continues to direct credit institutions to reduce operating costs in order to strive for lower lending interest rates.
The State Bank of Vietnam (SBV) manages the exchange rate flexibly and appropriately, contributing to absorbing external shocks; coordinating monetary policy tools in a synchronized manner. As a result, the foreign exchange market remains stable, foreign exchange liquidity is smooth, and the foreign exchange needs of the economy are fully met; the exchange rate fluctuates flexibly in both upward and downward directions, in line with market conditions.
To facilitate credit institutions in providing credit to the economy, in 2024, the State Bank of Vietnam proactively adjusted the credit growth targets for credit institutions twice to promptly meet the capital needs of the economy and support production and business development.
In addition, the State Bank of Vietnam requires credit institutions to strictly implement directives on monetary and credit activities, and regulations on credit granting, in order to improve business efficiency. Credit should be directed towards production sectors, priority sectors, and sectors that are drivers of economic growth, in accordance with the policies of the Government and the Prime Minister .
Thanks to the synchronized solutions of the State Bank of Vietnam, as of December 13th, credit across the entire economy increased by approximately 12.5% compared to the end of 2023. Credit was concentrated in production, business, and priority sectors.
In addition, the State Bank of Vietnam continues to direct credit institutions to accelerate the implementation of the VND 120,000 billion loan program for social housing, workers' housing, and apartment building renovation and reconstruction projects; and credit programs for the forestry and fisheries sectors… In particular, the banking sector has promptly and effectively implemented solutions to support and alleviate difficulties for customers affected by typhoon No. 3.
In managing gold trading activities, with the attention and guidance of the Government, the synchronized solutions of the State Bank of Vietnam, and the coordination of relevant ministries and agencies, the initial basic objective of handling and controlling the price difference between SJC gold bars and world gold prices within an appropriate range has been achieved.
The stability and safety of the credit institution system continue to be maintained, and the legitimate rights of depositors are guaranteed. Non-performing loans are being focused on and controlled amidst economic and business difficulties that affect the debt repayment capacity of enterprises.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/linh-hoat-dieu-hanh-ty-gia-day-manh-cung-ung-nguon-von-tin-dung-cho-nen-kinh-te/20241214100150100
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