State Bank: Deploying tasks in 2024

On January 8, the State Bank of Vietnam (SBV) held a national online conference to review 2023 and deploy tasks for 2024. Prime Minister Pham Minh Chinh attended and chaired the conference. Attending the conference at the provincial bridge were leaders of the SBV Ninh Thuan branch and credit institutions in the province.

In 2023, the SBV closely followed the resolutions of the National Assembly and the Government, seriously implemented the directions of the Government and the Prime Minister, proactively followed the macroeconomic and monetary developments to promptly adjust policies, promulgate and implement synchronously and optimally the management tools and solutions, contributing to stabilizing the macro economy , controlling inflation, supporting economic growth recovery and ensuring the safe development of the credit institution system. Accordingly, the SBV flexibly operated, contributing to stabilizing the macro economy , controlling average inflation at 3.2%, lower than the 4.5% level set by the National Assembly and the Government. Interest rates on deposits and new loans of commercial banks decreased by about 2.5% compared to the end of 2022; the foreign exchange market was kept stable and limited major short-term fluctuations in exchange rates, the Vietnamese Dong depreciated by about 2.89% against the USD. With the direction and many synchronous solutions of the State Bank, by December 31, 2023, credit in the whole economy reached about 13.56 million billion VND, an increase of 13.7% compared to the end of 2022. In addition, many credit programs have been implemented, contributing to the successful implementation of 3 national target programs.

Delegates attending the conference at our province's bridge point.

In 2024, the State Bank will continue to actively and flexibly manage credit, in line with macroeconomic developments and inflation, meeting capital needs for the economy. In the credit orientation for 2024, the State Bank sets a credit growth target of about 15%, with adjustments in line with developments and actual situations. In 2024, an estimated VND 2 million billion will be injected into the economy. Continue to direct credit institutions to direct credit to production, business, priority sectors and growth drivers according to the Government's policy; strictly control credit to potentially risky sectors. Continue to promote the implementation of assigned tasks of the banking sector in national target programs. Create favorable conditions for businesses and people to access bank credit capital, remove and promote the expansion of consumer credit in a safe and healthy manner.

Speaking at the conference, the Prime Minister acknowledged and highly appreciated the efforts of the banking sector in 2023. With the credit growth target of about 15% in 2024, the Prime Minister requested the banking sector to closely monitor developments and the world and domestic economic situation, proactively, flexibly and synchronously implement monetary and credit policies; continue to resolutely and effectively implement the Project on restructuring the system of credit institutions associated with handling bad debts and weak credit institutions. Thereby, contributing to stabilizing the macro economy, curbing inflation, creating an important driving force for socio-economic development in 2024 and the following years.

Red Moon

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