Deputy Prime Minister Ho Duc Phoc chairs a meeting of the Steering Committee for restructuring credit institutions and handling bad debts - Photo: VGP/Tran Manh
Direct cash flow into production and business
Speaking at the opening of the meeting, Deputy Prime Minister Ho Duc Phoc said that in recent times, we have strongly implemented the restructuring of credit institutions; successfully converted 4 banks. Currently, we are restructuring SCB Bank.
Stating that this meeting discussed a number of situations related to the implementation of monetary policy to promote growth, striving for GDP growth of over 8% this year, aiming for double-digit growth in the next term, Deputy Prime Minister Ho Duc Phoc asked delegates to speak frankly, assess the results achieved and the work that needs to be focused on in the coming time to restructure credit institutions most effectively.
At the meeting, after listening to the report of the State Bank of Vietnam on the restructuring of credit institutions associated with bad debt handling, representatives of ministries and branches (Ministry of Finance, Government Office , State Audit; Central Policy and Strategy Committee; Ministry of Construction; Ministry of Public Security; Ministry of Industry and Trade; Ministry of Agriculture and Environment; Ministry of Justice; Ministry of Science and Technology) expressed their basic agreement with the report of the State Bank.
At the same time, representatives of ministries and branches further spoke about the contents related to the results of implementing the tasks stated in Decision 689 of the Prime Minister approving the Project "Restructuring the system of credit institutions associated with bad debt settlement in the period 2021 - 2025"; safe and sustainable development of the life insurance sector; management measures, directing cash flow into production and business; promoting green credit; applying digital technology to banking activities to improve efficiency in serving people and businesses; building preferential credit packages for businesses, strengthening links between businesses and banks; managing exchange rates and foreign exchange; managing the foreign exchange market, gold market; increasing charter capital for state-owned commercial banks;...
Delegates also gave their opinions on restructuring SCB Bank; handling bad debts of credit institutions; handling cross-ownership; coordination between monetary policy and fiscal policy, capital market; handling secured assets; handling bad debts in the land and real estate sector; fighting against crimes in the monetary and banking sector; implementing the enforcement of judgments related to credit institutions; improving the effectiveness of inspection, examination and supervision of banks; reforming lending procedures;...
Deputy Prime Minister Ho Duc Phoc emphasized the need to effectively operate monetary policy, maintain macroeconomic stability, fight inflation, maintain exchange rates, and promote economic growth - Photo: VGP/Tran Manh
Effective monetary policy management to promote economic growth
Concluding the meeting, Deputy Prime Minister Ho Duc Phoc highly appreciated the very appropriate and important opinions, recommendations and proposals of representatives of ministries and branches; requested the State Bank of Vietnam to absorb and complete the report to continue implementing solutions to effectively manage the activities of credit institutions in the coming time.
Deputy Prime Minister Ho Duc Phoc emphasized the need to effectively operate monetary policy, maintain macroeconomic stability, fight inflation, maintain exchange rates, and promote economic growth.
At the same time, it is necessary to strictly manage to maintain the solid stability of the banking system; continuously monitor and evaluate restructured credit institutions and banks with weak capacity to have timely and effective solutions.
Deputy Prime Minister Ho Duc Phoc also requested to combine monetary policy with fiscal policy in a harmonious, reasonable and synchronous manner. Promote digital transformation in payment activities. Operate monetary policy effectively, ensuring capital supply for production and business. Manage the foreign exchange market well; maintain the exchange rate with USD; research and advise on solutions to issue bonds in USD;...
Regarding credit room, in the short term this is still a management tool, increasing credit room in the current period is necessary. For banks that are operating effectively, room needs to be increased to increase capital for the economy.
The Deputy Prime Minister also emphasized the effective design and implementation of preferential credit packages (social housing loans, poverty reduction, etc.); strict management of cash flow, directing credit to production and business to help the economy develop quickly and sustainably. At the same time, strengthening and improving the effectiveness of banking inspection, examination and supervision (with focus and key points), effectively preventing cross-ownership; resolutely handling bad debts;...
Tran Manh
Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-chu-tri-cuoc-hop-ban-chi-dao-co-cau-lai-cac-to-chuc-tin-dung-102250801114745314.htm
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