Deputy Prime Minister Ho Duc Phoc chaired a meeting of the National Monetary Policy Advisory Council.

(Chinhphu.vn) - On the afternoon of August 7, Deputy Prime Minister Ho Duc Phoc chaired a meeting of the National Monetary Policy Advisory Council.

Deputy Prime Minister Ho Duc Phoc chairs a meeting of the National Monetary Policy Advisory Council - Photo: VGP/Tran Manh

The report of the State Bank - the standing body of the council, outlined the developments in the world and domestic macroeconomic situation; the management of monetary and exchange rate policies, the implementation of credit programs and policies of the State Bank in the first 7 months of 2025; the shortcomings and difficulties in implementing monetary policies, the credit capital needs of the economy... thereby proposing 6 groups of major policy solutions that need to be focused on implementing in the coming time.

Suggesting the discussion, Deputy Prime Minister Ho Duc Phoc stated that currently, the demand for infrastructure development spending is very strong (construction of highways; Long Thanh airport; implementation of high-speed railway projects, etc.); as well as spending on education , healthcare, promoting the application of science, technology, innovation; supporting production and business enterprises is also very large... The Deputy Prime Minister asked experts to analyze, forecast the situation, and give in-depth comments on monetary policy management solutions associated with monetary policy and other macro policies to ensure the implementation of the set goals and tasks.

Speaking at the meeting, experts highly appreciated the strategic and great decisions and policies of the Party, State and Government leaders in recent times. They said that there has never been a revolution as great as the present one; we must "dare to decide, dare to do" to bring the country into a new era of development.

Experts also highly appreciated the efforts and results of general socio-economic management, fiscal and monetary policy management of the Government and ministries in the recent past, saying that the work done and the results achieved in the first 6 months of 2025 are very remarkable, an impressive momentum for development in the coming time.

Analyzing the actual situation in the country and the world, lessons learned and forecasting developments, prospects, as well as emerging issues, experts emphasized the need to stabilize macroeconomic factors to ensure rapid and sustainable growth, "to go fast and far, one must rely on the foundation of stability".

On that basis, experts have advised on comprehensive, harmonious and reasonable management solutions for exchange rate, interest rate, inflation and growth factors; management of stock, real estate and gold markets; effective management of cash flow; restructuring of capital markets; research and development of a legal framework for digital assets, "Vietnamese identity" encrypted assets, integrated with the country's socio-economic development strategy; implementation of the policy of "removing room" for credit with a suitable roadmap, on the basis of ensuring criteria and conditions for system safety; restructuring the banking system; closely monitoring the situation, preparing scenarios to effectively manage risks that may arise in the medium and long term;...

Experts also emphasized that "public investment" is an important pillar of growth. Therefore, it is necessary to focus on implementing it in a focused, key, synchronous and effective manner, along with efforts to ensure disbursement progress according to the set targets.

In addition, it is necessary to focus on investing in developing information technology infrastructure, digital infrastructure, investing in the fields of science, technology, innovation, improving labor productivity, renewing the growth model; building and effectively implementing a comprehensive strategy for developing Vietnam's industry to be self-reliant and sustainable in the electronics, microchip, mechanical, manufacturing, textile, agricultural processing sectors, etc.

Photo: VGP/Tran Manh

Concluding the meeting, Deputy Prime Minister Ho Duc Phoc thanked the experts for their profound, frank and responsible advice; requested the State Bank of Vietnam, the Ministry of Finance and relevant ministries and branches to fully absorb them to develop and implement plans and solutions for monetary policy management in the coming time.

Deputy Prime Minister Ho Duc Phoc requested the State Bank, the Ministry of Finance and relevant ministries and branches to focus on completing legal documents according to the assigned plan, including institutions related to gold market management.

Conduct monetary policy proactively, flexibly, promptly, effectively, in accordance with macroeconomic developments and set goals; closely, harmoniously and synchronously coordinate with fiscal policy and other macroeconomic policies, contributing to promoting growth, stabilizing the macro economy, ensuring major balances of the economy, meeting capital needs for production and business of people and enterprises.

The Deputy Prime Minister also emphasized the need to manage credit quality well, direct cash flow into priority areas; focus on effectively implementing credit packages related to social housing development, innovation, digital transformation, science and technology, etc.

Continue to restructure credit institutions in conjunction with handling bad debts; strictly control credit in areas with potential risks; strengthen monitoring, inspection, examination and supervision of credit institutions' operations; prevent and strictly handle cross-ownership and illegal credit granting; develop and implement a roadmap for "eliminating credit room" with appropriate criteria and standards, ensuring publicity, transparency, improving credit quality and system safety./.

Tran Manh

Source: https://baochinhphu.vn/pho-thu-tuong-ho-duc-phoc-chu-tri-cuoc-hop-hoi-dong-tu-van-chinh-sach-tien-te-quoc-gia-102250807183657447.htm