Policy coordination, unlocking resources to promote growth

On the afternoon of August 7, at the Government Headquarters, Deputy Prime Minister Ho Duc Phoc chaired a meeting of the National Monetary Policy Advisory Council. Here, the report of the State Bank - the standing body of the council, outlined the macroeconomic situation in the first 7 months of 2025 and proposed 6 major policy solutions for the coming time.

Experts at the meeting highly appreciated the results of socio-economic management, especially fiscal and monetary policies. According to experts, the results achieved in the first 6 months of 2025 are very remarkable. Economist Truong Van Phuoc said: "To be fair, I think that the State Bank has done a very good job in this context, we still maintain a fairly stable interest rate".

In his directive speech, Deputy Prime Minister Ho Duc Phoc requested the State Bank and relevant ministries and branches to operate monetary policy proactively and flexibly, closely coordinating with fiscal policy and other macroeconomic policies. The goal is to promote growth, stabilize the macro economy and meet capital needs for production and business.

Overview of the meeting. (Photo: Government Newspaper)

Deputy Prime Minister Ho Duc Phoc stated: "The State Bank must manage the issue of cross-ownership and the issue of short-term mobilization for long-term lending... The Ministry of Finance must implement a reasonable expansionary fiscal policy, focusing on supporting coordination with monetary policy."

Government leaders also emphasized the need to manage credit quality well, directing cash flow into priority areas such as social housing, innovation, digital transformation, and science and technology.

Deputy Prime Minister Ho Duc Phoc requested to continue restructuring credit institutions in conjunction with handling bad debts. At the same time, credit in areas with potential risks must be strictly controlled. The Deputy Prime Minister directed to strengthen monitoring, inspection, examination and supervision of credit institutions' operations. In particular, it is necessary to prevent and strictly handle cross-ownership and illegal credit granting.

In addition, develop and implement a roadmap to eliminate credit "room" with appropriate criteria, ensuring publicity, transparency, improving credit quality and system safety.

Experts also emphasized that "public investment" is an important pillar of growth. Experts said that it is necessary to focus on investing in developing information technology infrastructure and a strategy for developing Vietnam's self-reliant industry.

Source: https://thoidai.com.vn/phoi-hop-chinh-sach-khoi-thong-nguon-luc-thuc-day-tang-truong-215407.html