This morning (June 19), Minister of Finance Nguyen Van Thang answered questions before the National Assembly about solutions to renew growth momentum and develop the private economy. During the question and answer session, Governor of the State Bank Nguyen Thi Hong made statements on related issues.
The Governor said that as a macroeconomic management agency, the State Bank realized that after 40 years of renovation, the country's economy has achieved many achievements but still has limitations. According to Ms. Hong, evaluating and reviewing support policies and creating economic momentum is necessary and also a requirement of the Party, the State, and the Politburo for the country to enter a new era.
The Governor of the State Bank assessed that the question-and-answer session had many profound questions, raising many issues for research, especially the target of 8% economic growth and entering the next phase of double-digit economic growth.
The representative of the monetary regulator assessed that the current economy relies on large capital, but is not very efficient, reflected in the capital efficiency index (ICOR) which is higher than many countries in the region, posing the need to improve capital efficiency.
She assessed that foreign capital attraction is currently high, especially FDI capital, but the advantages of capital sources and connections between these units and domestic units have not been fully utilized, so improvements are needed in the near future.
"The representative of the Ministry of Finance previously affirmed that economic development must rely on both domestic and foreign capital. Foreign capital can be diverse, from FDI capital, indirect investment capital, foreign debt... and all have room for expansion. The Ministry of Finance also affirmed that it can arrange resources for businesses to access capital," the Governor stated.
Governor Nguyen Thi Hong at the question and answer session (Photo: Quochoi.vn).
The Governor raised a number of issues of concern. For example, domestic capital depends heavily on bank credit... The ratio of outstanding credit to GDP is 134% by the end of 2024, if we continue to rely on bank capital, there will be potential risks that the system will find it difficult to grow high while still going hand in hand with sustainability. "In the coming time, ministries and sectors managing the macro economy must pay close attention to balancing capital sources for high economic growth targets," she said.
Ms. Hong added that the country's long-term goal by 2030 includes many projects requiring large capital: building 2,000km of highways so that by 2030 there will be 5,000km of highways, implementing the North-South high-speed railway project, airports and ports, power planning 8, COP26...
"These goals need to be taken steps from now. The relevant ministries need to calculate the ability to borrow and use, mobilize... time to phase in the project to implement the project but not create great pressure on macro risks in accordance with the spirit of the Party Central Committee: sustainable, macro assurance", she said before the National Assembly.
From the perspective of consumption and export, Ms. Hong commented that growth based on export, when the economy is highly open and is greatly affected by external developments, businesses that rely on export will face many difficulties. According to her, it is necessary to exploit the growth momentum from consumption and domestic demand. She emphasized that our country currently has the advantage of having over 100 million people.
"Developing domestic consumption and demand is also a Government policy that needs to be implemented effectively," the Governor said.
In addition, the Politburo issued Resolution 57 on breakthroughs in science, technology, innovation and national digital transformation. The resolution contributes to creating the potential for double-digit growth after many years of the country being short of capital. Regarding issues that hinder long-term growth, she noted that they need to be paid close attention to, including climate change and the risk of population aging if there is no plan from now...
From the perspective of banks, with the role of economic lifeline, activating and leading the spread of investment, consumption and export, in recent years, bank credit has increased by 14-15% - this is a high credit growth figure compared to many countries and regions. In 2025, the State Bank set a growth target of 16% and adjusted accordingly if inflation is under control.
In the coming time, the Governor said that the State Bank will diversify services and utilities to serve the people. The bank is a pioneer in applying digital transformation, helping people save on transactions.
The State Bank said that managing monetary policy is difficult in the context of a highly open economy. In the coming time, this unit will closely follow developments, flexibly implement with reasonable tools and duration, contributing to controlling inflation. "This is a fundamental point because if the macroeconomic environment is as volatile as before, it will be difficult for businesses to develop with high economic growth," Ms. Hong said.
In addition to efforts from the State Bank, Ms. Hong affirmed that coordinating macroeconomic policies is very important to harmonize capital, contributing to the implementation of the common national goal of economic growth while maintaining macroeconomic stability.
Regarding the implementation of the 2% support policy for businesses when implementing green projects and circular projects, the Ministry of Finance also has a lending channel from funds.
“If borrowing from commercial banks, the State Bank will coordinate to resolve the shortcomings of this support package. The State Bank has also sent a document to the Ministry of Finance to consider integrating it into the corporate income tax policy for enterprises borrowing capital from banks according to the subjects of Resolution 68,” Ms. Hong said, emphasizing that in the coming time, it will closely coordinate with the Ministry of Finance to implement the policies.
Source: https://dantri.com.vn/kinh-doanh/thong-doc-de-xuat-da-dang-nguon-von-ho-tro-muc-tieu-tang-truong-kinh-te-8-20250619114239247.htm
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