Prime Minister congratulates the New Year 2025 and assigns tasks to the Banking industry

The Prime Minister requested the banking sector to continue managing fiscal and monetary policies in a firm, flexible, and effective manner; create a sound financial and banking ecosystem; and maintain macroeconomic stability.

Prime Minister Pham Minh Chinh extends New Year greetings to the banking sector for the Year of the Snake (2015). (Photo: Duong Giang/VNA)

On the morning of February 3rd, the first day back to work after the Lunar New Year holiday of the Year of the Snake 2025, Prime Minister Pham Minh Chinh visited and extended New Year greetings; and assigned tasks to the State Bank of Vietnam and the banking sector for 2025 and the coming period.

In 2024, closely following the resolutions of the Party, the National Assembly, the Government, and the directives of the Prime Minister, the State Bank of Vietnam proactively monitored global and domestic economic developments to implement a comprehensive set of solutions to facilitate businesses and individuals' access to bank credit, restore production and business, and contribute to promoting growth while maintaining macroeconomic stability, controlling inflation, and ensuring the safety of the credit institution system.

The State Bank of Vietnam continues to maintain its policy interest rates amidst persistently high global interest rates; manages exchange rates flexibly and appropriately, contributing to a suitable response to external shocks; coordinates monetary policy tools in a synchronized manner; manages gold trading activities by handling and controlling the price difference between SJC gold bars and world gold prices within the achieved appropriate range; the stability and safety of the credit institution system continue to be maintained; and bad debts are being focused on and controlled.

Thanks to the synchronized solutions of the State Bank of Vietnam, as of December 31, 2024, credit to the economy increased by approximately 15.08% compared to the end of 2023, focusing on production, business, and priority sectors; accelerating the implementation of credit programs such as the VND 145,000 billion loan program for social housing, worker housing, and projects to renovate and rebuild old apartment buildings; and the credit program for the forestry and fisheries sectors.

In particular, the banking sector has promptly and effectively implemented solutions to support and alleviate difficulties for customers affected by Typhoon No. 3.

In 2025, the State Bank of Vietnam will continue to manage interest rates in line with market developments, macroeconomic conditions, inflation, and monetary policy objectives; closely monitor market conditions to manage exchange rates flexibly and appropriately, coordinating synchronously with other monetary policy tools to contribute to controlling inflation and stabilizing the macroeconomy; implement credit management solutions in line with macroeconomic developments and inflation, meeting the credit capital needs of the economy; decisively and effectively implement the Plan for Restructuring the System of Credit Institutions; strongly apply digital transformation in the banking sector; and strengthen the assurance of security, safety, and confidentiality of payment and banking operations.

Wishing a Happy New Year to all officials, employees, and workers in the banking sector, Prime Minister Pham Minh Chinh highlighted the role of the State Bank of Vietnam and the banking and credit system – the lifeblood of the economy – in the recovery and socio-economic development in recent times, especially in the context of the economic difficulties and challenges caused by the COVID-19 pandemic and disruptions to supply chains and production chains.

The Prime Minister stated that the Party and State leaders have paid special attention to and provided decisive direction and management, and the banking sector has effectively implemented monetary and fiscal policies, making a significant contribution to ensuring macroeconomic stability, controlling inflation, maintaining major balances, especially in energy, and ensuring social security, particularly in 2024, after many years of the whole country achieving and exceeding 15 out of 15 basic targets.

Prime Minister Pham Minh Chinh extends New Year greetings to the banking sector for the Year of the Snake (2015). (Photo: Duong Giang/VNA).

On behalf of the Government, the Prime Minister commended and highly appreciated the achievements of the banking sector, under the leadership of the Central Party Committee, regularly and directly under the Politburo and the Secretariat, headed by the General Secretary, together with the Government, the support of the National Assembly, the involvement of the entire political system, and the support of the people, businesses, and international friends, enabling the whole country to achieve important accomplishments in 2024.

Prime Minister Pham Minh Chinh emphasized that the banking sector has closely followed the leadership and direction of the Central Party Committee and the Government; closely monitored and grasped the situation, proactively advised the Party and the Government on direction and management; responded promptly to unexpected and urgent issues; persistently maintained interest rate policies, ensured system safety, controlled bad debts; effectively handled weak banks; and accompanied the people and businesses, providing credit for socio-economic development, especially providing credit for the wood, fisheries, and social housing industries.

Specifically, emphasizing the need to "create something out of nothing, make the difficult easy, and turn the impossible into the possible," "value time, prioritize intelligence and decisiveness," and overcome one's own limitations to create breakthroughs, the Prime Minister urged the Bank to consistently adhere to this principle, continue to manage fiscal and monetary policies with certainty, flexibility, and effectiveness; create a sound financial and banking ecosystem, and generate livelihoods for businesses and people to develop production and business, with the perspective of "harmonious benefits, shared risks," and "the banking sector can only develop if the people and businesses develop."

"We must learn to share, to empathize, and to put ourselves in others' shoes in order to overcome difficulties and challenges together and develop together," the Prime Minister expressed his wish.

Noting that 2025 holds special significance, with many important tasks: accelerating and breaking through to complete the socio-economic development targets for the 2021-2025 period; promoting economic growth of 8%, striving for double-digit growth in the future; organizing Party congresses at all levels, leading up to the 14th National Party Congress; reorganizing the organizational structure; and organizing celebrations of major national holidays, the Prime Minister requested the banking sector to closely adhere to these tasks and effectively implement Government Resolutions 01 and 02 of 2025.

Among these, the banking sector must make a significant contribution to maintaining macroeconomic stability, promoting growth, and ensuring major balances; reducing costs to lower lending interest rates; focusing credit on priority sectors and programs such as the Social Housing Development Program and the Program to Eliminate Temporary and Dilapidated Houses; directing credit towards renewing traditional growth drivers such as investment, exports, and consumption, including credit for infrastructure development; promoting new growth drivers; continuing to address weak banks and effectively control bad debts; continuing to be a pioneer in digital transformation, combined with the implementation of Project 06 and the construction of a banking sector database; further improving policy communication; perfecting institutions, ensuring equality, and creating a development space for people and businesses.

Prime Minister Pham Minh Chinh congratulated, expressed his hope and confidence that the banking sector's performance in 2025 will surpass that of 2024, joining the whole country in entering a new era - an era of striving for strong, civilized, prosperous development, and an increasingly happy and well-off people.

Source: https://daidoanket.vn/thu-tuong-chuc-mung-nam-moi-2025-va-giao-nhiem-vu-cho-nganh-ngan-hang-10299225.html