Prime Minister: Proactive, flexible and timely monetary policy management

Prime Minister Pham Minh Chinh signed Official Dispatch No. 159/CD-TTg dated September 7, 2025 on directions for directing and operating fiscal and monetary policies.

The dispatch stated that, in order to further improve the effectiveness of fiscal and monetary policy management, meet the capital needs of the economy , contribute to the successful implementation of the economic growth target of 8.3-8.5% in 2025 and double digits in the next period, in association with maintaining macroeconomic stability, controlling inflation, ensuring major balances, the Prime Minister requested that ministers, heads of ministerial-level agencies, government agencies, chairmen of People's Committees of provinces and centrally run cities; chairmen and general directors of state-owned corporations and groups continue to resolutely, synchronously and effectively implement the tasks and solutions set out in the Resolutions and Conclusions of the Party, Resolutions of the National Assembly, the Government, and directive documents of the Prime Minister; focusing on implementing the following key tasks and solutions:

Continue to implement a reasonable, focused, key expansionary fiscal policy and ensure efficiency.

Regarding fiscal policy, the Ministry of Finance will preside over and coordinate with relevant agencies to continue implementing a reasonable, focused, and effective expansionary fiscal policy, including reviewing and perfecting tax institutions and policies in line with the country's development situation and requirements, and the income of people and businesses. Strengthening the management of state budget revenue; inspecting, checking, and combating transfer pricing; promoting digital transformation, ensuring correct, sufficient, and timely collection; expanding the revenue base, especially revenue from e-commerce and food services; resolutely implementing regulations on electronic invoices generated from cash registers (with a roadmap for completion in 2025), focusing on propaganda, guidance, and timely resolution of arising problems. Boosting state budget revenue in 2025 to increase by at least 25% compared to the estimate. Thoroughly saving regular expenditures, reviewing guidance to resolutely cut unnecessary expenditures.

Continue to implement policies on tax, fee, land rent exemption and extension and other mechanisms and policies to facilitate people and businesses, promote production and business, create jobs and livelihoods, etc.

Effectively advise the Prime Minister's working groups to urge and remove difficulties and obstacles in production and business, import and export, infrastructure construction, promote growth and accelerate the disbursement of 100% of public investment capital at ministries, agencies and localities. Carefully assess the reasons for the slowdown in the disbursement rate of public investment capital in August 2025, propose specific breakthrough solutions to accelerate disbursement in the last months of the year (especially for ministries, agencies and localities assigned large capital plans).

There are breakthrough and effective solutions and policies to attract large-scale, high-tech FDI projects, leading the value chain; quickly and decisively resolve difficulties and obstacles of foreign investment projects, cut down administrative procedures to speed up project progress. There are solutions to promote Vietnam's investment abroad.

Resolutely implement solutions to develop a stable, safe and healthy stock market and corporate bond market, becoming an effective medium and long-term capital mobilization channel for the economy, contributing to supporting monetary policy. Urgently complete the prescribed criteria to meet the upgrading of the stock market from a frontier market to an emerging market...

Customers transact at the headquarters of Bao Viet Securities Company. (Photo: Tran Viet/VNA)

Ministries, agencies and localities, according to their assigned functions and tasks, must proactively grasp developments in the international and domestic situation, improve their capacity to analyze, forecast and respond flexibly, promptly and effectively to policies, and avoid being passive or surprised by negative impacts on Vietnam's macro-economy.

Implement more drastically, strongly and effectively the tasks and solutions to promote the disbursement of public investment capital; focus on accelerating the progress of implementing key, large-scale infrastructure projects, especially in the fields of transportation, energy, health, education, culture, sports, etc. Focus on directing, not allowing interruptions or delays in disbursement of public investment during the implementation phase of the 2-level local government model. Resolutely remove difficulties and obstacles in site clearance and construction material supply; promptly adjust capital from slow-disbursement projects to good-disbursement projects. Strive for the minimum disbursement rate to reach about 60% of the plan by the end of the third quarter of 2025; for the whole year, reach 100% of the 2025 capital plan. Promote attracting non-state investment, strengthen public-private partnership. Focus on effectively handling and resolving backlog of projects with problems according to the authority for businesses and people.

The Ministry of Science and Technology, ministries, agencies and localities urgently implement science and technology, innovation and digital transformation projects that have been allocated funding from the state budget; approve the list to implement projects allocated additional capital from the increased state budget revenue in 2024 for implementation in 2025; immediately remove arising difficulties and obstacles to effectively implement Resolution No. 57-NQ/TW of the Politburo...

Economic groups and state-owned corporations promote their leading and guiding roles, improve their management capacity and production and business efficiency, strive to increase output or revenue by over 10% in 2025, contributing to the realization of the country's growth target and ensuring major balances of the economy; focus on accelerating the progress of key infrastructure projects...

Proactive, flexible, timely, creative and effective monetary policy management

Regarding monetary policy, the State Bank of Vietnam presides over and coordinates with relevant agencies to closely follow market developments and the domestic and foreign economic situation to proactively, flexibly, promptly, creatively, and effectively manage monetary policy, closely and harmoniously coordinating with fiscal policy and other macroeconomic policies, contributing to prioritizing growth promotion associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

Credit management is in line with macroeconomic developments and monetary policy objectives, meeting the economy's credit capital needs. Directing credit institutions to continue to reduce costs, simplify administrative procedures, promote digital transformation, etc. to create room for reducing lending interest rates; directing credit to production and business sectors, priority sectors, traditional growth drivers of the economy (investment, export, consumption) and new growth drivers (science and technology, innovation, digital economy, green economy, circular economy, etc.). Effectively implementing credit programs for social housing, infrastructure investment, digital technology, supporting linkages in production, processing and consumption of high-quality rice products, etc.

Develop a roadmap and pilot the removal of credit growth target assignment measures to be implemented from 2026 according to the Prime Minister's direction in Official Dispatch No. 128/CD-TTg dated August 6, 2025. Continue to promote the development of non-cash payments and digital transformation in banking activities...

Customers transact at Vietcombank Hanoi. (Photo: Tran Viet/VNA)

Use monetary and banking policy tools to manage exchange rates flexibly, harmoniously, effectively, and in reasonable balance with interest rates; strictly manage the foreign exchange market, and stabilize the value of the Vietnamese Dong.

Deputy Prime Ministers, according to their assigned fields, are responsible for directing ministries, agencies, and localities to implement this Official Dispatch.

Assign Deputy Prime Minister Ho Duc Phoc to directly direct the implementation of this Official Dispatch.

The Government Office monitors and urges according to assigned functions and tasks; reports to competent authorities on issues arising beyond its authority./.

Source: https://hanoimoi.vn/thu-tuong-dieu-hanh-chinh-sach-tien-te-chu-dong-linh-hoat-kip-thoi-715416.html