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Synchronize policies to support economic growth

Thời báo Ngân hàngThời báo Ngân hàng22/04/2024


On April 19, in Hanoi, the State Bank of Vietnam (SBV) held a press conference to announce the results of monetary policy management and banking activities in the first quarter of 2024. SBV Permanent Deputy Governor Dao Minh Tu chaired the press conference.

Continue to operate flexible and proactive monetary policy

Speaking at the press conference to inform about the banking performance in the first quarter of 2024 organized by the State Bank of Vietnam last weekend, Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that in the first quarter of 2024, the State Bank of Vietnam will continue to operate monetary policy proactively and flexibly, closely coordinating with fiscal policy and other macroeconomic policies to control inflation, support economic growth recovery, promptly adapt to domestic and foreign market developments, and maintain stability in the money and foreign exchange markets.

Đồng bộ chính sách hỗ trợ tăng trưởng kinh tế
Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu speaks at the press conference

Specifically, regarding interest rate management, the SBV continues to maintain the operating interest rates after 4 downward adjustments in 2023 in the context of high global interest rates, creating conditions for credit institutions to access capital from the SBV at low costs. In addition, the SBV continues to encourage credit institutions to reduce costs to reduce lending interest rates to support the economy. As a result, deposit and new lending interest rates of commercial banks have decreased compared to the end of 2023. Specifically, according to reports from commercial banks, by March 31, 2024, the average deposit interest rate of new transactions was at 3.02%/year, down 0.5% compared to the end of 2023 and the average lending interest rate of new transactions was at 6.5%/year, down 0.6%/year compared to the end of 2023.

Đồng bộ chính sách hỗ trợ tăng trưởng kinh tế

In particular, to facilitate credit institutions to provide credit capital for the economy, on December 31, 2023, the State Bank assigned all credit growth targets for 2024 to credit institutions and publicly announced the determination principles so that credit institutions can proactively implement credit growth.

Although the State Bank of Vietnam has actively and synchronously implemented many solutions, according to Deputy Governor Dao Minh Tu, credit growth in early 2024 was quite low compared to recent years, partly due to the fact that demand for credit capital often increases at the end of the year and before Tet; demand and capital absorption capacity of the economy are low because many businesses are shrinking or ceasing operations...

However, with many drastic solutions from the State Bank; at the same time, commercial banks also continued to vigorously implement policy credit programs; a credit package of VND 125,000 billion for social housing; a package of VND 30,000 billion for loans for forestry and aquatic products... Thanks to that, credit in March 2024 increased positively again after decreasing in the first 2 months of the year due to seasonal factors. By March 29, economic credit increased by 1.34% compared to the end of 2023.

In addition, to support banks and businesses, the State Bank of Vietnam is proposing to allow commercial banks to extend Circular 02/2023/TT-NHNN on restructuring debt repayment terms and maintaining debt groups for another 6 months. According to Deputy Governor Dao Minh Tu, extending the validity of Circular 02 ensures the level and dosage of the policy to harmonize two issues: the quality of banks' operations and support for businesses.

The representative of the State Bank also informed about the results in some other aspects of activities such as non-cash payments continuing to achieve positive results; The legal framework on currency and banking activities continues to be completed...

Increase supply to the market, narrow the gold price gap

Deputy Governor Dao Minh Tu said that for the gold market, from the beginning of 2024 until now, the international gold price has fluctuated in an upward trend. There are many reasons for the rapid increase in gold prices in the recent period. That is because investors expect the US Federal Reserve (Fed) to soon cut interest rates in 2024, causing the USD index (DXY) to decrease, increasing demand for gold; Central banks of some countries increased gold purchases, especially fearing escalating tensions in the Middle East and pressure from oil prices... According to the leader of the State Bank, the above factors affect the whole world, not just Vietnam. Therefore, the domestic gold bar price fluctuates according to the world gold price.

To support the market to stabilize soon, in the immediate future, the State Bank will bid for gold to increase supply to the market. On the afternoon of April 19, the State Bank sent a notice of gold bar bidding to eligible organizations. Accordingly, on April 22, 2024, the State Bank will organize the first gold auction of the year. The total volume of gold bars expected to be bid is 16,800 taels; the volume of gold bars of a transaction lot is 100 taels and the type of gold bar bid is the SJC brand; the reference price to calculate the deposit value is VND 81.80 million/tael. The minimum bidding volume for a member is 14 lots equivalent to 1,400 taels and the maximum is 20 lots equivalent to 2,000 taels. Each bidding member is only allowed to register 1 minimum price equal to or higher than the floor price announced by the State Bank....

Thus, after 11 years, the State Bank has returned to the gold bar auction. Previously, in 2013, the State Bank conducted 76 gold bar auctions to stabilize the supply for the gold market.

Sharing about the policy for the domestic gold market in the coming time, Director of the Foreign Exchange Management Department Dao Xuan Tuan said that the State Bank has consulted with ministries and submitted to the Government a proposal to amend Decree No. 24/2012/ND-CP on the management of gold trading activities. Through the assessment of gold trading activities in the past time, Decree 24 has played a positive role, but it is time to review the suitability of this decree in the current conditions.

In addition, the representative of the Foreign Exchange Management Department also said that the State Bank is also considering the import of raw gold for jewelry manufacturing and exporting enterprises. "Decree 24 already has this provision, meaning that for enterprises that have manufacturing contracts with foreign countries, the import of raw gold is still being carried out at the State Bank branches, without any difficulties or problems," Mr. Dao Xuan Tuan affirmed.

Commenting on the decision to organize the gold auction by the State Bank of Vietnam, Dr. Can Van Luc, Chief Economist of BIDV, Member of the National Financial and Monetary Policy Advisory Council, said that the State Bank of Vietnam's re-launch of the gold auction in the current context is reasonable to ensure publicity, transparency, increase gold supply, contribute to reducing the difference in domestic and international gold prices, as well as SJC with other gold brands.

Regarding gold imports, according to Dr. Can Van Luc, management agencies need to calculate the appropriate quantity and timing of imports to balance supply and demand while controlling exchange rates and stabilizing the macroeconomy. Looking back at 2013, goldification was a hot issue. At that time, we were still lending in gold, so the gold market was at a high level of goldification. For this goal, Decree 24 has fulfilled its mission, but the supply-demand relationship is not yet balanced. Therefore, the current issue is to ensure supply - demand and narrow the gap in gold prices, Dr. Can Van Luc added.



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