Speaking to clarify the opinions of the National Assembly deputies, Governor of the State Bank of Vietnam Nguyen Thi Hong thanked the deputies for their interest in the operations of the banking system. The issues raised by the deputies have been directed by the Government and the Prime Minister very resolutely and comprehensively.
Regarding the results achieved by the National Assembly delegates, the Governor of the State Bank said that when controlling inflation, countries have to sacrifice growth, but for Vietnam, our country has achieved both. Although the results did not achieve the target set by the National Assembly, however, compared to other countries in the world, this is a bright spot that is highly appreciated by the international community.
The Governor of the State Bank affirmed that in the first 5 months of 2024, the macro economy and currency continued to be stable, however, there are a number of issues that the Government is strongly concerned with directing: regarding exchange rates, this is a common development in countries around the world, many currencies in the region have depreciated at a relatively high level. For the State Bank, in the current volatile world economic environment, exchange rates sometimes increase and sometimes decrease is completely normal.
Implementing the Government's direction to stabilize exchange rates and the foreign exchange market, the State Bank has also closely monitored and coordinated with the Ministry to implement solutions and policies to regulate currency; and intervened to ensure foreign currency sources for import enterprises to serve domestic production.
With the return of production and increased exports in the coming time, Governor of the State Bank of Vietnam Nguyen Thi Hong said that this will support the supply and demand of foreign currency. Many forecasts show that the exchange rate will cool down by the end of this year and the State Bank of Vietnam will continue to closely monitor market developments so that businesses can rest assured about the Government's management.
Regarding the issue of low credit, Governor Nguyen Thi Hong said that this was also an issue mentioned in many previous meetings and the trend of low credit growth is not only in Vietnam but also a common trend in the world when countries implement tight monetary policies.
In recent times, the Government has strongly directed its members, including the State Bank, to implement many solutions to support and promote credit growth. According to Governor Nguyen Thi Hong, the low credit growth has many causes, including output problems in both exports and domestic output. Sectors with large loans such as the real estate market are currently facing difficulties in legal factors and the Government has strongly directed and established Working Groups to guide localities in resolving these issues.
Recently, the Government has strengthened its direction to promote public investment and investment in infrastructure, thereby spreading the impact of cash flow to businesses, activating credit in the banking system. In addition, the State Bank has repeatedly reported and recommended to 95% of small and medium enterprises that there should be enhanced solutions such as guaranteeing businesses to borrow capital from banks, thereby promoting higher credit.
Regarding the gold market, the Governor of the State Bank said that the high and complicated fluctuations in gold prices are also common in countries around the world, not just in Vietnam. Domestically, gold prices are complicated and also move in the same direction as world gold prices, however, the gap between domestic and international gold prices is widening, especially SJC gold.
In that context, the Government and the Prime Minister are also very concerned and have many strong instructions for both the State Bank as well as ministries and branches to perform their functions as prescribed in Decree 24 to be able to narrow the gold price gap. The State Bank has increased the supply of gold to the market through bidding with the expectation that the gold price will gradually decrease. However, the bidding session showed that the price gap did not decrease as expected, so the bidding was stopped.
The State Bank has developed a new plan to implement in order to reduce the difference in gold prices in the coming time, especially along with measures to make gold market transactions transparent. At the same time, an interdisciplinary inspection team has been established to conduct a comprehensive inspection of all aspects from invoices, documents, and transactions on anti-money laundering related to gold transactions.
Source: https://kinhtedothi.vn/thong-doc-ngan-hang-nha-nuoc-noi-ve-viec-ty-gia-luc-tang-luc-giam.html
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