Prime Minister Pham Minh Chinh has just signed and issued Directive No. 14/CT-TTg dated May 2, 2024 on implementing monetary policy management tasks in 2024, focusing on removing difficulties for production and business, promoting growth and stabilizing the macro economy.
In 2023, our country achieved positive results in most areas: The macro economy was basically stable, inflation was controlled, growth was promoted, ensuring major balances of the economy; the Vietnamese currency was basically stable, public debt, government debt, foreign debt, budget deficit were under control... In early 2024, signals continued to show that the economy was recovering in all areas. These achievements were thanks to the great efforts of the entire political system under the leadership of the Party, headed by General Secretary Nguyen Phu Trong, with the consensus and support of the people and businesses.
2024 is a year of acceleration and breakthrough, which is of special importance for the successful implementation of the 5-year Plan 2021 - 2025. In the context of the forecast of many difficulties in the world economy, to achieve the set goals requires great determination and efforts of the entire political system with the motto "5 increases" including: (i) Increasing access to and absorption of credit, especially for small and medium enterprises, traditional growth drivers and new growth drivers; (ii) Strengthening the removal of legal obstacles and credit quality; (iii) Strengthening close and effective coordination between the State, banks, enterprises and the management and governance capacity of banks and the financial market; (iv) Increasing publicity and transparency in interest rates for mobilization, lending and combating black credit; (v) Strengthening supervision, inspection and risk prevention, fighting corruption and negativity; "5 reductions" include: (i) Reducing lending interest rates at a reasonable level; (ii) Reducing transaction and operating costs; (iii) Reducing administrative procedures; (iv) Reducing inconvenience and harassment; (v) Reducing negativity, group interests, "backyards"...; "5 accelerations and breakthroughs" include: (i) Accelerating breakthroughs in digitalization; (ii) Accelerating breakthroughs in service quality; (iii) Accelerating breakthroughs in human resource quality; (iv) Accelerating breakthroughs in banking infrastructure; (v) Accelerating breakthroughs in serving production and business, creating jobs and livelihoods for people, contributing to economic growth.
The consistent guiding viewpoints are: (i) Closely follow the situation and practical requirements, respond to policies promptly and effectively; (ii) Do not be subjective, be persistent, steadfast, and determined to achieve the set strategic goals; (iii) Constantly innovate, be proactive, flexible, creative, and quickly "turn the situation around" and "change the state"; (iv) Maintain solidarity, unity, and join forces and be unanimous.
Actively, flexibly, promptly and effectively manage monetary policy
The Prime Minister requests ministries, agencies, People's Committees of provinces and centrally-run cities, relevant collectives and individuals, according to their assigned functions and tasks, to immediately deploy and perform well the following tasks and works:
The State Bank of Vietnam thoroughly grasps and resolutely implements fully and effectively the solutions and tasks according to the Resolutions and Conclusions of the Central Committee, the Politburo; the Resolutions of the National Assembly, the Government, especially Resolution No. 01/NQ-CP dated January 5, 2024, Resolution No. 02/NQ-CP dated January 5, 2024 and the directions of the Prime Minister, Government leaders on the management of monetary policy, credit, exchange rate, interest rate, gold market..., Official Dispatches No. 1426, 23 on solutions to manage the gold market, Official Dispatch No. 18 on credit growth management in 2024.
Closely monitor the world and domestic situation to forecast and operate monetary policy proactively, flexibly, promptly and effectively, especially harmoniously and reasonably operating interest rates and exchange rates. Effectively operate credit growth in conjunction with macroeconomic stability, control inflation, promote economic growth, ensure safety of banking operations and the credit institution system.
Immediately inspect and examine the gold market and the operations of gold trading enterprises.
The Prime Minister requested the State Bank to strengthen inspection, examination, control and closely monitor the credit granting of credit institutions, immediately carry out inspection and examination of the gold market, the activities of gold trading enterprises, stores, agents distributing and trading gold bars, and perfect the inspection and examination system to ensure smoothness, connection from the central to local levels, effectiveness and efficiency.
Timely review, develop and complete guiding documents for the Law on Credit Institutions 2024 for synchronous implementation from July 1, 2024 when the Law on Credit Institutions comes into effect.
Strengthen communication on mechanisms and policies on monetary policy management and banking operations; focusing on new policies and policies that directly impact people and businesses such as exchange rate, credit, interest rate, savings, loans, payments, etc. through diverse and rich forms of communication, ensuring transparency, in accordance with international commitments and legal regulations.
Preside over and coordinate with the Ministry of Agriculture and Rural Development and relevant ministries and branches to evaluate the implementation results and propose amendments and supplements to Decree No. 55/2015/ND-CP dated June 9, 2015 and Decree No. 116/2018/ND-CP dated September 7, 2018 of the Government on credit policies for agricultural and rural development in accordance with reality, meeting the requirements of sustainable agricultural and rural development.
Directing credit to production and business; reducing costs, striving to reduce lending interest rates
The State Bank directs credit institutions to:
- Actively implement credit growth solutions, directing credit to production, business, priority sectors and growth drivers; strictly control credit for potentially risky sectors, ensure safety, efficiency and control liquidity risks.
- Continue to reduce costs, strive to reduce lending interest rates to a reasonable level; seriously implement the public announcement and transparency of average lending interest rates so that businesses and people can conveniently choose banks with low interest rates, suitable for their credit capital usage requirements.
- Spend time and effort focusing on reviewing and classifying real estate projects to promptly have appropriate credit solutions for each enterprise and each eligible project; have appropriate credit solutions for feasible and effective BOT and BT traffic projects, and the petroleum sector; continue to effectively implement policy credit programs...
- Increase lending to serve life and consumption, promote lending through electronic and online forms. Diversify banking credit products and services to suit each customer segment and market, type, production and business needs of people, enterprises, cooperatives, especially legitimate and legal borrowing needs to serve people's life and consumption.
- Promote the implementation of credit programs, projects and policies such as: VND 30,000 billion credit program for forestry and fishery; Credit program contributing to the implementation of the Project "Sustainable development of one million hectares of high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta by 2030" according to Decision 1490/QD-TTg dated November 27, 2023 of the Prime Minister; VND 120,000 billion program for loans for social housing, workers' housing, and renovation of old apartments to contribute to the implementation of the Project "Investing in the construction of at least 01 million social housing units for low-income people and industrial park workers in the period 2021-2030"...
- Actively and proactively implement effectively and practically the bank-business connection program in appropriate forms.
- Continue to implement the policy of restructuring debt repayment terms and maintaining debt groups according to Circular No. 02/2023/TT-NHNN dated April 23, 2023, ensuring timely support for businesses and borrowers facing difficulties, while avoiding profiteering, violating regulations and distorting the nature of bad debt.
- Promote the pioneering and exemplary role of state credit institutions; enhance the social responsibility and business ethics of credit institutions in sharing and supporting people and businesses according to the viewpoint of "Harmonious benefits, shared risks".
Urgently review and complete regulations related to securities and corporate bonds
The Prime Minister requested the Ministry of Finance to continue to operate a reasonable, focused, and key expansionary fiscal policy, in synchronous, harmonious, flexible, and close coordination with monetary policy and other macroeconomic policies to promote growth, stabilize the macroeconomy, control inflation, and ensure major balances of the economy.
Urgently review and complete regulations related to securities and corporate bonds, develop the stock market into an effective medium- and long-term capital mobilization channel for enterprises.
Coordinate with the People's Committees of provinces and centrally-run cities to focus on implementing solutions to improve the operational efficiency of the Credit Guarantee Fund for small and medium enterprises.
Simplify investment processes and administrative procedures, creating convenience for people and businesses.
The Ministry of Construction urgently reviews, amends or submits to competent authorities for promulgation of documents guiding the Housing Law and the Real Estate Business Law; the spirit is to reduce intermediary levels, promote decentralization and delegation of authority, and promptly implement the Law.
Closely coordinate with the State Bank of Vietnam, ministries, branches and localities to have practical and effective solutions to implement the Project to build 1 million social housing units; resolutely and effectively implement Resolution No. 33/NQ-CP dated March 11, 2023 of the Government; remove difficulties and obstacles, promote disbursement of the 120 trillion VND credit package.
The Ministry of Planning and Investment continues to promote the effectiveness of the Small and Medium Enterprise Development Fund. Continue to promote the implementation of solutions to improve the investment and business environment, simplify investment processes and administrative procedures to facilitate investment and business activities of people and enterprises.
In May 2024, submit to the Government a mechanism for direct electricity purchase and sale between power generation units and large electricity users.
The Prime Minister requested the Ministry of Industry and Trade to continue diversifying export markets, products, supply chains, and production chains; consolidating and expanding the market share of Vietnamese goods in traditional markets, and creating a breakthrough in expanding market share in new and potential markets.
Organize promotional programs nationwide to coordinate with localities to strengthen supply-demand connections, stimulate domestic consumption, and promote domestic market development.
Regarding the development of a direct electricity trading mechanism and the plan to implement the VIII Power Plan: The Ministry of Industry and Trade urgently develops a Government decree regulating the direct electricity trading mechanism between power generation units and large electricity users according to the conclusion of the Prime Minister in Notice No. 112/TB-VPCP dated March 22, 2024 and the direction of Deputy Prime Minister Tran Hong Ha in Document No. 1943/VPCP-CN dated March 25, 2024, to be submitted to the Government in May 2024.
Organize the implementation of the plan to implement the Power Plan VIII approved in Decision No. 262/QD-TTg dated April 1, 2024, and coordinate with localities to complete the appendix of the plans to implement the Power Plan VIII, and submit it to the Prime Minister before May 10, 2024.
Prevent and handle cross-ownership and manipulation at credit institutions
The Ministry of Public Security coordinates with the State Bank of Vietnam to urgently develop solutions to prevent and handle cross-ownership and manipulation at credit institutions, ensuring the safety of the credit institution system and financial and monetary security.
Accelerate the implementation of Project 06, providing online public services, focusing on implementing Directive No. 05/CT-TTg dated February 23, 2023 of the Prime Minister.
The Ministry of Natural Resources and Environment urgently submits to competent authorities for promulgation of documents detailing the Land Law and the Water Resources Law; reviews and proposes amendments and supplements to the Minerals Law, especially regulations related to procedures for common construction material mines to ensure consistency with practice and compliance with legal regulations.
Build and complete the Land Information System, coordinate with the Ministry of Construction to connect with the Housing and Real Estate Market Information System.
The Ministry of Agriculture and Rural Development shall preside over and coordinate with relevant agencies to focus on removing difficulties and obstacles related to procedures for declaring and conforming veterinary drugs; closely monitor market developments, proactively direct flexible solutions to remove difficulties, ensure production, promote, consume and export agricultural, forestry and fishery products.
Prioritize resources to remove difficulties in production and business activities
People's Committees of provinces and centrally-run cities closely coordinate and create all favorable conditions for credit institutions, people and enterprises in banking activities, especially credit activities and payment services.
Prioritize resources to remove difficulties in production and business activities, support people and businesses in appropriate forms; focus on preventing black credit...
Coordinate with the Ministry of Finance to implement solutions to improve the operational efficiency of the Credit Guarantee Fund for small and medium enterprises.
Direct and facilitate capital support for the Social Policy Bank to effectively implement credit programs under the 3 National Target Programs.
Economic organizations and people conduct production and business in accordance with the law, flexibly and adaptably in all circumstances, continue to innovate governance, improve competitiveness, increase access to credit capital and mobilize other legal capital sources.
Closely coordinate with credit institutions to increase access to credit, effectively use credit capital, improve production and business efficiency to ensure full implementation of the rights and responsibilities of borrowers./.
PV
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