Speaking at the conclusion of the Government Standing Committee's meeting working with commercial banks to accelerate, break through, promote growth and control inflation on the morning of February 11, Prime Minister Pham Minh Chinh expressed his wish for the banking industry to develop more healthily, positively and effectively.

According to the Prime Minister, banks must operate profitably, but in addition to profit, they must bring common benefits to the country, because "when the water rises, the duckweed floats."

In particular, the Prime Minister noted the need to remove difficulties and obstacles for backlogged and prolonged projects that cause waste for private enterprises and support small and medium-sized enterprises because these enterprises account for a very large proportion and create many jobs.

The Prime Minister assigned Deputy Prime Minister Ho Duc Phoc to directly direct and Governor of the State Bank of Vietnam Nguyen Thi Hong to urgently prepare documents and submit them to the National Assembly in the upcoming May session to legalize Resolution No. 42 of the National Assembly on piloting the handling of bad debts of credit institutions; at the same time, amend regulations related to increasing capital for state-owned commercial banks, ensuring healthy competition with joint-stock commercial banks.

The Prime Minister assigned ministries and branches to handle the proposals and recommendations of delegates with the spirit of clearly stating the person, clearly stating the work, clearly stating the time, clearly stating the responsibility, clearly stating the results; not saying no, not saying it is difficult, not saying yes but not doing it; having done and implemented, there must be products that can be weighed and measured.

At the conference, the Prime Minister also pointed out some lessons for the banking industry.

First , share with people and businesses when they are in difficulty, sacrificing part of your profits to do this.

Second , closely follow the world, regional and domestic situation to promptly make proposals and remove difficulties and obstacles in terms of institutions and laws.

Third , promote solidarity, unity and coordination between agencies and the banking system to solve major problems of the country, people's concerns, and difficulties and obstacles in the development process.

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Prime Minister Pham Minh Chinh delivered a concluding speech at the conference. Photo: VGP.

With a credit growth target of over 16% to ensure the GDP growth target in 2025 of at least 8% or more, Prime Minister Pham Minh Chinh requested that the banking industry in general and commercial banks in particular must take the lead in promoting growth, controlling inflation and stabilizing the macro economy.

Accordingly, the Prime Minister pointed out 8 tasks and solutions that the banking industry and commercial banks need to focus on implementing.

Firstly, reduce costs, reorganize operations more effectively and especially sacrifice part of profits to reduce lending interest rates, support the economy, people, businesses, and create livelihoods for people.

Second, focus on credit, contributing to renewing the three growth drivers: investment, consumption, export and promoting new growth drivers. Accordingly, take public investment as the leading investment; have consumer credit packages, credit for key industries to solve many jobs, shift the economic structure; preferential credit for industries, fields, priority subjects; credit for BOT projects, public-private partnerships; credit to remove difficulties for real estate projects...

Third, the State Bank and commercial banks must pioneer in digital transformation, application of science and technology, innovation; build databases, implement Project 06; implement Resolution 57 of the Politburo on breakthroughs in science and technology development, innovation, digital transformation; have measures to pilot the implementation and management of virtual banks.

Fourth, promote the reduction of administrative procedures, inconvenience, harassment, negative manifestations, fight corruption and waste in banking activities, reduce bad debt, and create favorable conditions for people and businesses.

Fifth, implement smart governance, build smart banks, and improve the capacity of bankers.

Sixth, banks participate more actively and effectively in implementing three strategic breakthroughs in institutions, infrastructure, and human resources.

Seventh, research and continue to have preferential credit packages for both supply and demand to develop social housing, housing for young people aged 35 and under, and housing for the disadvantaged.

Eighth, closely and effectively coordinate with state management agencies and agencies in the system to effectively perform the political tasks of the agencies and the tasks of the banking system.