Right after the working session with private enterprises, this morning (February 11), Prime Minister Pham Minh Chinh continued to chair the Government Standing Committee Conference to work with commercial banks to accelerate, break through, promote growth and control inflation.

In his opening speech, the Prime Minister highly appreciated the contribution of the banking sector to the country's development process, and said that 2025 is identified as the year of acceleration and breakthrough to reach the finish line for the entire 2021-2025 term. The Government has set a target of achieving a growth rate of at least 8%, creating momentum, creating force, and creating momentum for our country to achieve double-digit growth in the following years.

In the context that since the beginning of the year, the world situation has had rapid developments, major economies have policies affecting Vietnam, the Government Standing Committee organized a conference with banks to analyze and evaluate the situation, and at the same time listen to the opinions of the business and banking community.

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Prime Minister Pham Minh Chinh chaired the Government Standing Committee meeting working with commercial banks on the morning of February 11 - Photo: VGP

At the conference, delegates will analyze difficulties, challenges, advantages and opportunities; propose and contribute solutions with the participation of the banking system to renew traditional growth drivers such as investment, export, consumption and promote new growth drivers.

The Prime Minister suggested using banking leverage to promote and exploit unique potentials, outstanding opportunities, competitive advantages, and create new motivation and impulse in national development.

According to the report of the State Bank of Vietnam (SBV), in 2024, this agency promptly directed the credit institution system to deploy many solutions to effectively promote credit growth, increasing by 15.08% compared to the end of 2023 and achieving the set target, adding VND 2.2 million billion to the economy (loan turnover of VND 23 million billion).

Regarding solutions for managing monetary and credit policies to accelerate, break through, promote growth, control inflation, stabilize the macro-economy, and develop the socio-economy in 2025, the State Bank said it will continue to manage monetary policies proactively, flexibly, promptly, effectively, and in a synchronous, harmonious, and close coordination with fiscal policies and other macroeconomic policies, contributing to supporting economic growth, stabilizing the macro-economy, and controlling inflation.

Along with that, continue to innovate credit growth management measures and implement a roadmap to gradually reduce and eventually eliminate the management of credit growth targets for each credit institution, striving to achieve the expected system-wide credit growth of 16%.

In addition, the State Bank proactively and promptly adjusts the credit growth target for credit institutions based on macroeconomic developments and actual situations without requiring written requests from credit institutions to promote economic growth.