Vietnam's central bank urged to strengthen regulatory efficiency

Wednesday, 2018-01-10 10:00:00
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PM Nguyen Xuan Phuc speaks at the conference. (Credit: VGP)
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NDO – Prime Minister Nguyen Xuan Phuc has requested the State Bank of Vietnam (SBV) to further improve its management, inspection and supervision efficiency to detect and minimise violations in a timely fashion.

Addressing a January 9 conference in Hanoi to review the banking sector’s 2017 performance and deploy the tasks for 2018, the Government leader praised the outstanding efforts made by the banking sector over the past year, which he said contributed significantly to the country’s achievements.

He asked the sector to take the lead in realising the Government’s action motto set for 2018, whilst effectively supporting the Government in the implementation of the comprehensive socio-economic development programme.

PM Phuc noted that the banking sector needs to stabilise the value of the domestic currency, control price increases, and continue to manage interest and exchange rates, as well as to further cut the lending interest rate, stabilise the foreign currency market and increase the country’s foreign-exchange reserves.

PM Nguyen Xuan Phuc presents the Labour Orders to SBV officials who made significant contributions to the banking sector over the past years. (Credit: NDO)

He asked the sector to boost the restructuring of credit institutions associated with the handling of bad debt, whilst streamlining goods inspection procedures and business conditions, aiming to facilitate production and business operations.

The leader requested that the SBV creates favourable conditions for credit institutions to enhance their capabilities and operational efficiency, towards developing certain Vietnamese banks to meet the regional level.

Credit institutions need to strengthen the development and application of modern banking service products aimed at catching up with the new development trend of the fourth Industrial Revolution, the PM said, asking for the acceleration of administrative reforms, the modernisation of banks and the facilitation of people’s access to banking services.

PM Phuc urged all Vietnamese banks to boost their international cooperation, requiring the SBV to proactively participate in the negotiations of free trade agreements in order to make the appropriate policy adjustments.