Directing credit to priority areas, creating favorable and healthy conditions for the private sector to access capital

On the morning of August 14, the State Bank of Vietnam (SBV) Party Committee held its first Congress for the 2025-2030 term with the participation of 250 delegates representing nearly 2,700 Party members in the entire Party Committee.

Secretary of the Government Party Committee, Prime Minister Pham Minh Chinh sent a flower basket to congratulate the Congress. Member of the Standing Committee of the Government Party Committee, Deputy Prime Minister Ho Duc Phoc attended and delivered a speech directing the Congress.

In her opening speech, Secretary of the Party Committee and Governor of the State Bank of Vietnam Nguyen Thi Hong said that the Congress is an event of extremely important political significance, marking a new development step of the State Bank Party Committee, affirming the leadership role of the State Bank Party Committee in the new period of the country.

Over the past 5 years, despite facing many difficulties and challenges, the Party Committee of the State Bank has closely followed the direction of the Party Central Committee, the Politburo, the Government, led and directed Party committees at all levels, agencies, affiliated units, cadres, party members, civil servants, public employees, and workers to uphold the spirit of solidarity, strive to overcome all difficulties and challenges to excellently complete assigned tasks, and achieve many important and comprehensive results in all aspects of work.

According to the Political Report, for the 2020-2025 term, the SBV Party Committee has led and directed the entire sector to successfully implement the set goals and targets for socio-economic development and 6 key tasks, 3 strategic breakthroughs in the spirit of the Resolution of the 13th National Party Congress. Over the past 5 years, Vietnam has been a bright spot in the region and the world thanks to maintaining a high growth rate of about 6.2%/year, maintaining macroeconomic stability, and controlling inflation well.

The SBV’s strong and flexible policies have maintained stability in the currency market. In particular, the SBV’s efforts to modernize and enhance transparency in the monetary and exchange rate policy framework have been highly appreciated by the US Treasury Department by removing Vietnam from the list of currency manipulators.

The SBV’s successful negotiation with the US Treasury Department on a currency agreement has helped eliminate the risk of Vietnam being subject to additional tariffs imposed by the US on goods exported to the US. This is a very positive result, highly appreciated by the Government, domestic and international public opinion.

The State Bank of Vietnam is considered one of the pioneering ministries and agencies in digital transformation. The Party Committee of the State Bank of Vietnam has directed decisively, systematically and effectively with the goal of putting people and businesses at the center of service. Non-cash payment activities have achieved impressive results, with more than 87% of Vietnamese adults having bank accounts.

The SBV Party Committee is one of the few units that quickly reorganized its organizational structure according to Resolution 18/NQ-TW. Immediately after the reorganization, the new organizational structure operated smoothly and effectively. Currently, the Party Committee consists of 28 affiliated party organizations with 2,652 party members.

Basically agreeing with the content of the Congress report, Deputy Prime Minister Ho Duc Phoc acknowledged and commended the 6 outstanding results of the State Bank of Vietnam; clearly stating that the Party Committee of the State Bank of Vietnam pays attention to leading and directing the work of Party building, improving the comprehensive leadership capacity and fighting strength of the entire Party Committee; promoting the exemplary role of Party members, especially leaders and managers.

The work of perfecting institutions, policies and laws in the field of currency and banking activities has achieved many outstanding results. It has gradually contributed to the comprehensive development of a healthy financial market according to international practices and standards.

The State Bank of Vietnam has proactively managed monetary policy in coordination with fiscal policy in a reasonable, flexible, prudent, effective, and correct manner, closely following the international and domestic situation. Interest rates have been adjusted appropriately, system liquidity has been ensured, promoting high economic growth and maintaining major balances of the economy, stabilizing the macro economy.

According to the Deputy Prime Minister, credit policies have been innovated and managed with focus and key points, associated with restructuring debt repayment terms. The State Bank of Vietnam has directed the banking system to promptly and effectively develop policy credit, contributing to hunger eradication, poverty reduction, and pushing back black credit. The work of controlling and handling weak banks has been proactively implemented, notably completing the mandatory transfer of 4 specially controlled banks.

Non-cash payments and digital transformation in the banking sector have achieved many impressive achievements and made great strides, contributing to the promotion of the digital economy, digital finance, financial inclusion and innovation in banking business models. The banking sector is one of the pioneers and leaders in digital transformation, making Vietnam the leading country in the ASEAN region in terms of digital payment development speed.

To fulfill its tasks in the coming time, with increasingly high requirements and greater responsibilities, the Deputy Prime Minister requested the SBV to continue to innovate its leadership thinking, improve its organizational capacity, thoroughly grasp the central role of the SBV in operating monetary policy and state management of banking, and closely coordinate with fiscal policy and other macroeconomic policies.

Continue to implement credit management solutions in line with macroeconomic developments and the economy's capital absorption capacity, focusing on credit orientation in priority areas, creating favorable and healthy conditions for the private sector to access capital, in accordance with the spirit of Resolution 68-NQ/TW, Resolution 57-NQ/TW and other resolutions of the Party. Well perform the role of controlling inflation, stabilizing exchange rates, ensuring monetary security, system safety, contributing to macroeconomic stability and promoting growth.

The State Bank of Vietnam continues to review and improve the institutions and legal framework on currency, credit and banking activities. Innovate the Central Bank model towards transparency, towards international practices and practical requirements for developing the digital economy, circular economy and green economy.

Along with that, continue to innovate, improve inspection, supervision, prevention, early and remote detection of violations, meeting the requirements in the new situation, not allowing hot spots to form in the credit system. Strengthen prevention and combat of financial crimes, money laundering, and high technology. Resolutely handle weak organizations and continue to restructure the credit institution system in conjunction with handling bad debts in a substantial and sustainable manner. Continue to promote non-cash payments and ensure system security and safety.

The Deputy Prime Minister also noted that the SBV attaches importance to developing high-quality human resources, especially human resources in information technology, digital technology, analysis and forecasting experts, policy management experts, etc., promoting the spirit of innovation and creativity, inspiring dedication for each cadre and party member in the entire sector. Proactively advising, building, developing and implementing policies and solutions on credit and exchange rates to support and enhance the competitiveness of industries and enterprises affected by the US's reciprocal tax policy, supporting the implementation of traceability systems, participating in supply chains and value chains in the region and globally.

The Congress heard the announcement of the decision of the Standing Committee of the Government Party Committee to appoint the Party Executive Committee for the 2025-2030 term, consisting of 29 comrades; the Standing Committee consists of 9 comrades. Comrade Nguyen Thi Hong, member of the Party Central Committee, member of the Executive Committee of the Government Party Committee for the 2020-2025 term, Secretary of the Party Committee of the State Bank of Vietnam for the 2020-2025 term, Governor of the State Bank of Vietnam, was appointed to hold the position of Secretary of the Party Committee for the 2025-2030 term. Comrade Doan Thai Son, Deputy Governor, Chairman of the Inspection Committee of the State Bank Party Committee for the term, and Comrade Le Thi Mai Huong, Deputy Secretary of the Party Committee in charge, were appointed to hold the position of Deputy Secretary of the Party Committee of the State Bank of Vietnam for the 2025-2030 term.

The Congress also heard the announcement of the decision to appoint personnel to participate in the Party Committee's Inspection Committee for the 2025-2030 term, including 4 comrades, led by comrade Ta Quang Don, member of the Party Executive Committee, Deputy Head of the Party Committee's Inspection Committee for the 2020-2025 term, Director of the Legal Department of the State Bank of Vietnam as Chairman of the Party Committee's Inspection Committee for the 2025-2030 term; appointing a delegation of 9 comrades to attend the 1st Government Party Congress, term 2025-2030.

Tran Manh

Source: https://baochinhphu.vn/huong-tin-dung-vao-cac-linh-vuc-uu-tien-tao-dieu-kien-cho-khu-vuc-tu-nhan-tiep-can-von-thuan-loi-lanh-manh-102250814140250541.htm