On March 21, 2023, the State Bank of Vietnam (SBV) issued Decision No. 384/QD-NHNN issuing the Action Plan of the banking sector for the implementation of the Government’s Resolution No. 14/NQ-CP dated February 8, 2023 on the Government’s Action Plan to implement Resolution No. 30-NQ/TW of the Politburo dated November 23, 2022 on the promotion of the socio-economic development and ensuring the national defense and security in the Red River Delta by 2030, Vision to 2045. This Decision took effect from the date of signing.
Based on the functions and the assigned tasks, the SBV entities, the credit institutions and the foreign bank branches are requested to implement the following tasks:
(i) Disseminating the substances of Resolution No. 30-NQ/TW of the Politburo dated November 23, 2022 and the Government’s Resolution No. 14/NQ-CP dated February 8, 2023 to all staff, officers and employees in order to raise their awareness of the importance in the implementation of the Resolutions.
(ii) Reviewing, recommending possible improvements of the legal frameworks on monetary and banking operations in line with Vietnam’s legal system, the international practices and the requirements for the international integration.
(iii) Managing the monetary policy in a firm, proactive, flexible and effective manner in close collaboration with the fiscal policy and other macro policies in order to control the inflation, contribute to maintaining the macro-economic stability, supporting the economic growth, creating a favorable environment for production and business operations nationwide in general and in the Red River Delta in particular.
Restructuring the money market: continuing to review and improve the legal documents related to the operations among the credit institutions, such as lending, depositing, trading of valuable papers, etc.; closely monitoring the market developments to promptly conduct appropriate measures for controlling the inflation and maintaining the stability of the money market.
(iv) Managing the credit in line with the capital absorptive capacity of the economy, meeting promptly the capital demands for production and business operations; directing the credit institutions and the foreign bank branches to focus their resources on production and business operations, the priority fields as well as the key growth drivers in line with the Government’s policy, the areas of comparative advantages in the Red River Delta (such as industry, high-tech, digital technology, logistics, trading and services, green economy, etc.); controlling strictly credit for potentially risky areas.
Promoting Bank–Enterprise Connection Programs in order to enhance the information, promptly resolve any difficulties and obstacles, create favorable conditions for the access to bank credit by enterprises and the people.
(v) Implementing the credit policies aimed at promoting the economic growth; implementing the assigned tasks of the banking sector as mentioned in the National Target Programs.
Actively implementing the tasks of the banking sector as stated in the National Target Program on New Rural Development, the National Target Program on Sustainable Poverty Reduction, and the National Target Program on Socio-economic Development in the ethnic minorities’ and mountainous areas.
Continuing to create favorable conditions for Vietnam Bank for Social Policies to implement effectively their credit programs targeting the poor and near-poor households, as well as other policy beneficiaries.
(vi) Developing modern banking services in line with the international standards and diversifying the services; promoting non-cash payment on the basis of modern technologies in association with ensuring the security and safety of payment activities; conducting a comprehensive digital transformation in the banking operations, developing digital banking models, promoting the application of new and advanced technologies in the management and the provision of products and services in all the country general and in the Red River Delta in particular, specifically as follows:
Continuing to effectively implement the Scheme on Non-cash Payment Promotion in Vietnam in the 2021-2025 period.
Continuing to implement the Plan on Digital Transformation of the banking sector by 2025, with orientations to 2030; the plans of the banking sector to implement Decision No. 411/QD-TTg dated March 31, 2022 and Decision No. 06/QD-TTg dated January 6, 2022 of the Prime Minister.
Developing modern banking services in line with the international standards; promoting the application of new and advanced technologies in the management and provision of banking products and services.
(vii) Continuing to facilitate the credit institutions’ expansion of their operational networks to provide more banking products and services in the Red River Delta.
(viii) Continuing to promote the international cooperation in the banking sector.
(ix) Promoting the information and communication on the mechanisms and policies of the banking sector issued and implemented as directed by the Government and the Prime Minister, especially the monetary and credit policies, the banking operations in support of the socio-economic development, the assurance of the national defense and security in the Red River Delta by 2030, with a vision to 2045.
(x) The credit institutions and the foreign bank branches, based on the tasks and solutions stated in Resolution No. 14/NQ-CP dated February 8, 2023 of the Government and this Action Plan of the SBV, shall take responsibility for implementing the relevant tasks in line with their operations.
Le Hang