On November 11, 2024, at the eighth session of the 15th National Assembly (NA), during the Questions-and-Answers (Q&A) on the first issue group related to the banking sector moderated by NA Chairman Tran Thanh Man, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) provided answers to the questions raised by NA Deputies.
Governor Nguyen Thi Hong answers questions at the Q&A session at the National Assembly
At this session, Governor Nguyen Thi Hong answered the questions on three topics such as (1) the management of the monetary policy to control the inflation in light of many unprecedented developments in the international economic situations, (2) the state management of the gold and the forex markets, (3) the credit support, the exemption and reduction of the interest rates for businesses and people to recover their production and business activities after the COVID-19 pandemic and Typhoon Yagi.
The SBV Governor shared that the SBV has always been consistent with its targets, calmly and proactively monitoring the international and domestic economic and monetary developments to operate the policy tools and measures with appropriate levels and timing of its interventions in line with the specific contexts, in close coordination with the fiscal policy and other macroeconomic policies. The entities of the banking system tirelessly improved their work performances with the highest sense of responsibility, with a view to organizing the effective implementation of the measures under the leadership of the Government and the SBV. Therefore, the banking operations have made positive contributions to maintaining the macroeconomic stability; the inflation has been controlled at a low level along with a high economic growth as compared to other countries in the world and the region. The forex market has been basically stable; the common interest rates have decreased, despite the general increases in the global interest rates. The exchange rate has been relatively stable; the VND depreciation rate is consistent with the trend, and is at a low level as compared to the currencies of other countries.
In the context that the inflation has been controlled within the target as set by the National Assembly, the SBV has conducted various measures to support the economic growth recovery, remove the difficulties for businesses and the people affected by the COVID-19 pandemic and the natural disasters; and actively participated in the social protection programs, such as post-typhoon recovery, replacement of temporary housing, dilapidated housing, etc.
Despite the above encouraging results, the SBV Governor emphasized that there are still many limitations and constraints that the banking sector should identify and overcome in order to improve the management of the monetary policy and the banking operations in the coming time, contributing more positively to the socio-economic development.
Le Hang