On January 17, the Governor of the State Bank of Vietnam (SBV) issued Directive No. 01/CT-NHNN on the arrangements for the implementation of the key tasks of the banking sector in 2023. Accordingly, the SBV Governor has requested all of the SBV entities, the credit institutions and the foreign bank branches to implement seriously the measures for the effective management of the monetary policy and the banking operations in 2023 in order to control the inflation, contributing to maintaining the macro-economic stability, and supporting the economic growth.
SBV Headquarters (Photo: Duc Khanh)
The seven groups of objectives and the general tasks of the banking sector in 2023 as specified in the Directive are:
First, managing the monetary policy in a firm, proactive, flexible and effective manner, in close coordination with the fiscal and the macro-economic policies, in order to control the inflation in line with the set target of about 4.5% on average for 2023, contributing to maintaining the macro-economic stability, supporting the economic recovery, and adapting to the international and domestic market developments. In 2023, the credit growth is planned to reach about 14%-15%, and may be adjusted in accordance with the actual situation.
Second, controlling the credit growth at an appropriate level, focusing credit on production and business operations, especially the priority fields and areas in accordance with the Government's policy, supporting the socio-economic recovery and development; continuing to strictly control credit for potentially risky areas; implementing the tasks as set out in the Socio-economic Recovery and Development Program and National Target Programs.
Third, implementing robustly the Scheme of Restructuring the System of Credit Institutions in association with the NPL resolution for the 2021-2025 period; accelerating the implementation of the measures to resolve bad debts; controlling and limiting any newly arising bad debts; striving to maintain the NPL ratios in the balance sheets at a safe level (below 3%); reviewing, addressing and preventing the cross-ownership situation at the credit institutions; strengthening the inspection and supervision of the credit institutions' operations, especially in the areas with high potential risks.
Fourth, promoting non-cash payments and digital transformation in the banking operations while still ensuring the safety and security; continuing to improve the legal frameworks, mechanisms and policies on payments to create favorable conditions for the digital transformation in order to facilitate the new business models, products and utilities, meeting the requirements of the enterprises and individuals.
Fifth, focusing on improving the system of institutions and policies toward improving the effectiveness and efficiency of the state management and enforcement; ensuring the discipline and the market rules in conformity with the directions of the Government, the Prime Minister, the SBV Governor, as well as the applicable laws.
Sixth, strengthening the administrative reform, improving the business environment, creating favorable conditions for the people and enterprises; enhancing the capacity of the state officials and public employees, ensuring the administrative discipline.
Seventh, continuing to implement effectively the Development Strategy of Vietnam Banking Sector to 2025, Vision to 2030; the National Financial Inclusion Strategy to 2025, Vision to 2030; as well as the other sectoral Programs/Action Plans and Schemes which have been enacted.
Le Hang