On September 23, 2022, the State Bank of Vietnam (SBV) held a periodic exchange meeting on the communication work of the banking sector in the 3rd Quarter of 2022 and orientations for the communication activities of the banking sector in the remaining months of 2022. The meeting was chaired by SBV Deputy Governor Dao Minh Tu.
Deputy Governor Dao Minh Tu delivers his opening speech
In his opening speech, Deputy Governor Dao Minh Tu emphasized that the periodic exchange meeting on the communication work of the banking sector is held to assess the results of the communication activities over the past time, determine the contents, communication orientations in the coming time, with the purpose of fulfilling the responsibility of information disclosure to the public in a transparent and objective manner, especially the communication on the new policies that may affect the people and businesses.
At the meeting, Mrs. Le Thi Thuy Sen, Director General of the Communications Department, provided a brief report on the communication work of the banking industry over the past months and the orientations for the communication activities in the remaining months of 2022. Accordingly, in the context of complicated and unpredictable developments in the world economy, the communication activities of the banking industry have closely followed the policies of the Party, the National Assembly, the Government and the SBV’s directions about the monetary policy management and the banking operations. A principle of the communication activities is to provide information to the public in a timely, objective, transparent, easy to remember and comprehensible manner, especially on the new policies such as the 2% interest rate support package from the state budget, the new payment technologies... In addition, through the communication work of the banking sector, the SBV can frequently obtain public opinions in order to promptly address any public concerns, such as the credit limits, the restructuring of the banking sector, and the NPL resolution…
Mrs. Le Thi Thuy Sen, Director General of the Communication Department, speaks at the meeting
Over the past time, the SBV has proactively developed the contents and rolled out several financial education programs, such as "Smart Money", “Holding the purse-strings”. According to a survey done by the VTV, "Smart Money" had been the television program attracting the largest number of viewers on VTV3 channel in the first quarter of 2022, and ranked the second in the second quarter of 2022. “Holding the purse-strings” is another program that has received very high evaluation by the public for its contents and meanings with significant spread.
Assessing the communication work of the banking industry over the past months, Mrs. Le Thi Thuy Sen said that basically, the whole banking sector had provided information to the public in a transparent and timely manner. The people and businesses are always placed at the center of the information disclosure strategy of the banking industry.
Regarding the communication orientations in the remaining months of 2022, the Director General of the Communications Department emphasized that the communication activities should continue to follow the objectives and the key tasks of the banking industry, strengthen the synchronous coordination in the whole banking industry to listen to the public opinions, provide transparent and objective information in order to build up the confidence and maintain the public psychological stability, thereby ensuring the stability and safety of the banking system in the context of difficulties and pressures from the world economic situations.
At the meeting, representatives of a number of credit institutions expressed their high evaluation for the timely communication orientations of the SBV on the strategies and policies related to the monetary policy management, the banking operations and the responsibilities for information disclosure to the public.
Mr. Pham Manh Thang, Vietcombank’s Deputy General Director, speaks at the meeting
Toward the end of the meeting, Deputy Governor Dao Minh Tu assessed that, over the past months, the communication work has been organized and conducted in a proactive manner with timely coordination among the SBV functional departments, the media agencies and the credit institutions. However, in order to meet the requirements for the present and in the coming months, the SBV Deputy Governor directed the whole banking industry to focus on communication work so that the public can be well informed, understand and share with the SBV on the relevant matters, such as: (i) the SBV’s management of the monetary policy (the interest rates, the exchange rates, the credit limits,…); (ii) the capital investment in the priority areas, especially the implementation of the 2% interest rate support program from the state budget according to Decree 31; (iii) the safety and soundness of the credit institutions, the restructuring of the banking sector, and the NPL resolution, the digital transformation of the banking sector, the risk provisioning, etc.
The SBV Deputy Governor also requested the SBV functional departments, the SBV municipal and provincial branches, and the credit institutions to continue to perform their responsibilities in disclosing information to the public about the monetary policy management and the banking operations, and to identify this as one of the key tasks. In the near future, the SBV would hold a Conference on Policy Communications with a view to raising the awareness and responsibilities in providing information to the public, especially regarding the communication on the new policies.
Le Hang