SBV headquarters
Since the beginning of 2021, implementing the policy and directions of the National Assembly, the Government and the Prime Minister, the State Bank of Vietnam (SBV) has managed the monetary policy and conducted policy responses in consistency with the economic situations in the international and the domestic markets, and has achieved encouraging results. Accordingly, the SBV has been consistent in operating the monetary policy in an active and flexible manner in collaboration with the fiscal policy and other macro-economic policies in order to control the inflation, support the macro-economic stability, thereby contributing to recovering the economic growth in spite of many difficulties and complicated developments of the COVID-19 pandemic.
The monetary policy management has contributed to supporting the economic recovery with the GDP growth of the first half of 2021 reaching 5.64%, while the inflation was still under control, with the average inflation rate of 1.47% as compared to that of the same time last year. The money and forex markets have maintained the stability, the liquidity of the credit institutions has been ensured, the credit started to increase right from the beginning of the year, and has been higher than the growth of the same time last year, and the common interest rates have continued to decline.
In order to further contribute to supporting the economic growth under the adverse impacts caused by the COVID-19 outbreaks, while still paying high attention to the inflation risks, in parallel with the synchronous implementation of other measures and monetary policies, the SBV has decided to adjust the credit growth targets for the credit institutions, while still ensuring the principle of consistency in achieving the objective of the monetary policy management, and following the Government’s policy of “both coping with the pandemic and developing the economy”. The adjustments of the credit growth targets have been conducted based on the requests by the credit institutions, the assessments of the operational performance, the financial capabilities, the governance and the ability of extending safe and sound credit of each credit institution; the priority is given to those credit institutions that have followed the policy of the Government and the directions of the SBV about reducing the lending interest rates with the aim of sharing the difficulties with and accompanying the enterprises and the people.
Le Hang