The State Bank of Vietnam held the 65th Anniversary of Banking Sector and received Ho Chi Minh Order for the third time in Ha Noi on April 26, 2016.
The Anniversary were attended by Member of CPV Politburo - Prime Minister Nguyen Xuan Phuc, Former General Secretary of the Communist Party of Vietnam Le Kha Phieu, Former President of National Assembly Nguyen Sinh Hung, Member of CPV Politburo, Chairman of the CPV Central Committee’s Commission for Economic Affairs Nguyen Van Binh, representatives of ministries and industries, local authorities, management board and former leaders of Banking Sector through all times, representatives of credit institutions, international financial and monetary organizations...
Speaking at the Aniversary, Governor Le Minh stated that President Ho Chi Minh signed Decision 15/SL dated May 5th, 1951 on the establishment of the Vietnam National Bank – a foundation of the State Bank of Vietnam today. The Decision marked a starting independent and autonomous monetary and banking system, opening a glorious and historic chapter in Vietnam’s Banking sector development.
Following the process of 65 years of construction and development, under the visionary leadership of the Vietnamese Communist Party together with the scrupulous attention of the State and Government, generations of employees in Vietnam's banking industry have made enormous efforts to overcome numerous difficulties and challenges, including losses and sacrifices while fulfilling their assigned tasks, making a great contribution to revolutionary liberation and the national cause of innovation, development and integration.
Over the past 65 years, Vietnam's banking sector has built and gradually developed its monetary and banking operations, creating a solid foundation for rapid and sustainable development during the next stage. On the 65th Anniversary of the establishment of the Banking Sector, the SBV is honored to have the Ho Chi Minh Order bestowed on it for the third time
SBV Management Board and former leaders of Banking Sector through all times received the Ho Chi Minh Order from Prime Minister Nguyen Xuan Phuc at the Anniversary
Currently, the Banking Sector has been developing toward a multilateral ownership system and with its institutional organization and the legal framework of banking operations to be continuously completed in line with socialist - oriented market mechanism; the efficiency and effectiveness of the SBV’s management is significantly strengthened, hence increasingly better meeting the requirements of managing monetary policy and guiding banking activities. The monetary policy management has been improved in both theory and practical implementation and be conducted in proactive, flexible manner, and suitable with socio – economic development requirements.
The supervision system of banking sector has been consistent and gradually matched up with international standards; the international cooperation in banking sectore has been extended and developed, contributing to better attract more valuable international resources for national economic development and accelerate the application of modern banking techonology and service.The system of credit institutions continues to be decisively restructured in term of scale and quality to effectively meet the demands of monetary and banking services and match up to international practices and standards.
SBV Governor stressed, he strongly believed that the present generation of banking officials and employee would bring into full play the glorious tradition and valuable accomplishments of the past 65 years and work together and, by their common effort and wholehearted unity, will to continue to add further glorious historical pages to the process of innovation and integration.
Speaking at the Aniversary, on behalf of the Party and State, Prime Minister Nguyen Xuan Phuc congratulated the glorious achivements and great contribution of Banking sector over the past 65 years. The Prime Minister affirmed that in the War of Resistance for national independence, together with Ho Chi Minh path on the sea and land, the Banking sector also formulated “a historical money road” that was seen as the best creative and brave method of transfering money serving for the battled field. After the country obtaining the liberation, the banking sector again formulates the main resource to provide capital for economic development. For the recent years, Banking sector has continued to be creative in conducting its fuctions, responsibilities, and assigned tasks, obtained more importants achievements contributing to controling inflation and maintaining economic growth at an appropriate level in combination with accelerating of a comprehensive restructure of credit institutions, seting up diciplines for money market and improving the operational effectiveness, ensuring the soundness and sefety of banking system, creating a solid foundation for rapid and sustainable development of Banking Sector during the next stage.
The Prime Minister defined 4 key tasks for banking sector and called on the whole banking industry to concentrate on to implement as follows:
Firstly, complete the institutional organization and enhance the management capacity and effectiveness; closely watch and forecast the international and domestic economic movement to flexibly monitor the monetary policy in combining with fiscal policy and other polices to contribute to control the inflation rate in line with defined objectives; ensure the value of the VND, maintain interest rate at appropriate level, stabilize forex market, reduce dollarization toward eliminating dollarization in the economy and increase the international reserves.
Secondly, continue to comprehensively restructure credit institutions in the close combination with decisive and effective NPL resolution and increase the quality of credits; focus on strengthening governance and financial capacity and operations, accelerate risk preventing and management of credit institutions, banking supervision and inspection; strictly deal with violations to secure safety of banking system; restrain cash payment in order to contribute in boosting anti-corruption and preventing money laundering.
Thirdly, concentrate on administrative reform, simplifying administrative procedures, dossiers of credit granting; create favorable conditions for enterprises and citizen to access bank loans; encourage credit institutions to reducing costs and defining lending interest rates at reasonable levels; concentrate capital on priority sectors; strengthen the coordination with ministries and agencies to ease the obstacles and difficulties for business for the aim of boosting the economic development.
Fourthly, continue to effectively implement Resolution of Central Committee Congress 4 of Tenure XII, an Directive 03 of CPV Politburo to build up a high qualified professional and capable banking staff to meet the requirements of the national industrialization, modernization and the international integration.
Picture: SBV Governor Le Minh Hung in his address at the Anniversary
VMH