On September 30, 2023 morning, the Government’s monthly meeting for September 2023 and a virtual conference between the central Government and the local authorities of 63 cities and provinces were held under the chairmanship of Prime Minister Pham Minh Chinh.
Prime Minister Pham Minh Chinh chairs the Meeting
At the meeting, the participants focused on discussing the socio-economic situations in September, in the third quarter of the year, and during the 9 months of 2023; the key tasks and solutions for October and the remaining months of 2023; and the situations of the allocation and capital disbursement for public investment, the implementation of the Socio-Economic Recovery and Development Program, the three National Target Programs, the Government’s mid-term report in accordance with the National Assembly's Resolution on Socio-economic development for 2021-2025. The Ministers also answered and responded to questions and recommendations by the local authorities.
Governor Nguyen Thi Hong speaks at the Conference
Speaking at the Conference, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) said that, in light of many difficulties, the economic growth has gradually regained its growth quarter-by-quarter, while the average inflation was controlled at 3.16%. These are encouraging results, especially when they are compared with those in other economies around the world and in the region.
Regarding the developments in the monetary market and the SBV management, the Governor emphasized that the monetary policy management has been facing numerous difficulties and challenges resulting from the unprecedented developments in the world economy and the tightening of the monetary policy by central banks around the world. Over the past months, the SBV has closely monitored the situations, proactively operated the monetary policy in a flexible manner.
Regarding the credit growth, as of September 21, the credit had increased by 5.91%, with signs of recovery in production and business operations. As about the credit package of VND 120,000 billion, it is the credit package mobilized from the funding and the interest rate support offered by the commercial banks to help achieve the goal of one million apartments in the next ten years. Up to now, there have been 40 projects announced, with the total capital demand of about VND 16,000 billion, with VND 90 billion disbursed by the commercial banks. The Governor also shared about the credit package of VND 15,000 billion for the fisheries sector, which has been implemented since mid-July 2023. According to the SBV Governor, about VND 5,500 billion has been disbursed, accounting for one-third of the total value of the credit package. This shows the active implementation by the banking sector.
Moreover, Governor Nguyen Thi Hong also raised a number of recommendations aimed to enhance the capital absorbability of the economy, promoting the economic growth, while still controlling the inflation and maintaining the macro-economic stability. According to the SBV Governor, it is necessary to closely monitor and assess carefully such factors as the upward trend of the inflation rate, the risks of hiking gasoline and food prices, as well as the expected increase of the base salary in 2024, especially the policy on price management. The SBV Governor also proposed that in order to improve the credit accessibility for SMEs, there should be synchronized solutions, such as enhancing the provision of loan guarantees for businesses.
Toward the end of the Conference, Prime Minister Pham Minh Chinh emphasized the need to strongly promote the growth drivers, accelerate the development of the industrial production, especially the manufacturing and processing industries, and putting efforts into achieving the targets and tasks for 2023, creating favorable conditions for the implementation of the Plan for 2024, heading towards the fulfillment of the objectives as set in the 13th National Party Congress.
Le Hang