On April 11th, 2019 in Hanoi, the State Bank of Vietnam (SBV) organized a conference on the Banking Sector's Action Program to implement the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030. The conference was chaired by SBV Deputy Governor Nguyen Kim Anh, with the participation of other members of the SBV's Board of Management, the Central Bank Party Committee, Vietnam National Union of Bank Workers, the Central Bank Youth Union, the SBV functional departments, and the SBV provincial branches, Vietnam National Money Printing Factory, Deposit Insurance of Vietnam, the National Payment Corporation of Vietnam, as well as credit institutions (CIs)…
SBV Deputy Governor Nguyen Kim Anh chairs the Conference
In his opening remarks, SBV Deputy Governor Nguyen Kim Anh shared that on August 8th, 2018, the Prime Minister signed Decision No. 986/QD-TTg approving the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030 (hereinafter referred to as the Strategy). This is an important milestone representing a long-term vision and a solid step towards the development of the Banking sector. The Strategy clearly states the perspective of the Government of considering the monetary and banking system, and the operations of the CIs as the bloodline of the economy, to continue to play the critical role in the overall financial system of Vietnam... The Strategy also sets out specific objectives with relevant solutions and roadmaps for every stage.
“For the Banking sector, the perspective, objectives, tasks and solutions mentioned in the Strategy would be the guidelines for all activities, including the State management activities of the SBV as well as the business operations of the CIs; ensuring comprehensive and synchronous development, and is expected to open up a new development era for the Banking sector” - the SBV Deputy Governor emphasized.
Accordingly, based on the in-depth assessments of the situations of the Banking sector in the previous periods, identifying the opportunities and the challenges of the domestic and foreign socio-economic contexts in the next 10 years, as well as keeping abreast of the perspective and policies of the Party, the National Assembly and the Government on economic development, the overall objectives of the Development Strategy to 2025, with vision to 2030 can be classified into two levels, in line with the institutional characteristics and functions, which are: Modernizing the SBV and developing the CI system, with 7 specific objectives and set-out targets for the different phases of the Strategy. The Strategy also clearly indicates that the Banking sector needs to synchronously implement the 11 groups of tasks and solutions, which can be divided into 03 phases of 2018-2020, 2021-2025 and 2026-2030.
In order to implement the Strategy, the SBV Governor has issued Decision No. 34/QD-NHNN dated January 7th, 2019 promulgating the Action Program for the implementation of the Strategy. This Action Program is the ground for the relevant agencies, departments, CIs to develop their own development strategies, action programs and plans to implement the specific tasks of their respective units; at the same time, it serves as a basis for the inspections, supervision, reviews, final evaluation, and drawing lessons learnt from the implementation organization of the Strategy in each stage, and for the necessary adjustments of the substances of the Strategy in order to catch up with the changes in the Banking sector and the socio-economic contexts, ensuring the high feasibility of the Strategy.
According to the SBV Deputy Governor, the Strategy has covered all areas of the banking activities. In order to fully and synchronously perform the tasks and solutions to successfully implement the objectives, besides the Government's close guidance, the coordination and support of the relevant ministries and agencies, the most important factor is the determination and efforts of the whole Banking sector.
Overview of the Conference
At the Conference, the delegates discussed some of the following main contents: The status of the monetary policy management in the past years and the orientations of the monetary policy management in the context of the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030; the management orientations of the SBV for the payment activities in the context of deploying the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030; enhancing the efficiency and effectiveness of the banking inspection and supervision network in the context of the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030; developing and implementing the Development Strategy of the Joint Stock Commercial Bank for Foreign Trade of Vietnam in accordance with the orientations in the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030; developing and implementing the Development Strategy of the Military Commercial Joint Stock Bank in accordance with the orientations in the Development Strategy of Vietnam Banking Sector to 2025, with vision to 2030…
The Conference also noted many discussion points, proposed goals, solutions and implementation roadmaps to ensure compatibility with the country's Socio-economic Development Strategy, as well as to ensure that the Strategy can be the guidelines for the operations of the whole Banking sector, from the SBV’s management to the business operations of the credit institutions.
VA