On the occasion of the Lunar New Year (Year of the Dragon), Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) has sent an open letter of Season’s Greetings to all of the former and the current leaders, officials, civil servants and employees of Vietnam’s banking sector.
Season’s Greetings by SBV Governor on the occasion of the Lunar New Year
Below is the full text of the Letter:
Season’s Greetings by SBV Governor on the occasion of the Lunar New Year
To all of the former and the current leaders, officials, civil servants and employees of Vietnam’s banking sector
On the occasion of the New Year 2024 and the Tet Festival (the Lunar New Year of the Dragon), on behalf of the SBV’s Party Committee and the SBV’s Board of Management, I would like to cordially convey the best wishes to all of the former and the current leaders, officials, civil servants and employees of Vietnam’s banking sector.
My former and current colleagues,
In 2023, despite many difficulties, challenges, with a lot of complicated and unpredictable developments, in light of the global sluggish growth, high inflation rates around the world, a decline in the global trade, and the geopolitical conflicts, etc., under the leadership and direction of the Party, the State and the Government, together with the efforts of both the political system and the people, our country had achieved many important and comprehensive results in many fields. The stability of the macro-economy had been maintained; the inflation had been controlled at a low level; the macro balances of the economy had been guaranteed; Vietnam had been considered as a bright spot in the regional economic picture, and Vietnam's position in the international market had continued to be improved.
In that context, strictly following the policies of the Party, the Resolutions of the National Assembly, and the directions of the Government and the Prime Minister, the banking industry had made enormous efforts and shown the highest determination to overcome all difficulties and challenges, including the complicated and unprecedented difficulties, in order to accomplish the assigned targets and tasks, contributing significantly to the overall achievements of the country.
The monetary, credit, and foreign exchange policies had been managed in a consistent and flexible manner, contributing to controlling the inflation at a low level. Meanwhile, the SBV had still managed to reduce the common lending interest rates, promoting credit growth, contributing to supporting the economic growth. A lot of solutions and programs to remove the difficulties for businesses and the people had been implemented in a synchronous and proactive manner, especially the policy instructing the credit institutions and the foreign bank branches to reschedule debt payment and maintain debt groups, and several targeted credit programs. The legal frameworks for monetary and banking operations had continued to be improved, thereby creating more favorable conditions for businesses and people to access bank loans and services, while still ensuring a prudent banking system. The restructuring of the credit institutions in association with the NPL resolution had been strongly implemented; the difficulties and obstacles in handling with poor-performing banks had been resolved. The digital transformation, the application of information technology, the cashless payment and the connections with the national population database had all continued to achieve a lot of positive results. The international cooperation in the fields of monetary and banking operations had achieved remarkable progress, contributing to the improvement of the position and the reputation of Vietnam.
The shortcomings, limitations, difficulties and challenges in the management of the monetary policy and the banking operations had been assessed and fully identified so as to come up with appropriate measures to resolve, and to improve the performance in line with the practical situations.
On behalf of the SBV’s Party Committee and the SBV’s Board of Management, I would like to express my heart-felt gratitude and compliments to the entire banking sector on the remarkable achievements that the banking sector had obtained in 2023.
2024 is a particularly important year in the implementation of the Resolution of the 13th National Congress of the Communist Party of Vietnam and the Socio-Economic Development Plan for the 2021-2025 period. In the context of numerous difficulties and challenges facing the world and the domestic economies as forecast, I hope all of the leaders, officials, civil servants and employees of Vietnam’s banking sector will promote your senses of responsibilities, wisdom, intelligence, spirit of solidarity and creativity to accompany and share with the banking sector, and displaying a strong determination to overcome all difficulties and challenges, striving to accomplish all of the assigned tasks, contributing to the overall achievements of the country in 2024, fulfilling the role and position of the banking industry as the lifeblood of the economy.
I wish all of you and your loved ones the best of health, happiness and successes!
Sincerely,
Nguyen Thi Hong
Member of the CPV Central Committee
SBV Governor