The Governor of the State Bank of Vietnam (SBV) has issued Directive No. 01/CT-NHNN dated 20 January 2025 on the key tasks of the banking sector in 2025.
The SBV’s headquarters
According to the Directive, implementing Resolution No. 158/2024/QH15 dated 25 November 2024 of the National Assembly on the socio-economic development plan for 2025, and Resolution No. 01/NQ-CP dated 8 January 2025 of the Government on the key tasks and solutions for the implementation of the socio-economic development plan and the state budget estimates for 2025 (Resolution No. 01), in alignment with Resolution No. 455-NQ/BCSD dated 7 January 2025 of the Personnel Board of the SBV Party Committee on the policy, orientations and key tasks of the banking sector in 2025, the SBV Governor has directed all SBV entities, the credit institutions and the foreign bank branches (hereinafter referred to as the credit institutions) to effectively implement the management measures for the monetary policy and the banking operations in 2025, contributing to promoting a strong economic growth in association with maintaining the macroeconomic stability, controlling the inflation, and ensuring the macro balances of the economy.
The general objectives and tasks are as follows:
1. Focusing on reviewing, developing and implementing the restructuring plans to ensure an efficient, effective and streamlined organisational structure in accordance with the directions of the Politburo, the Government, and the Prime Minister.
2. Continuing with the management of the monetary policy in a proactive, flexible, timely and effective manner, in close coordination with the fiscal policy and other policies, contributing to fostering a robust economic growth, maintaining the macroeconomic stability, controlling inflation, and ensuring the macro balances of the economy.
3. Managing credit in alignment with the macroeconomic developments, contributing to boosting the economic growth, controlling the inflation, maintaining the macroeconomic stability, and ensuring the operational safety of the credit institutions; continuing to improve the credit growth management; the credit growth target for the entire banking system is set at 16%, and proper adjustments based on the actual situations.
4. Implementing synchronously the measures for the foreign exchange management to maintain the stability of the forex market and to support the monetary policy management; proposing appropriate solutions for the management of the gold trading activities in line with the new context.
5. Further improving the legal frameworks in the fields of monetary and banking operations, guided by an approach that balances regulatory requirements with the facilitation of resource mobilisation.
6. Accelerating the implementation of the Scheme for restructuring the credit institution system in association with resolving non-performing loans for the 2021–2025 period to ensure that the Scheme’s objectives are all realised; directing the credit institutions to seriously and effectively implement the Scheme that has been approved; submitting to the competent authorities for approval of the restructuring plans and implementing effectively the plans for the poor-performing credit institutions.
7. Implementing strongly the National Action Plan for the implementation of Vietnam’s commitments on anti-money laundering, combating the financing of terrorism, and the financing of the proliferation of weapons of mass destruction.
8. Focusing on implementing and realising the objectives of the Scheme on cashless payment promotion in Vietnam for the 2021–2025 period, and the Banking Sector’s Plan for Digital Transformation; continuing to implement the measures to promote non-cash payments and the digital transformation in the banking operations, while still ensuring the security and safety of payment activities.
9. Continuing to implement strongly the administrative reforms, cutting down on administrative procedures and compliance costs, thereby providing the greatest convenience for the citizens and businesses, helping to improve the business environment and consolidating the credit ratings and the public trust.
10. Further implementing and monitoring the progress of the Development Strategy of Vietnam Banking Sector to 2025, Vision to 2030; the National Financial Inclusion Strategy to 2025, Vision to 2030; and other programmes, plans, and schemes that have been approved; organising the mid-term reviews of the two Strategies’ implementations.
11. Implementing synchronously and strongly the measures on practising thrift and controlling waste across all fields of the banking operations.
Also in Directive No. 01/CT-NHNN dated 20 January 2025, the SBV Governor has assigned specific tasks to the central SBV entities, the provincial and municipal branches of the SBV, and the credit institutions. These tasks include: the restructuring and streamlining of the organisational structure of the SBV in line with Resolution No. 18-NQ/TW and the personnel management goals; the management of the monetary policy, the credit and foreign exchange operations; the improvement of the legal frameworks for the monetary and banking operations; the restructuring of the credit institution system in association with resolving non-performing loans; enhancing the banking supervision and inspection; preventing, deterring and combating legal violations in the banking operations, including money laundering activities; promoting non-cash payments and the digital transformation in the banking operations, and ensuring the security and safety of the banking information systems, the electronic and card payment systems; enhancing the credit information operations; accelerating the international economic integration in the banking sector; and strengthening the issue and vault management,…
HP