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The 2010 Law on the State Bank of Vietnam No. 46/2010/QH12 mentions that: "The national monetary policy means decisions on the monetary affairs at the national level made by competent authorities, including decisions on the objective of maintaining the stability of the national currency value, which is denoted by the inflation rate, and decisions on the use of relevant tools and measures to achieve the set objectives".

Orientations of the monetary policy management and banking operations in 2023:

Implementing Resolution No. 68/2022/QH15 dated November 10, 2022 of the National Assembly on the Socio-Economic Development Plan for 2023, Resolution No. 01/NQ-CP dated January 06, 2023 of the Government on the main tasks and solutions to implement the Socio-Economic Development Plan related to the State budget estimates and the improvement of the business environment, enhancement of the national competitiveness in 2023 (hereinafter referred to as Resolution No. 01), the SBV Governor has issued Directive No. 01/CT-NHNN dated January 17, 2023 on the implementation of the key tasks of the banking sector in 2023.

Accordingly, the SBV Governor has requested the SBV entities and the credit institutions, the foreign bank branches (hereinafter collectively referred to as the credit institutions) to seriously implement the solutions on the monetary policy management and the banking operations in 2023, in order to control the inflation, contributing to maintaining the macroeconomic stability and supporting a reasonable economic growth rate.

The general objectives and tasks include:

1. Managing the monetary policy in a firm, proactive, flexible and effective manner, in synchronous and close coordination with the fiscal and other macro-economic policies, in order to control the inflation in line with the set target of about 4.5% on average for 2023, contributing to maintaining the macro-economic stability, supporting a reasonable economic growth rate. In 2023, the credit growth is planned to reach about 14% - 15%, and may be adjusted in accordance with the actual situation.

2. Controlling the credit growth at an appropriate level, contributing to controlling the inflation, supporting a reasonable economic growth rate, focusing credit on production and business operations, especially the priority fields and the growth drivers in accordance with the Government's policy; strictly controlling credit for potentially risky areas; putting the best efforts into implementing the tasks as set out in the Socio-Economic Recovery and Development Program and the National Target Programs.

3. Implementing robustly the Scheme of Restructuring the System of Credit Institutions in association with the resolution of non-performing loans (NPLs) for the 2021 - 2025 period; accelerating the implementation of the measures to resolve and collect payment for bad debts, debts covered by the provisioning to resolve any risks; controlling and limiting any newly arising bad debts in order to maintain the non-performing loan ratios in the balance sheets at a level below 3%; focusing on directing the competent authorities to restructure and resolve any poor-performing credit institutions, ensuring stable operations and supporting these poor-performing credit institutions to gradually recover.

Enhancing the capacity, the management efficiency of the credit institutions, focusing on directing the credit institutions to strengthen the transparency in their operations; addressing the situation of over-the-limit ownerships; reviewing, addressing and preventing the cross-ownerships at the credit institutions; strengthening the frequencies and the efficiency of the inspection and supervision of the credit institutions.

4. Promoting non-cash payments and the digital transformation, while still ensuring the safety and security in the banking operations; continuing to improve the legal frameworks, mechanisms and policies on payments to create favorable conditions for facilitating the new business models, products, convenient and safe services, meeting the requirements of the enterprises and individuals.

5. Focusing on building and improving the existing mechanisms and policies; improving the effectiveness and efficiency of the state management and enforcement; strengthening the disciplines and the market rules in conformity with the directions of the Government, the Prime Minister, the SBV Governor, as well as the legal provisions in the field of banking operations.

6. Strongly reforming the current regulations and administrative procedures, improving the investment and business environment, creating favorable conditions for the people and enterprises; enhancing the quality of the state officials, public employees and civil servants in the banking sector, ensuring the administrative disciplines.

7. Continuing to implement effectively the Development Strategy of Vietnam Banking Sector to 2025, Vision to 2030; the National Financial Inclusion Strategy to 2025, Vision to 2030; as well as the other sectoral Programs/Action Plans and Schemes which have been enacted.

(Extracted from Directive No. 01/CT-NHNN dated January 17, 2023 of the SBV Governor)

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