Prime Minister Pham Minh Chinh said the banking system plays the role as arteries of the economy while addressing a meeting with chairpersons and CEOs of commercial banks in Hanoi on Sunday.

In his address,  the PM applauded efforts by the entire banking sector, saying that the sector has made important contributions to the country’s achievements. He said the sector has concurrently fulfilled two tasks – helping curb inflation and stabilize the macro-economy, and providing credit for the economy.

PM Chinh asked  the State Bank of Vietnam (SBV) to maintain a strict, prudent, proactive, flexible and effective monetary policy while harmoniously combining it with the fiscal policy and others to keep inflation under control, stabilize the macro-economy, boost growth, and guarantee major balances of the economy.

He also told the central bank to effectively carry out the plan on credit institution restructuring and bad debt settlement; step up the handling of poor-performing commercial banks; overhaul and align the legal framework on monetary, credit, and banking issues with international practices and the Vietnamese situation; increase inspection and supervision; improve personnel’s capacity; ensure the system’s safety; and press on with digital transformation in the sector.

He requested commercial banks to enhance their governance, management, and financial capacity; improve service and credit quality and efficiency; ensure transparency; modernize operations and better competitiveness; develop digital banking and cashless payment; expand their networks; improve the efficiency of credit distribution; boost non-credit services and green credit; and continue performing social responsibility.

The PM also demanded ministries and sectors work closely with the SBV to deal with relevant issues, especially opinions and proposals from commercial banks, so that the sector can develop strongly and sustainably to further contribute to national development.

Source: VOV5