 |
Banking sector in HCMC prioritizes capital in attractive sectors for investors |
When the Resolution 98/2023/QH15 (Resolution 98) comes into force, the southern largest city finds it facilitative to attract foreign experts, leading experts, and large financial investors with many separate policies. On the other hand, the city takes heed of sustainable economic development, especially when the city is aiming to become an international financial center.
HCMC aims to pour money into strategic industries
When capital, brainpower, and technology exchanges between Vietnamese enterprises and foreign investors take place, financial institutions play important roles including the main role of commercial banks along with management and administration of the State Bank’s branches in localities. Therefore, the banking sector will continue to accompany the city to effectively implement the Resolution 98.
It can be seen that the banking industry in general and the State Bank of Vietnam in HCMC in particular are having advantages when they gradually standardize in terms of capital, qualifications, technology, and processes to meet international regulations and standards while building a unique cultural identity for the brand of each bank. This will pave the way for the development of international financial markets.
Next, the banking sector will invest and apply digital technology in the transaction process to make it more convenient for customers when utilizing banking services as well as ensure security. When artificial intelligence (AI) is developing day by day, posing not only benefits but also requirements for risk management of accounts and personal information, the banking sector certainly keeps its customers’ records completely confidential.
Acting as a channel of capital, a financial and monetary intermediary of the economy, the banking sector has determined several key objectives and orientations for the implementation of the Resolution 98. Firstly, it will orient the credit capital into the manufacturing industries, and strategic industries with a focus on the city’s prioritized fields to develop many strategic areas to attract foreign investment.
Moreover, it will pour credit to some strategic industries according to the Resolution 98 such as innovation centers, research and development centers, high technology transfer in information technology, biotechnology, and auto technology, chemistry, new material technology, clean energy, and construction of an international transshipment port in Can Gio outlying district.
The banking sector will promote the application of digital technology, digital transformation, application of automation and modern technology in management to meet the increasing demand for payment and service usage as well as to create maximum convenience for all transactions of customers.
In addition, the sector will improve the quality of banking system governance modernly. It strives to apply Basel II according to standard methods such as the Strategy for Development of the Banking Industry in Vietnam to 2025, with orientation to 2030 approved by the Prime Minister.
This is one of the important foundations to enhance the position of Vietnamese banks in international transactions while ensuring the system always operates safely and stably.
In addition, the development of 'green credit' and 'green bank' will be promoted contributing to the transformation of the economy towards green growth, low carbon emissions, and adaptation to climate change; increasing the proportion of bank credit capital to invest in renewable energy, clean energy, low-carbon production and consumption industries.
The sector will integrate the contents of sustainable development, climate change and green growth in credit loan programs and projects.
Developing suitable types in remote areas
In the coming time, the State Bank of Vietnam’s Ho Chi Minh City branch will direct the city's banking sector to seriously implement the assigned tasks. The sector will work with the city to effectively carry out its duties.
Accordingly, the State Bank of Vietnam branch in Ho Chi Minh City will constantly improve the quality of staff by increasing inspection and timely commendation and discipline to encourage organizations and individuals to perform their tasks well.
In particular, it will focus on implementing the comprehensive financial development program of the State Bank of Vietnam. The sector will make concerted efforts to increase the number of businesses and people accessing financial and banking services and provide more appropriate services for residents in rural and remote areas with difficult socio-economic conditions. Last but not least, it will try to improve financial knowledge and understanding for customers in these poverty-stricken areas.
In addition, the banking sector will strengthen the inspection of activities to promptly prevent violations that may affect the stable and safe operation of the banking system.
