Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV), reported that in the first nine months of 2022, the SBV has steered the monetary policy in a proactive and flexible manner while closely coordinating it with the fiscal and other macro policies to help with the economy's recovery. It has also stayed vigilant to inflationary risks to help maintain macro-economic stability.
The SBV has submitted to the Government for approval and implement a policy on 2 percent interest rate support for businesses through commercial banks. Cashless payment has been rising strongly while the restructuring of credit institutions in tandem with the settlement of non-performing loans has been promoted, inspection and supervision conducted frequently and strictly, she noted.
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.
He cited statistics as showing that as of the end of September, total credit supplies had reached VND11.55 quadrillion (US$478.5 billion), up 10.8 percent from the end of 2021. Commercial banks have been growing unceasingly in terms of size, quality, and financial capacity. Total asset of joint stock banks now amounts to about VND7.5 quadrillion, including over VND7 quadrillion of the four state commercial banks.
In particular, commercial banks have also exercised their social responsibility by actively engaging in poverty reduction, natural disaster response, and donation of medical supplies and money to the Covid-19 vaccine fund.
At the meeting, the Government leader also pointed out certain shortcomings, difficulties, and challenges facing the banking sector, including fast and complex changes in the global situation, soaring inflation and interest rates in the world, and the sharp depreciation of many currencies. Meanwhile, the Vietnamese economy is still small and has big openness but limited resilience; people and enterprises have been hit hard by the Covid-19 pandemic; the stock, corporate bond, and real estate markets have revealed some problems; and the financial strength, quality, management capacity, and technology of commercial banks remain modest.