Home » The Governor stated 2015 milestone for bank restructuring

The Governor stated 2015 milestone for bank restructuring

“The State Bank continues to be consistent with the monetary policy objectives set out” …
The Governor stated 2015 milestone for bank restructuring

State Bank Governor Nguyen Van Binh.


On the occasion of National Day September 2, State Bank Governor Nguyen Van Binh had a conversation with reporters about some strategic directions of the banking industry in the coming time.

Consistent goal

One of the current political tasks of the banking industry is to stabilize the monetary market, contributing to curb inflation and stabilize the macro economy. This is a very difficult task in the context of the economy affected by many subjective and objective difficulties. What is your opinion on this issue?

From the end of 2011, in the context of complex world economic changes along with the internal difficulties of the economy, our macroeconomic situation faces many risks such as high inflation, momentum economic growth slowed, the overall balance of payment deficit, the interest rate level was high, the exchange rate and the foreign exchange market fluctuated, potentially threatening macro instability.

On the basis of following the guidelines of the Party, the National Assembly, the direction of the Government and the macroeconomic development, the State Bank has persevered in the past time to curb inflation, stabilize the macro economy. , ensuring the safety of the system of credit institutions, and implementing solutions to solve difficulties for production and business activities to support economic growth at a reasonable level.

With the drastic implementation of monetary policy in combination with other macro-policy solutions, fundamentally operating monetary policy has achieved the set objectives, the macro economy has gradually stabilized. Banking and money market activities are stable, if in the second half of 2011, the liquidity of the whole system is low, the risk of system failure is present, so far the liquidity of credit institution system has improved. , the risk of system failure is pushed back, credit institutions operate safely and stably.

The State Bank has gradually loosened the regulation on deposit interest rate ceiling but the market interest rate is still stable, there is no disturbance and unfair competition among credit institutions like in previous years. Inflation has been curbed from a high of 18.13% at the end of 2011 to 6.81% in 2012 and 3.53% in the first 8 months of 2013, the possibility of 2013 can be controlled at around 7% .

In the past, the exchange rate and the foreign exchange market frequently fluctuated and were under increasing pressure, adversely affecting the psychology of domestic and foreign investors. The stable version, the dollarization situation has plummeted, so that the State Bank can buy a large amount of foreign currency to increase the State’s foreign exchange reserves.

The gold market has been gradually arranged and reformed fundamentally, contributing to preventing the impact of gold price fluctuations on macroeconomic stability.

Despite the positive results, the economy is still continuing to face difficulties. Credit capital has tended to improve in recent months but has not been really smooth, mainly because domestic demand is still weak, production and business activities of enterprises are still difficult; inflation continues to be controlled but still cannot be subjective with the risk of increasing again; The operation of the system of credit institutions is basically safe, but bad debts are still high, accumulated in the long term, requiring synchronous implementation of many solutions and close coordination. from many related ministries and branches.

Therefore, in the coming time, the State Bank will continue to be consistent with the monetary policy objectives set. On the basis of sticking to macroeconomic and monetary developments, the State Bank operates a prudent and flexible monetary policy with a view to controlling inflation, stabilizing the macro economy, and implementing solutions. to promote credit growth and handle bad debt, in close coordination with ministries and sectors to actively implement the VND 30,000 billion package of housing support loans, urgently improve the legal corridor to push Quick process of handling bad debts through the Asset Management Company of Vietnamese credit institutions, contributing to boosting credit growth.

Encourage bonds

Currently all capital needs of the economy are mainly based on the banking system, while other channels of the capital market are not developed and / or functioning properly. From the perspective of the banking industry, what does the State need to do to overcome the current “one-legged financial market” situation, sir?

It is true that today the capital for production and business activities of the economy depends greatly on the banking system. This situation stems from many causes, in which the basic problem is that the Vietnamese capital market has not yet performed well the function of mobilizing medium and long-term capital, and enterprises face many difficulties in issuing joint bonds. Due to low liquidity, financial information of businesses

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