On August 7, the Government Office announced that Prime Minister Pham Minh Chinh had just signed Official Dispatch No. 128/CD-TTg requesting ministries, branches and localities to deploy a number of important tasks and solutions to promote growth, control inflation and stabilize the macro economy, ensure major balances of the economy.
The Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to closely monitor developments, the world and domestic economic situation, and economic growth scenarios to operate a proactive, flexible, timely, effective monetary policy in line with economic developments.
Urgently develop a roadmap and pilot the removal of the measure of assigning credit growth targets to be implemented from 2026; in which it is necessary to develop standards and criteria for credit institutions to operate effectively, healthily, and have good governance and management capabilities.
The State Bank of Vietnam is responsible for inspecting, checking, supervising and post-inspecting, preventing system risks, ensuring the security and safety of the credit institution system and controlling inflation according to the set goals.
Strive to achieve the highest goals, tasks and solutions set out in the Project "Re cau truc the system of credit institutions associated with bad debt handling in the period of 2021-2025" as approved by the Prime Minister in Decision No. 689/QD-TTg.
In particular, focusing on promoting bad debt handling, implementing measures to strictly control credit for areas with potential risks, improving credit quality, minimizing newly arising bad debts, ensuring safe and healthy credit growth along with strict control of bad debts.
Strengthen close and comprehensive monitoring, inspection, examination and supervision of the activities of credit institutions.
Take measures to prevent, inspect, supervise and strictly handle according to the law acts of manipulation, cross-ownership, granting credit to "back yard" enterprises, enterprises in an unhealthy ecosystem, management boards, executive boards and related people... that are not in accordance with the law.
Review, develop and immediately supplement priority mechanisms and policies to effectively and drastically implement credit programs for young people under 35 years old who buy, rent, or lease social housing, credit programs worth VND500,000 billion for businesses investing in infrastructure and science, technology, innovation, digital transformation, etc.
The Prime Minister requested that the policy must be implemented promptly and effectively; not formal, and definitely not leaving money without disbursement.
The Ministry of Finance shall preside over and coordinate with relevant agencies to resolutely and effectively implement solutions to develop the capital market, stock market, and corporate bond market in a sustainable, stable, safe, and healthy manner to meet the medium and long-term capital needs of the economy, and reduce dependence on bank credit.
Urgently deploy necessary measures to upgrade the stock market from a frontier market to an emerging market, promptly remove difficulties and obstacles to meet the upgrade criteria, creating favorable conditions for capital mobilization for the country's economic development.
Continue to consolidate and improve the operational efficiency of state-owned enterprises and credit support mechanisms such as the Credit Guarantee Fund for Small and Medium Enterprises, the Small and Medium Enterprise Development Fund, ensuring that these funds operate substantially and effectively.
