The banking industry contributes to stabilizing the macro economy, ensuring social security and maintaining economic growth.

Attending the conference were Chief of the Party Central Committee Office Le Minh Hung; Secretary of the Party Committee of Central Agencies Huynh Tan Viet; Minister of Agriculture and Rural Development Nguyen Xuan Cuong; Minister of Information and Communications Nguyen Manh Hung; Minister of Justice Le Thanh Long; Representatives of leaders of central departments, ministries, branches and local leaders, leaders of National Assembly delegations...

At Nghe An bridge, there were leaders of the State Bank of Vietnam, Nghe An Branch and credit institutions in the area.

Comrade Nguyen Xuan Phuc - Politburo member, Prime Minister gave a speech at the conference. Photo: Quang Hieu

Governor of the State Bank of Vietnam Nguyen Thi Hong delivered the opening speech at the conference. Photo: H.Giap

Thanks to flexible management of credit growth, capital is ensured foreconomyTherefore, the credit balance of the whole system increased by 10.14% compared to 2019. Average inflation was controlled stably at about below 4%/year. Exchange rate and foreign exchange market were basically stable; Interest rate level was stable and tended to decrease, from the beginning of 2020 until now,State BankInterest rates have been adjusted down 3 times in sync, with a total reduction of 1.5-2%/year; Credit growth in the 2016-2020 period is consistent with the economy's absorption rate, associated with improving credit quality; Liquidity activities continue to make great strides...

Overview of the online conference summarizing banking activities in 2020 and the period 2016-2020 at Nghe An bridge. Photo: Hoang Vinh

The management of the State Bank and the operation of the banking system have contributed to the economy achieving many positive results in the context of complicated developments in the world economy, contributing to firmly consolidating the macro economy, improving the internal capacity of the economy, promoting economic growth. Especially in 2020, although economic growth was strongly affected by the Covid-19 pandemic, however, along with the success in controlling the epidemic in the country, Vietnam's economic growth is still better than other countries in the region and is one of the few countries with positive growth.

The conference also discussed and proposed directions and tasks for banking activities in 2021. Accordingly, the State Bank identified removing difficulties for production and business activities of enterprises and people affected by the Covid-19 pandemic as the key task of the industry. Continue to improve institutions to facilitate people and businesses to contribute to economic recovery. Proactively and synchronously manage monetary policy tools and appropriate solutions to stabilize the monetary and foreign exchange markets; Direct credit institutions to focus on lending capital to the production and business sectors...

The banking sector shall proactively and flexibly operate monetary policy, closely coordinating with fiscal policy and other macroeconomic policies to control inflation according to the target of about 4% on average in 2021. Implement solutions to restructure the credit institution system. Promote non-cash payments and digital transformation in banking operations. Effectively implement administrative reforms. Continue to implement the Strategy for the Development of the Vietnamese Banking Industry to 2025, with a vision to 2030.

Delegates attend the online conference summarizing banking activities in 2020 and the 2016-2020 period at Nghe An bridge. Photo: Hoang Vinh

Speaking at the conference, Mr.Mr. Nguyen Xuan Phuc - Member of the Politburo, Prime Minister has acknowledged and highly appreciated the achievements of the banking industry in the past time. At the same time, he emphasized: In the coming time, the banking industry will continue to contribute to the prosperity and strength of the country by having high growth. The banking industry must have the spirit of pushing forward to develop, bringing the country forward. Continue to closely coordinate with ministries, branches and localities to well perform assigned tasks and solutions. Proactively monitor the situation to promptly advise the Government on macroeconomic fluctuations. Proactively and flexibly operate monetary policy, coordinate synchronously and effectively with fiscal policy and other policies to stabilize the macro economy, control inflation, support production and business, and promote growth.

The Prime Minister set out the dual goal of creating a favorable environment and conditions for commercial banks and credit institutions to develop safely, healthily, effectively, sustainably, compete regionally and internationally, diversify, improve service quality, meet requirements and create all favorable conditions for people and businesses to easily access banking credit services...

The banking sector promptly meets the capital needs of people in Nghe An to invest in production and business development. Photo: Hoang Vinh

At the conference, Comrade Nguyen Xuan Phuc - Politburo member, Prime Minister, on behalf of the Party and State, awarded the Second and Third Class Labor Medals to leaders of the State Bank of Vietnam and the Government's emulation flag to 12 collectives with outstanding achievements in the past time.