return icon Vietnamnet.vn

Prime Minister tells SBV to raise deposits, stabilize lending interest rates

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to consider raising the deposit interest rate ceiling, but to stabilize lending interest rates.
Prime Minister Pham Minh Chinh

At the government’s meeting on September 22, 2022, he noted that world developments are now complicated and unpredictable. He emphasized that many central banks have raised prime interest rates.

“In such conditions, we must not be negligent. We need to take the initiative in grasping the situation, keeping calm and confident, flexible and creative in managing the economy,” the Prime Minister said.

“Our goal is stabilizing the macroeconomy, controlling inflation, boosting growth and ensuring large balances. This is the top priority, for the short and long term,” he said.

He asked ministries, agencies and localities to organize key tasks and solutions to stabilize the macroeconomy, control inflation, boost growth and ensure large balances of the economy.

Emphasizing the need for a prudent but flexible way, he asked SBV to regulate with different monetary tools, such as the exchange rate, interest rate, credit limit, and the 2-percent interest rate subsidy program.

“SBV needs to consider raising operating interest rates and deposit interest rates, but stabilize lending interest rates and call on credit institutions to continue renovating technology and increase operational effectiveness and administration, cut expenses and ease interest rates applied to some subjects and business fields in order to help people and businesses recover after the pandemic,” he said.

The Prime Minister requested an expanded fiscal policy that is reasonable, focused and effective.

The Ministry of Finance (MOF) was asked to reduce taxes, fees and charges, and design policies to support people and businesses to continue expanding production and business, create jobs, increase revenue, cut expenses, and practice thrift on regular expenses.

The Ministry of Planning and Investment (MPI) was asked to keep close watch over the situation and make prompt policy responses, and urge disbursement for public investment under the medium-term public investment program, the recovery and development program, and three national targeted programs, as well as promote non-state investments.

According to SBV official Nguyen Thi Hong, the currencies of many countries have depreciated sharply against the USD while the VND is among the least depreciating currencies in the world. 

She said that the biggest challenge in macroeconomic management is controlling inflation. SBV will be consistent in applying  measures to stabilize macroeconomics, but stability doesn’t mean unchangeability. But it is necessary to closely watch the situation to apply reasonable management measures. 

Thu Hang

MORE NEWS

VIETNAM BUSINESS NEWS DECEMBER 8

Business association helps connect Vietnamese, Malaysian firms

PM’s Europe trip spreads message about strongly recovering Vietnam

Prime Minister Pham Minh Chinh’s trip to attend the ASEAN-EU Commemorative Summit and visit Luxembourg, the Netherlands, and Belgium from December 9 to 15 will extend a message of a strongly recovering Vietnam

VIETNAM NEWS HEADLINES DECEMBER 8

PM’s trip to elevate Vietnam – EU to new height: diplomat

Vietnam changes rapidly after 25 years of Internet connection

The decision to connect to the Internet 25 years ago was a brave act, showing a long-term vision, contributing to comprehensive changes in the country, experts said at the 25th anniversary of Vietnam's Internet and Internet Day 2022 on December 7.

Policies needed to ensure sharing economy development is on-track

Sharing economy was not only creating opportunities to increase income but also opening up a new and flexible market, thereby creating a growth engine and increasing productivity for micro, small and medium – sized enterprises.

Some businesses are still paying high dividends

While many enterprises are facing difficulties, some plan to spend trillions of VND to pay dividends and buy treasury stocks.

Vietnamese box office smash to premier in Australia

According to Box Office Vietnam, The Girl from the Past has generated revenue of VND53 billion (US$2.2 million) after debuting in Vietnamese cinemas.

French Senate President arrives in Hanoi, beginning official visit to Vietnam

French Senate President Gérard Larcher arrived in Hanoi on December 8 morning, beginning an official visit to Vietnam at the invitation of National Assembly Chairman Vuong Dinh Hue.

Vietnamese film to compete at Golden Globe Awards

“Dem Toi Ruc Ro”, known as “The Brilliant Darkness” in English, a movie on domestic violence by American director Aaron Toronto, features in this year’s list of Golden Globe Awards’ nominees.

PM attends inauguration of Vietnam International Defence Expo 2022

Prime Minister Pham Minh Chinh and military officers pressed buttons inaugurating the Vietnam International Defence Expo 2022 at Gia Lam airbase in Hanoi on December 8.

Money borrowers face black credit traps on online lending apps

A lot of money borrowers have been recently cheated on online lending applications which seem to ask for simple procedures at first but then claim cut-throat interest rates.

Young scientist becomes first Vietnamese awarded by UK Royal Aeronautical Society

With the Young Persons’ Achievement Award, Dr. Nguyen Huyen Duc has become the first Vietnamese scientist to receive the prize from the UK’s Royal Aeronautical Society (RAeS).

Revelations of an e-cigarette seller

After exchanging text messages via social media, VietNamNet’s reporter, who acted as an e-cigarette buyer, decided to meet the seller and discovered many things that made him shiver.

Vietnam’s fruits enter choosy markets

In the domestic market, a red-flesh pomelo is priced at VND23,000-45,000/kg. In the US, it is VND535,000 per kilogram.

Vietnam imports nearly US$190 million of pork in Jan-Oct

Vietnam had imported 89,000 tons of pork products worth US$189.02 million in the year to October, contracting over 34% in volume and nearly 40% in value year-on-year, according to the Foreign Trade Agency under the Ministry of Industry and Trade.
back_to_top