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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



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