Hanoi (VNA) –Minister of Natural Resources and Environment Tran Hong Ha on January 27 emphasisedthe importance of a circular economy while Governor of the State Bank ofVietnam (SBV) Nguyen Thi Hong noted the need to stay persistent in the targetof keeping inflation under control and maintaining macro-economic stability.

In his speech at the 13th National Party Congress, Minister Ha underlined that a circular economy isbecoming an inevitable trend to meet the requirement for sustainabledevelopment amid worsening resource degradation and exhaustion, environmentalpollution, and climate change.

Building a circular economyis identified as one of the national development orientations for 2021 - 2030in the draft documents submitted to the congress, he said.

Highlighting benefits of acircular economy, he pointed out that although after 35 years of “Doi moi”(Renewal), Vietnam has emerged to be a bright spot of growth in the region andthe world, it is facing a number of challenges related to resource exhaustion,pollution, environmental degradation, and climate change, which requires theshift to a circular economy.

To promote the development ofthe circular economy, it is necessary to concertedly carry out solutions,including awareness improvement, institutional building, and enforcement, whilecapitalising on cooperation opportunities in accessing and receivingtransferred technology to achieve sustainable development, the official said,adding that the State needs to perform well its facilitating role to helpbusinesses and people bring into play their centrality in developing thecircular economy.
For her part, SBV GovernorHong said as the international situation is expected to remain complex andunpredictable in the 2021 - 2025 tenure and the following years, to helpsuccessfully carry out the banking sector’s political tasks and the congress’sresolution, it is needed to stay persistent in the target of keeping inflationunder control and maintaining macro-economic stability.

She stressed the importanceof improving statistical, analysing, and forecasting activities; stayingproactive, prudent, and flexible in using solutions and monetary policy tools;closely coordinating with other macro-economic policies, especially the fiscalone, so as to enhance the economy’s flexibility and resilience in the face ofglobal economic and monetary changes; and raising the State’s foreign currencyreserves.

It is also necessary totackle difficulties facing enterprises and people, assist post-pandemiceconomic recovery, and boost lending for production and business activities aswell as poor households and disadvantaged groups, Hong said.

The governor also underscoredthe need to enhance inspection and monitoring of credit institutions’operations; step up the building of technological infrastructure for sharingand supplying digital products; promote innovation and the application of theFourth Industrial Revolution’s achievements; work to improve the credit accessindex, the business climate, and national competitiveness; and bolsterbilateral and multilateral cooperation in the banking sector.

With Vietnam’s new statureand power, as well as the Party, National Assembly, and Government’s attentionand leadership, the banking sector is confident that it will overcome alldifficulties and challenges and fulfill the political tasks assigned by theParty and State, thus achieving fast, comprehensive, effective, safe, andsustainable development and better meet requirements during the country’ssocio-economic development process, she added./.