Hanoi (VNA) - Prime Minister Pham Minh Chinh on December 28 tasked thebanking sector with ensuring monetary security and safety, as well aslegitimate rights and interests of people, businesses and relevant subjects in2023 and the following years.

Speaking at a hybrid conference held by the StateBank of Vietnam (SBV) in Hanoi, the leader stressed that thesector should operate transparently and healthily, with liquidity flowingsmoothly in any circumstances.

He asked the central bank to keep the exchange ratesand interest rates, as well as inflation control and economic growth balanced, andensure reasonable and effective credit growth, while contributing to removingdifficulties in production and business.

Inspections and supervisions should be stepped up tomake the system run transparently and safely, he said, calling for efforts toaccelerate the restructuring of credit institutions in parallel with bad debtsettlement.

The leader also stressed the need to boost digital transformation,as well as the banking system’s role in green development, circular economy, digitaleconomy and innovation.

The sector should closely coordinate withministries, agencies and localities to fulfill socio-economic tasks, withpriorities given to maintaining macro-economic stability, reigning in inflation,spurring growth and ensuring major economic balances, the PM said.

To that end, he suggested flexibly rolling outmonetary policy tools and combining fiscal policies with others, saying thebanking sector should work to improve its forecasting capacity and prepare for changes in the domestic and international situation.

Perfecting relevant institutions, mechanisms andpolicies will create a concerted legal corridor for the safe, healthy,effective and sustainable development of the sector, he noted.

The project on restructuring credit institutions incombination with bad debt settlement in 2021-2025 needs to be implementeddrastically and effectively, the leader continued.

Lauding the banking system’s outstanding performancein 2022, Chinh emphasised that it has contributed to controlling inflation andmaintaining macro-economic stability and high economic growth.

The sector has employed an array of solutions and diversifiedits credit products to help enterprises and people restore production and business,he said, adding that international cooperation has contributed to raisingVietnam’s role at international financial and monetary organisations./.