Hanoi (VNA) – Prime Minister Pham MinhChinh on March 31 asked the Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) to carry forward its leading role among credit institutions whileaddressing a meeting celebrating the 60th anniversary of theState-owned lender in Hanoi on March 31.

Pointing to the complex, unpredictable globalsituation, the PM asked the State Bank and the banking sector to continue implementing cautious and flexible monetary policies, in concerted coordination with suitable fiscal policies and clear focuses in order to maintain the macro-economic stability, control inflation, spur growth and ensure major economic balances. 

The government leader also urged the banking sector to step up itsanalysis and forecasting work, keep a close watch on both domestic andinternational situation with a view to taking timely, effective policy response.

The banks should continue to reduce costsin order to lower interest rates and push ahead with restructuring in tandemwith bad debt handling, the PM continued.  

He asked Vietcombank to continue playing a pioneerrole in administrative modernisation and cost reduction to cut lending rates,and make it easier for people and businesses to access credit packages.

According to the leader, the national banking sectordevelopment strategy by 2025, with a vision towards 2030, aims to have at leasttwo to three commercial banks ranked among the top 100 largest in terms oftotal assets in Asia, and three to five others listed on foreign stock markets.

“Vietcombank should pioneer in taking on this mission,” he said.

Speaking at the event, Governor of the State Bank ofVietnam Nguyen Thi Hong lauded Vietcombank’s important contributions to the country'sdevelopment and international integration in general and the banking sectorin particular.

Vietcombank should work to rise to the regionallevel and focus on digital transformation to become a leading bank in ASEAN,she said.

Over the past six decades, Vietcombank hasmaintained its No.1 position in Vietnam and has been one of the 1,000 largestlisted businesses globally.

According to a report presented at the meeting, thebank’s total assets reached 1.8 quadrillion VND (76.76 billion USD) last year,and its pre-tax profit exceeded 1.5 billion USD.

Vietcombank has been running a network of 121branches, 510 transaction offices, and 1,200 correspondent banks in 95countries and territories worldwide. It has been honoured with many prizes andtitles by domestic and international organisations like S&P, Fitch Ratings,Moody’s, Brand Finance and Forbes.

On this occasion, on behalf of Party and Stateleaders, PM Chinh presented the Labour Hero title to Vietcombank for its outstandingachievements in the cause of Doi Moi (Reform)./.