Banking sector asked to focus on public trust building

11:27 | 06/01/2017 Finance - Banking

Prime Minister Nguyen Xuan Phuc has urged the banking sector to pay adequate attention to communication work and public trust building, which he said, are of extreme significance to favouring its regulation work and ensuring the success of its policies.

PM Nguyen Xuan Phuc speaks at the conference - Photo: VGP

The government leader made the request at a conference held by the State Bank of Viet Nam (SBV) in Ha Noi on January 5 to deploy its tasks for 2017.

He praised the banking sector’s outstanding contributions to the country’s positive outcomes across the fields in 2016, with the nation’s foreign exchange reserves hitting a record high of US$41 billion.

Speaking highly of the SBV’s policy responses in 2016, PM Phuc asked the body to competently utilise monetary and financial tools in 2017 to keep inflation below 4% and maintain macroeconomic stability; produce breakthroughs in handling weak banks and bad debts; and contribute to fulfilling the economic growth target of 6.7% set by the National Assembly.

The monetary policy needs to be regulated in a flexible and prudent fashion and combined more closely with fiscal policy in order to support growth at a higher level and ensure macroeconomic stability and inflation control, he said.

The leader urged the SBV to continue maintaining the stability of the domestic foreign currency and gold market, increasing foreign exchange reserves, stabilising the Vietnamese currency, and enhancing its proactivity in forecasting the situation to devise preventive measures in policy regulation.

The body was also requested to focus on removing difficulties and finalising institutions and legal regulations aiming to effectively support the restructuring of credit institutions and the handling of bad debts, particularly concerning the procedures for dealing with security assets, mortgage assets, the rights of creditors and responsibilities of borrowers.

PM Phuc urged the SBV to strengthen the efficiency of the fight against corruption in the banking sector and adopt innovative policies to reduce cash payments in order to prevent tax evasion and money laundering.

He requested that the banking sector take the lead in implementing the guideline of building a constructive government of integrity as well as the 2017 motto of “strengthened discipline, upheld responsibility, creative emulation and rapid and sustainable development”, which has been set by the government.

Theo NDO