Central bank praised for 65-year development achievements

10:24 | 29/04/2016 Finance - Banking

Prime Minister Nguyen Xuan Phuc hailed the State Bank of Vietnam (SBV) for its efforts over the last 65 years as contributing to curbing inflation, stabilising the macro-economy and maintaining stable growth for the country.

Central bank praised for 65-year development achievements

Prime Minister Nguyen Xuan Phuc presents the Ho Chi Minh Order to the SBV

Speaking at a ceremony in Hanoi on April 26 to celebrate the bank’s 65th founding anniversary, PM Phuc highlighted achievements made by the SBV during recent times, especially in accelerating the restructuring of credit organisations, and improving the efficiency of its operation, to lay a solid foundation for its future sustainable development. 

He stressed that the SBV should continue to improve efficiency in its guidance and management, keep a close watch on and accurately make forecasts for the internal and external economic situations..

The PM asked the bank to focus on further promoting the restructuring of credit organisations and effectively addressing bad debts, while taking suitable measures to disburse credit funds for socio-economic development, and better the reform of administrative procedures to facilitate access to credit loans for people and enterprises..

On the occasion, the government leader presented the Ho Chi Minh Order to the SBV for the third time in recognition of its achievements and significant contributions to the country’s development. 

Established on May 6, 1951, the SBV well performed its task of State management over monetary, credit and banking operations. After implementing the restructuring of credit organisations in 2011-2015, the bank is managing seven State commercial banks, 28 joint stock commercial banks, six foreign banks and 50 branches of foreign banks, two joint-venture banks, one cooperative bank, and over 1,000 people’s credit funds.

The central bank made breakthroughs in applying advanced technologies to its operation. It has also actively cooperated with international financial organisations such as the World Bank, the International Monetary Fund and the Asian Development Bank, in order to expand partnerships and mobilise financial and technical assistance for the country./.


Source: VNA/Hanoitimes


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