The Government requests the SBV to continue operating effectively the monetary policy
(Updated at 10:51, 26/4/2018)
The Government requests the State Bank to continue operating effectively the monetary policy, interest rates and exchange rates combined with fiscal policy and other macro policies to control inflation, stabilize the economy.
Information from the State Bank (SBV), according to the Resolution of the Government's regular meeting in March 2018, the Government unanimously assessed: the socio-economic situation in March and the first quarter of 2018 continued to develop positively with macro-economic stability; controlled inflation; stable interest rate and foreign exchange market; strong growth in stock market; good state budget revenue; social development investment increased 10.4%. Export turnover in the first quarter increased 22%, trade surplus reached about USD 1.3 billion; positive import structure. Economic growth in the first quarter is estimated at 7.38%, the highest in 10 years.
 
Agricultural production recovered sharply and reached a growth rate of 4.05%, almost double compared to the same period. Industrial production grew at a high rate of 11.6%, of which processing and manufacturing continued to be the main drivers; Mining has rebounded after two consecutive years of decline. Aggregate demand and purchasing power continue to increase; International tourists increased 30.9% over the same period. Business investment environment continues to improve, etc.
 
With this situation, the Government has agreed on the target of economic growth in 2018 at least 6.7% and strive to achieve higher to create momentum for 2019 and the following years; at the same time, improve the quality of growth so that people live safely and happily, ensuring the comprehensive development in terms of economy, society, defense, security and foreign affairs.
 
The Government requests the ministries, agencies and localities to continue their efforts and actively carry out drastic and synchronous and effective tasks and solutions according to the resolutions of the Party, the National Assembly and the Government, especially Resolution No. 01/NQ-CP and the Government's resolutions on improving the business investment environment, improving the competitiveness; supporting business development; to take initiative in proposing solutions suitable to the global and domestic economic development; to strengthen the state management, urging, inspecting, renewing, creating clear and concrete changes in each sector and each domain.
 
According to this Resolution, the Government requested the State Bank of Vietnam continue to effectively manage monetary policy, interest rates and exchange rates combined with fiscal policy and other macro policies to control inflation, stabilize macro-economy and promote growth.
 
To closely control electronic payment transactions. Coordinate with relevant ministries and sectors to prevent and stop activities of taking advantage of the banking system, payment system for selling, exchanging virtual currencies, using virtual currency as a means of payment contrary to the provisions of law.
 
Perform good management of credit growth, credit quality improvement, reduction of bad debts incurred; strictly control the credit for potentially risky areas such as real estate, securities. To step up the restructuring of credit institution systems in association with the handling of bad debts and ensuring the system safety.
 
 
Huong Nguyen
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