Prime Minister Pham Minh Chinh extends New Year greetings and assigns tasks to the banking sector

On the morning of February 3, the first working day after Tet holiday, Prime Minister Pham Minh Chinh visited and extended New Year greetings to the State Bank of Vietnam and the banking sector. He also assigned tasks for 2025 and the coming period.

Prime Minister Pham Minh Chinh extended Lunar New Year greetings to the banking sector

In 2024, following the resolutions of the Party, the National Assembly and the Government as well as the directives of the Prime Minister, the State Bank of Vietnam (SBV) proactively monitored global and domestic economic developments to implement comprehensive measures. These efforts facilitated businesses and individuals in accessing bank credit, supported economic recovery and promoted growth while ensuring macroeconomic stability, inflation control and the safety of the credit institution system.

The SBV maintained its policy rates unchanged despite globally high interest rates, managed the exchange rate flexibly and coordinated monetary policy tools effectively. It also strengthened gold market management, successfully narrowing the price gap between SJC gold bars and international gold prices within an appropriate range. Non-performing loans were actively controlled.

As of December 31, 2024, credit to the economy has increased by approximately 15.08% compared to the end of 2023, focusing on production, business and priority sectors. The banking sector also accelerated key credit programs, such as the VND 145 trillion loan package for social housing, worker housing and old apartment renovation projects, as well as credit programs for the forestry and fisheries sectors. Notably, the banking sector swiftly implemented support measures to help customers affected by typhoon No. 3.

In 2025, the SBV will continue managing interest rates with market context, macroeconomic stability, inflation trends and monetary policy objectives. It will closely monitor market developments to ensure flexible and appropriate exchange rate management while coordinating monetary policy tools to control inflation and maintain macroeconomic stability. Additionally, the SBV will implement credit policies aligned with macroeconomic and inflation developments to meet the economy’s capital needs, effectively execute the restructuring plan for credit institutions, accelerate digital transformation in the banking sector and enhance cybersecurity, payment activities in banking.

Prime Minister Pham Minh Chinh extended Lunar New Year greetings to the banking sector

Extending New Year greetings to all employees in the banking sector, Prime Minister Pham Minh Chinh emphasized the crucial role of the SBV, the banking and credit system - the lifeblood of the economy. This has been especially vital in recent times, as the economy has faced numerous challenges due to the COVID-19 pandemic and disruptions in supply and production chains.

The Prime Minister highlighted that the Party and State leadership have paid special attention to these challenges, implementing decisive policies and governance measures. The banking sector has effectively executed monetary and fiscal policies, making a significant contribution to macroeconomic stability, inflation control and the maintenance of key economic balances, particularly in energy security and social welfare. Notably, in 2024, Vietnam achieved and exceeded all 15 fundamental economic targets.

On behalf of the Government, the Prime Minister highly appreciated the banking sector’s achievements. He acknowledged the leadership of the Central Committee of the Communist Party, the direct of the Politburo and the Secretariat led by the General Secretary as well as the collective efforts of the Government, the National Assembly, the entire political system and international partners in securing Vietnam’s significant accomplishments in 2024.

Prime Minister Pham Minh Chinh extended Lunar New Year greetings to the banking sector

Prime Minister Pham Minh Chinh emphasized that the banking sector has closely followed the leadership of the Central Party and the Government. It has maintained a firm grasp on the economic situation, proactively advised the Party and Government on policy direction and responded promptly to unexpected challenges. The sector has remained steadfast in its interest rate policies, ensured system stability, controlled bad debts, effectively handled weak banks and supported individuals and businesses by providing credit for economic and social development, particularly in key sectors such as the timber industry, fisheries and social housing.

The Prime Minister asked the banking sector to embrace the mindset of “turning nothing into something, turning difficulties into opportunities”. He called on the sector to continue implementing fiscal and monetary policies in an effective manner, fostering a strong financial and banking ecosystem that creates opportunities for businesses and individuals to grow. He reiterated the principle of "harmonizing benefits, sharing risks" and emphasized that "only when businesses and people thrive can the banking sector develop".

Ms. Nguyen Thi Hong - Governor of the State Bank of Vietnam delivered a speech

2025 is a year of particular significance with numerous important tasks: breaking through to achieve the economic and social development targets for the 2021-2025 period; aiming for an 8% economic growth and striving for double-digit growth in the coming years; organizing party congresses at all levels, leading up to the 14th Party Congress; restructuring organizational frameworks; and celebrating major national holidays. He instructed the banking sector to align closely with these tasks and effectively implement Government Resolutions No. 01 and No. 02 for 2025.

In particular, the banking sector must play a crucial role in maintaining macroeconomic stability, promoting growth, ensuring key economic balances, reducing costs to lower lending interest rates and focusing credit on priority sectors such as the social housing development program and the program for eliminating temporary and dilapidated housing. Credit should also be directed towards revitalizing traditional growth drivers like investment, exports, and consumption, including infrastructure development. The sector is expected to promote new growth drivers, continue addressing weak banks, and control non-performing loans effectively. Moreover, the sector should continue to lead in digital transformation, in conjunction with implementing Project 06 and building the banking sector’s database. Enhancing policy communication, improving institutional frameworks and ensuring equality to create development space for people and businesses are also key tasks.

Prime Minister Pham Minh Chinh congratulated the banking sector, expressing confidence that the sector's achievements in 2025 will surpass those of 2024. He believes that the banking sector will enter a new era of growth - an era of prosperity, civilization and well-being for the people.

According to TTXVN