SBV and MOIT enhance co-operation

Governor Nguyen Van Giau of the State Bank of Vietnam (SBV) had a meeting with Mr. Vu Huy Hoang, Minister of Industry and Trade (MOIT) with the aim of boosting co-operation between the two ministries in Hanoi on May 26. The meeting was attended by members of the SBV Management Board, Directors of various SBV Departments and representatives from specialized MOIT departments.

At the meeting, the Governor asserted that in the coming time, SBV would continue speeding up implementation of the interest rate subsidy program, taking additional measures to stabilize the foreign exchange rate, strengthening supervision in foreign exchange operations and planning to establish a special working team to monitor these operations.

The Governor also called for the MOIT’s close cooperation in four main areas, namely (i) implementing Decision No. 497/QD-TTg of the Prime Minister on interest rate subsidy lending for procuring instruments and material for agricultural production and rural housing development; (ii) foreign exchange management, (iii) monitoring import and export turn-over and (iv) enhancing market management, especially the quoting of commodity prices in foreign currencies.

For his part, Mr. Vu Huy Hoang informed the Governor and SBV’s leaders that the MOIT will issue a detailed guidance on criteria determining the list of locally-produced machineries and equipments with the aim of supporting the implementation of Decision No. 479 by the banking sector. The MOIT, he added, will require all MOIT provincial and municipal departments to co-ordinate with SBV provincial and municipal branches to monitor foreign exchange operations and commodity price quoting. In addition, the MOIT will continue to take necessary measures in order to control the trade deficit under 20% against the total export value.

The two sides planned to sign a cooperation memorandum aiming at assigning tasks to MOIT provincial and municipal departments and SBV provincial and municipal branches to accomplish the missions set by the two institutions at this meeting.

Thu Huong

sbv

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