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SBV holds mid-year conference
The State Bank of Vietnam (SBV) held a mid-year conference under the chairmanship of Governor Nguyen Van Giau in Hanoi on May 29 to review its operations in the first six months of 2009 and chart out its tasks for the rest of the year. The conference was attended by all members of SBV Management Board, leaders from various SBV departments and branches, and representatives of the State-Owned Commercial Banks (SOCBs), the Vietnam Bank for Social Policies, the Deposit Insurance of Vietnam, and the Central People's Credit Fund.
Referring to the results obtained during the first six months, the Governor spoke highly of enormous efforts of the banking industry in ensuring prudent operations and effectiveness of money circulation; international co-operations; information and communication; and administrative reforms. The Governor went on to assert that in the first half of the year, SBV has closely monitored and decisively directed the banking sector to promulgate mechanisms as well as policies and to implement the interest rate subsidy program and foreign exchange management measures. Specially, the implementation of the interest rate subsidy program has achieved initial outcomes and in the coming time, SBV will continue to improve its policies and mechanisms in accordance with practical situation, the Governor added.
The conference focused on charting out and reaching consensus in the tasks for the rest of 2009. Accordingly, SBV will guide the whole banking sector in synchronous and decisive efforts to give advice to the Government in managing credit and monetary policies and banking operations in order to ensure a safe and sound banking sector, effectiveness of the commercial banks’ operations, stabilize the monetary and foreign exchange markets, thus contributing to fighting the economic recession, maintaining proper economic growth and proactively preventing an inflation risk. Importantly, SOCBs and the Vietcombank have initiated and committed that from June 1st these banks will decrease the mobilizing rate in USD to the highest level of 1.5% p.a. and the lending rate in USD to the maximum of 3% p.a.
In his conclusion, the Governor instructed entities of the whole banking sector to decisively implement the key tasks for the last sixth months of 2009 as follows:
To implement the SBV Action Plan with the focus on banking, credit and monetary solutions in line with Resolution No.01/NQ-CP dated January 9, 2009, Resolution No.30/2008/NQ-CP dated December 11, 2008 and Resolution No. 30a/2008/NQ-CP of the Government dated December 27, 2008 with an emphasis on enhancing guidance on the implementation of the interest rate subsidy program and foreign exchange market management.
From the beginning of June, the Financial Supervision Agency should accelerate its inspection and supervision on a broader scale of foreign exchange trading of the commercial banks in order to do away with the hoarding of foreign exchange by enterprises, and preventing them from using foreign exchange as collateral to get VND bank loans; and decisively dealing with all violations and acts of manipulating the interest rate subsidy scheme
To ensure prudent banking and solvency of credit institutions, especially SOCBs.
To improve banking and credit regulations with a special focus on formulating and submitting two draft laws on the State Bank of Vietnam and Credit Institutions to the National Assembly.
To accelerate the completion of the organizational and management structure of the Financial Supervision Agency in line with Decision No.83/2009/QĐ-TTg of the Prime Minister dated May 27, 2009.
To improve the advisory, management and regulating capacity SBV; to enhance international cooperation and the task of information and communication.
Thu Huong - Diem Hang
sbv
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