In his urgent directive, the PM asked the central bank to work closely with relevant agencies to monitor global and regional developments, including financial and monetary policies of major economies, ensuring that Vietnam can respond swiftly and effectively to any changes in the global economic climate.
He said that monetary policy management should be proactive, flexible, timely, and effective, ensuring close and harmonious coordination with a reasonable expansionary fiscal policy, with focuses and targets, and other macroeconomic policies.
The directive underscored the need for drastic measures to manage interest and exchange rates, credit growth, and money supply while reducing lending rates. The ultimate goal is to facilitate a quick recovery for citizens and businesses hit by Typhoon No. 3, restore production and business activities, stimulate economic growth, and maintain macroeconomic stability.
The bank must remove obstacles for citizens and businesses by lowering lending rates, creating jobs, and ensuring livelihoods to achieve these goals. This aligns with the principle of harmonised benefits and shared risks, aiming for a 15% credit growth target for 2024.
Credit institutions must ensure transparency and openness in offering preferential credit packages tailored to the unique needs of various sectors, particularly social and worker housing, forestry, and aquaculture. Furthermore, they were encouraged to raise their social responsibility and business ethics to support citizens and enterprises in difficult times.
