Removing bottlenecks, unlocking resources for growth

This was also one of the key messages reiterated by General Secretary and President To Lam at the 3rd Plenum of the 14th Party Central Committee: orientations must be translated into concrete policies that remove bottlenecks, unlock resources and create new drivers of development.

Immediately after the 14th National Party Congress, the Party Committee of the MOF actively directed efforts to remove institutional barriers relating to fiscal policy, taxation, public investment, the capital market and resource mobilisation, while proposing amendments to regulations that continue to impede growth and introducing special mechanisms to stimulate development.

Units under the ministry have reviewed, revised and improved legal provisions in the financial sector, gradually addressing overlapping and inconsistent regulations in investment and land legislation.

At the same time, they have advanced administrative reform in taxation, customs and the state treasury; simplified and increase the transparency of administrative procedures, shortened processing times, thereby creating more favourable conditions for citizens, businesses and local authorities.

The Party Committee and leadership of the MOF have also worked to resolve obstacles concerning procedures and capital allocation and accelerate the disbursement of funds for public investment and major projects.

They have addressed long-standing financial and land-related issues to support the restructuring of state-owned enterprises, while responding promptly to local authorities’ feedback on budget issues and mechanisms, and tackling delays and the shifting of responsibility between agencies.

Reforming leadership and governance methods has become a defining feature of the Party Committee of the SBV. Party committees and units across the central bank closely monitor domestic and international economic, financial and monetary developments, improve the quality of analysis and forecasting, develop policy scenarios and proactively advise the Government on monetary policy measures suited to each stage of development, ensuring timely, flexible and effective policy responses.

Many Party organisations and units have closely monitored market developments to implement appropriate monetary regulation, safeguard the liquidity of the banking system and contribute to stabilising the monetary market, controlling inflation and supporting economic growth. They have also maintained stable policy interest rates, enabling credit institutions to access lower-cost funding.

In response to practical circumstances, the State Bank of Viet Nam has allowed credit extended to social housing projects and industrial parks and export processing zones to be excluded from real estate credit growth limits.

It has also authorised commercial banks to exclude outstanding and newly issued loans for customers implementing such projects when calculating their annual credit growth quotas.

The decisive leadership of Party organisations and units within the State Bank of Viet Nam has contributed to the country’s overall achievements in economic growth and inflation control.

Despite these results, the management of national monetary and financial affairs continues to face significant challenges. These include liquidity and interest rate pressures as credit institutions expand lending while deposit growth lags behind credit growth. The disbursement of public investment capital also remains slow in a number of localities.

According to Le Thi Mai Huong, Deputy Secretary in charge of the Party Committee of the State Bank of Viet Nam, General Secretary and President To Lam’s directive is an important and urgent requirement in the new stage of development.

To implement this directive, the Party Committee of the State Bank of Viet Nam will continue to demonstrate a strong sense of responsibility and determination, taking a proactive approach to directing the central bank to deploy monetary policy instruments and measures in a coordinated manner, with the appropriate timing and scale to suit actual conditions. It will also strengthen coordination with fiscal policy to support sustainable economic growth, maintain macroeconomic stability and keep inflation under control.

In the financial sector, Do Van Truong, Deputy Secretary in charge of the Party Committee of the Ministry of Finance, said that implementing General Secretary and President To Lam’s directive requires not only the continued improvement of institutions but also further reform of leadership and governance of Party committees and units in a way that links performance with individual accountability while enhancing the responsibility of those in leadership positions.

Ministries, agencies, local authorities, project owners, project management units and state-owned enterprises must all have specific targets, clear deadlines and clearly identified individuals responsible for delivery.

Regular reviews should also be strengthened to identify and resolve difficulties faced by local authorities, following the principle that implementation and inspection proceed in parallel, with problems addressed as soon as they arise to ensure that tasks and solutions are carried out smoothly and without interruption.