PM Phạm Minh Chính bestows the first-class Labour Order on the State Bank of Vietnam (SBV). — VNA/VNS Photo

HÀ NỘI — The Vietnamese banking sector must deepen innovation, accompany businesses and citizens, demonstrate flexibility, and contribute to rapid and sustainable development so that its benefits are widely shared, said PM Phạm Minh Chính.

Addressing the sector’s 9th National Patriotic Emulation Congress for 2025–2030, held in Hà Nội on Monday alongside the five-year review of the National Strategy on Gender Equality, and the “Excellence at Work and at Home” movement for the 2020-25 period, PM Chính praised banks for bolstering macroeconomic stability, curbing inflation, safeguarding the system and supporting businesses and households.

Reviewing the sector’s past performance, he praised progress in institutional reform, more flexible and proactive monetary policymaking, and macroeconomic stability. The sector has also emerged as a pioneer in digital transformation, alongside organisational restructuring and successful emulation drives that delivered concrete outcomes.

He ordered emulation efforts to align tightly with each unit’s political tasks and advance its operational goals, with banks directed to lower operating costs and borrowing rates to spur production and trade, all while ensuring major economic balances and keeping inflation in check.

The leader called for accelerated digital transformation, greater use of sci-tech, operational standardisation to international practices and tighter controls to ensure targeted, effective credit growth.

With Việt Nam’s high investment needs far outstripping banking capacity alone, he stressed the urgent expansion of capital markets, especially bonds and securities, and strict fiscal discipline and faster public investment disbursement.

Given the current economic context, he said the banking sector must give top priority to macroeconomic stability and inflation control, build economic resilience, and enable rapid and sustainable growth.

Earlier at the congress, Governor of the State Bank of Vietnam (SBV) Nguyễn Thị Hồng reported that between 2020 and 2025, more than 64,000 banking collectives and individuals have been honoured by the Party, State and Government with noble distinctions, including the Labour Hero and national Emulation Fighter titles, Independence Orders, Labour Orders, the national Emulation Fighter title, the Government and State Bank emulation flags, and tens of thousands of certificates of merit, insignia and others.

On the occasion, PM Chính bestowed the first-class Labour Order on the SBV. Former Deputy Governor Đào Minh Tú was awarded the second-class Independence Order; Governor Hồng and Deputy Governor Phạm Thanh Hà received first-class Labour Orders; Deputy Governors Đoàn Thái Sơn and Phạm Tiến Dũng were named national Emulation Fighters; and Deputy Governor Phạm Quang Dũng earned a certificate of merit from the PM.

Also at the event, the SBV Governor launched the sector-wide emulation movement for the 2026-30 period. — VNA/VNS