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PM calls for more efforts to restructure finance industry

Update: December, 19/2013 - 09:08
Workers produce parts at the Motorbike Spare Parts 1 Company in Song Cong Industrial Park, Thai Nguyen Province. The banking sector has been asked to make it easier for firms to access loans in order to curb inflation and maintain economic stability. — VNA/VNS Photo Hoang Hung.

HA NOI  (VNS) — Prime Minister Nguyen Tan Dung has called for more drastic actions in restructuring the credit institutions' system for the 2011-15 period.

The Prime Minister made his comments while addressing a conference held by the State Bank of Viet Nam (SBV) to launch its 2014 tasks in Ha Noi yesterday.

He asked the banking sector to make great efforts, implementing monetary and fiscal policies, to keep next year's inflation rate at 6.5-7 per cent.

This was also required to control interest rates and credit, in line with the nation's economic situation, while making it easier for firms to have access to loans.

Further, in order to forge a healthy banking system, it was advisable to improve its monetary regulations and operations, raising them to international standards, alongside cleaning up bad debts and rearranging asset management companies, he said.

SBV Governor Nguyen Van Binh added that the bank had set the goal of actively and flexibly managing monetary tools that are expected to curb inflation and maintain economic stability.

At the same time, interest and exchange rates will be settled at reasonable levels to ensure the value of Vietnamese currency, he added.

Binh also vowed to extend credit packages, while more closely monitoring whether they are effectively used.

Regarding his making the nation's banks more transparent, he underscored all necessary solutions in the settlement of bad debts and increased inspections of banking activities.

Reviewing the banking sector's performance this year, Binh said SBV, in collaboration with ministries and agencies, had abided by resolutions on socio-economic development set by the National Assembly and Government.

He also credited inflation being kept under control and maintaining better banking liquidity due to strenuous efforts and disciplines. More loans have made their way into areas of priority, while foreign currency and gold markets are healthy. The plan on banking restructuring had come to fruition, he noted. — VNS

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