PM Pham Minh Chinh chairs meeting on monetary policy: Prime Minister Pham Minh Chinh chairs a meeting on the monetary policy with leaders of the State Bank of Vietnam (SBV), the Ministry of Finance, the Ministry of Planning and Investment, and other ministries and agencies. (Photo: VNA)

Chairing a meeting on the monetary policy with leaders of the State Bank of Vietnam (SBV), the Ministry of Finance, the Ministry of Planning and Investment, and other ministries and agencies, Prime Minister Chinh said that from now until the end of the year, to achieve higher growth, the money supply must be ensured, particularly for traditional growth drivers, and then new drivers, together with measures to control bad debts.

The leader revealed that up to 15-16 quadrillion VND is deposited at banks, asking for solutions so that this capital source can effectively serve production and business.

He emphasised that the government is operating a good monetary policy, especially in managing the gold market. However, in the long term, fundamental measures are needed to prevent the "dollarisation" and "goldisation".

Prime Minister Chinh noted that since the beginning of the year, the implementation of a proactive, flexible, timely and effective monetary policy and the synchronous and harmonious coordination between the expanded fiscal policy and other macro policies proved their effectiveness, contributing to achieving socio-economic development goals.

However, according to the Prime Minister, the country will face many difficulties such as increasing interest rates, credit growth failing met requirements, an increasing demand for foreign currency due to increased imports; unpredictable and complicated geopolitical risks and tensions; and large credit balances.

Prime Minister Chinh requested relevant ministries and agencies to grasp and closely follow the situation in the coming time; continue to implement a proactive, flexible, timely and effective monetary policy; coordinate synchronously, harmoniously and closely with the expanded fiscal policy and other macro policies to promote growth, ensure macroeconomic stability, control inflation, and ensure major balances of the economy.

He asked ministries and agencies to implement measures to increase revenue and save state budget expenditures; step up digital transformation, apply e-invoices in revenue management; thoroughly save regular spending; effectively implement policies to extend, exempt and reduce taxes, fees and charges; promote public investment, taking public investment as the driving force for private investment; promote the issuance of government bonds; and increase credit for traditional growth drivers and new growth drivers.

The Government leader also demanded measures to boost exports, striving to reach the new export record of between 750-800 billion USD, with a trade surplus of over 20 billion USD in 2024.