Download Thực hiện Nghị quyết số 53/2013/QH13 ngày 11/11/2013 của Quốc

Implementing Resolution No. 53/2013/QH13 of the National Assembly dated November 11, 2013
on the plan of socio-economic development in 2014 and Resolution No.01/NQ-CP of the Government
dated January 2, 2014 on the key tasks and measures of implementing the plan of socio-economic
development and budgeting of 2014, the Governor of the State Bank of Vietnam (SBV) issued Directive
No.01/CT-NHNN on January 15, 2014 on the implementation of the monetary policy and safe and
sound banking operations in 2014. Accordingly, in 2014, the SBV will manage the monetary policy in a
flexible and active manner in close coordination with the fiscal policy in order to control inflation,
stabilize macro-economy, and support economic growth at a reasonable rate to ensure the liquidity of
credit institutions and the economy, and continue to take synchronous measures to restructure credit
institutions and resolve non-performing loans (NPLs) to improve governance and performance for
credit institutions.
1. Results of monetary policy management in the first nine months of 2014
a. Flexibly and synchronously managing the monetary policy instruments with a main focus on
open market operations (OMOs) to control money in circulation, get ready to inject money into
economy, support liquidity for credit institutions and stabilize the money and forex markets. By
September 30, 2014, the total liquidity had increased by 10.73% as compared to end 2013, capital
mobilization increased by 11.01% (VND capital mobilization increased by 12.37% and foreign currency
mobilization increased by 2.78%) as compared to end 2013; the liquidity of the system of credit
institutions (CIs) was ensured; the inter-bank market operated smoothly, inter-bank interest rates were
stable at a low level.
b. Maintaining the rates for mobilizing in VND and USD, and short-term loans for priority fields;
and continuing to require CIs to further reduce their lending rates (including the existing loans). Up to
now, the common VND mobilizing and lending rates have been down by 0.5 – 1.5% percentage point
p.a as compared to end 2013, hence contributing to removing difficulties in business and production in
parallel with meeting the objectives of inflation control and money market stability.
c. The interest rates of the existing loans have continued to be cut down; by September 18,
2014, the VND loan outstanding with interest rates of over 15% p.a accounted for 4.25% of the total
VND loan outstanding, lower than the ratio of 6.3% at end 2013. The VND loan outstanding with
interest rates of over 13% p.a accounted for 12.9% of the total VND loan outstanding, lower than the
ratio of 19.72% at end 2013.
d. On the basis of closely monitoring credit growth of each CI and the whole banking sector, the
SBV has adjusted the credit growth target for several CIs; cooperated with other ministries to resolve
problems related to credit operations; issued Circular No.22/TT-NHNN on August 15 to guide the
implementation of Decree No. 67/2014/ND-CP of the Government dated July 7 on several policies for
aquatic development; issued Circular No. 26/2014/TT-NHNN on refinancing credit institutions under the
guidance of the Government in its Decision No. 540/QD-TTg dated April 16, 2014 on credit policy vis-àvis shrimp and catfish rearing; revised the Circular on guiding credit extension to support the housing
loan package in line with Resolution No.61/NQ-CP of the Government dated August 21, 2014. The
SBV continued to implement the credit programs and policy for several economic sectors in order to
effectively extend credit, moving credit structure towards focusing on the priority areas, contributing to
ensuring social security such as the subsidy home loan package of VND 30,000 billion, the plan of 4partner coordination in the construction sector; the pilot plan of providing loans for agricultural and rural
development in the model of a chain of linking production with processing of agricultural products for
export, the agricultural production model with hi-tech application, the large-scale rice field model, the
credit policy for cattle breeding and maritime rearing; and cooperating with local authorities in directing
SBV municipal and provincial branches to implement the program to connect commercial banks with
enterprises. By September 30, 2014, credit of the whole banking sector to the economy increased by
7.26 % as compared to end 2013. The credit structure continued to shift towards focusing on the
1
priority areas as guided by the Government.
dd. Following the adjustment of the average inter-bank VND/USD exchange rate by +1% on
June 19, 2014, the inter-bank exchange rate has gradually been stable. Liquidity of the forex market
was good, the average foreign-currency transactions were adequate, and the legitimate demand of
foreign currencies from enterprises and individuals was met promptly. By September 3, 2014, the interbank VND/USD exchange rate was around 21,260; the VND/USD exchange rate quoted by
commercial banks was 21,195/21,245 which was much lower than the set ceiling exchange rate. In
September, the domestic gold market was comparably stable; the domestic gold price changed in line
with the international gold price.
e. Continuing to actively implement the Scheme of restructuring the system of CIs and resolving
NPLs, and contributing to unlocking the credit resources. Enhancing supervision of the monetary
market and banking operations in order to maintain the safe and sound banking sector.
g. Taking consistent measures to mitigate the increase of NPLs, guiding CIs to better make risk
provisioning and to utilize risk provisioning for NPL resolution, and improve credit quality to mitigate
new NPLs; The Vietnam Asset Management Company (VAMC) evaluated and classified purchased
NPLs for resolution in line with law.
2. Orientations in managing the monetary policy and banking operations in the coming time
In the remainder of 2014, in response to the guidance of the National Assembly and the
Government, the key tasks in Directive No. 01/CT-NHNN on the implementation of the monetary policy
and banking operations to ensure safe and sound banking operations in 2014 and closely monitoring
macro-economic development, the SBV will continue to manage the monetary policy in an active and
flexible manner in close coordination with the fiscal policy to control inflation, stabilize macro-economy,
support economic growth at a reasonable rate, and ensure the liquidity of CIs and the economy; flexibly
manage OMOs, the interest and exchange rates at reasonable levels in consistence with macroeconomic and monetary development, especially the inflation movement; focus on implementing credit
measures to lessen difficulties to help boosting business and production and extend loans for the
economy; and continue to accelerate the implementation of the Scheme of restructuring the system of
CIs and resolve NPLs aimed at developing the healthy banking sector.
VMH
2