04:01 (GMT +7) - Wednesday 26/10/2016

Vietnam Today

Bank restructuring accelerated

Released at: 11:18, 05/04/2016

Bank restructuring accelerated

SBV directed to develop credit programs towards credit expansion in line with safety assurance and greater credit quality.

The State Bank of Vietnam (SBV) must accelerate the comprehensive restructuring of credit institutions in Vietnam and the handling of non-performing loans.

The task has been assigned to it under Resolution No. 23/NQ-CP from the government’s March meeting.

The government also requested that the SBV actively and flexibly regulates monetary policy in close coordination with fiscal policy, curb inflation according to set targets, and ensure the stability of the monetary market. The central bank is also tasked with effectively developing credit programs to facilitate credit expansion in line with safety assurance and greater credit quality, creating easy access to credit for all.

The Ministry of Planning and Investment will work with related ministries, sectors and localities to formulate a plan for economic restructuring during 2016-2020, promote public-private partnerships in order to attract investment from various economic sectors at home and abroad, and push the implementation of solutions for developing small and medium-sized enterprises.

The Ministry of Finance, meanwhile, has been assigned to effectively implement tax policies for production and business and to boost the application of information technology in the reform of administrative procedures relating to taxation, customs and the State treasury.

The government has asked the Ministry of Industry and Trade to identify solutions for developing the domestic goods and services market, boosting exports and creating links between domestic and foreign markets in order to set orientations for production, consumption and export activities.

Ministries and sectors, localities and State economic groups and corporations are required to continue with the reorganization, equitization and improvements to the operational effectiveness of State-owned enterprises, promulgate according to their competence or submit to competent authorities for promulgation the organization and operational charters of wholly State-owned enterprises, review and supplement the list of enterprises subject to equitization or State capital divestment, and formulate an overall plan for the reorganization, renewal and restructuring of State-owned enterprises during 2016-2020 for submission to the Prime Minister in the second quarter of this year.

Source: VLLF

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