In his speech, the Government chief emphasized that in 2024, under the leadership of the Party and the combined efforts of the entire political system, businesses, and the public, Vietnam successfully achieved all 15 key socio-economic targets, exceeding 12 of them. He highly appreciated the role of the banking sector, especially commercial banks, in supporting the national economy through challenging times.

PM Chinh affirmed that banks are the lifeblood of the economy. If financial flows are not smooth, monetary policy will be affected, which in turn influences economic growth, inflation, and macroeconomic stability. He noted that the Government had reported to the Politburo, the Central Committee, and the National Assembly Standing Committee on plans to raise the GDP growth target for 2025 to at least 8% to create momentum for further acceleration in the coming years.

Given the rapidly changing global economic landscape with increasing risks of supply chain disruptions, production breakdowns, and market fragmentation, the PM stressed the need for a thorough assessment of the situation and timely response strategies. He called on commercial banks to provide recommendations and propose appropriate policies. He also urged continued efforts to strengthen the three main growth drivers, which are exports, consumption, and investment, while exploring credit programs to support young people in purchasing homes.

According to the State Bank of Vietnam, in 2024, the banking sector carried out various measures to stabilize exchange rates, lower lending rates by 1.24% compared to the end of 2023, ensure system liquidity, and boost credit growth by 15.08%. Several credit programs were also effectively deployed to support businesses, social housing, and key sectors such as forestry and fisheries.

The sector also focused on controlling bad debts, completing the transfer of four weak banks, expanding cashless payment systems, and accelerating digital transformation.

Solutions for socio-economic development alongside commercial banks under scrutiny

VOV.VN - Prime Minister Pham Minh Chinh chaired a meeting on September 21 between cabinet members and leaders of 13 joint stock commercial banks as part of efforts to seek measures aimed at boosting national socio-economic development.