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PM: Vietnam capable of maintaining growth   2008-10-01 - VNA

The Prime Minister has asked the relevant ministries and agencies, particularly the State Bank of Vietnam , to pay particular attention to fluctuations in global and US financial and credit markets in order to be able to take effective measures to ensure the safety and liquidity of the country’s banking system.

The State Bank of  Vietnam
At a working session in Hanoi on Oct. 10, a number of ministries and relevant agencies reported to PM Nguyen Tan Dung on the impact of the US financial and credit crisis on the global economy and, in particular Vietnam.

Also on the agenda were the discussion of effective measures to combat the current difficulties and maintain the stability and growth of the macro-economy.

The PM said the US financial crisis has not had a significant impact upon Vietnam’s credit and macro economy. However, Vietnam must not be complacent, he added.

He instructed ministries and units in the financial sectors to give priority to controlling inflation, stabilising the macro-economy, ensuring social security and maintaining suitable growth.

Monetary policies must be tightened, but remain flexible enough to ensure production and the continued investment development of business enterprises, he said.

Besides limiting the trade deficit, exports of Vietnamese products must be increased, the PM stressed, adding that Vietnam is capable of continuing to maintain financial stability and of achieving planned targets.

He requested that the State Bank of Vietnam instruct commercial banks to review loans to invest in real estate for the most effectiveness.

“Ministries and agencies must step up levels of information dissemination, increasing financial and credit disclosure to win the trust of the people, as well as domestic and foreign investors in Party and State policies under the management of the Government,” he said.

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