The State Bank of Vietnam (SBV) has asked its affiliated units, credit institutions and foreign bank branches to properly administer monetary policies and banking operations in 2016 to control inflation, stabilize macro-economy and back economic growth.
Under Directive No. 01/CT-NHNN issued by the SBV Governor on February 23, 2016, SBV will proactively and flexibly administer monetary policies in close line with fiscal and other macro-economic policies to control inflation at below 5 percent, stabilize the monetary market and ensure liquidity of credit institutions and the economy.
The Directive sets the growth of total payment instruments and credit outstanding balance at 16-18 percent and 18-20 percent, respectively. The rates may be adjusted to fit the practical situation.
The central bank also directs the implementation of monetary and banking solutions to facilitate enterprises, cooperatives and households in access to credit capital.
The SBV will further speed up the restructuring of credit institutions and drastically handle inefficient ones. It will also manage to improve credit quality and maintain the bad debt ratio at less than 3 percent.