Hanoi (VNA) – Prime Minister Pham Minh Chinh on July 15 ordered prioritising capital for production and trade to fuel growth in tandemwith stabilising macro-economy, controlling inflation and Governm🍌ent and publicdebts while ensuring major balances of the economy.

Speaking at a teleconference to review the activitiesof the State Bank of Vietnam (SBV) in the first half and launch its tasks forthe remainder of this year, PM Chinh asked the central bank to pursue active, flexibleand effective monetary policy while accelerating decentralisation andadministrative reform. Capital should be gearedtoward priority areas and growth driving forces, while loan interest rates must be cut tofacilitate citizens and businesses’ access to credit, he said. The PM ordered that the forex rates must bemanaged actively and flexible, with the global and domestic situations taken into consideration. Drastic and effective efforts must be exerted to carry out ascheme on restructuring credit institutions and dealing with bad debts for the2021-2025 period. As the size of the domestic corporate bondmarket remains modest compared to those of other countries and the set target, he ordered the raising of capital through bond issuance to support economic recovery. The leader called on the business community,together with the SBV and banking sector, to further strive to save costs,renovate corporate governance, step up digital transformation, and propel greengrowth and circular economy. Ministries, agencies and localities were alsourged to work closely with the bank and credit institutions to tackle difficultiesin production and trade, especially via fine-tuning policies and mechanisms andreforming administrative procedures./.