Vietnam’s banking sector contributes to monetary market stabilization
(VOVWORLD) - A meeting took place in Hanoi on Wednesday to review last year’s execution of monetary policies by the banking sector and to set tasks for this year.
Prime Minister Nguyen Xuan Phuc (C) attends the banking sector's year-end meeting (Photo: Thong Nhat/VNA)
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The sector’s report said it flexibly and comprehensively implemented monetary policies last year to stabilize the monetary market and foreign reserves and keep inflation below 3.54%. This is the fifth consecutive year Vietnam’s inflation has been kept under 4%.
The interest rate has been stable and credit quality has improved, boosting GDP growth. The restructuring of credit organizations and bad debt settlement have had very good results.
In the context of Industrial Revolution 4.0, the banking industry has increased its application of technology to improve its services and convenience to clients and reduce cash transactions.