National Assembly Chairman Vuong Dinh Hue extends New Year greetings to Co-op Bank of Vietnam (Photo: VOV)

In a New Year visit to the Hanoi-based bank, the leader hailed the banking sector’s performance in digital transformation and cashless payments, as well as its contributions to perfecting the legal system. Mentioning socio-economic targets set for 2024 and the 2021-2025 tenure, Hue noted that the banking sector plays a crucial role in the national economy by providing fiscal security.

He asked the sector to adopt proactive, flexible, prompt and effective monetary policies in harmonious coordination with other fiscal policies to resolve bottlenecks in production and business activities.

Hue said the banking industry is the lifeblood of the economy, the main capital channel serving production and business, contributing to building an independent and self-reliant economy and promoting proactive, substantive and effective international integration.

“The banking sector needs to continue to closely follow the direction of the Party Central Committee on agriculture, farmers, and rural areas until 2030, with a vision to 2045 and the implementation of the Resolution on continued innovation, development and improvement of the collective economy in the new period, the National Assembly Resolution on the 2024 Socio-Economic Development Plan and the direction of the Government and the State Bank on ensuring safe and effective lending to priority areas in order to promote economic development,” said Mr. Hue.

He asked the sector to improve its forecasting and analysis capacity by keeping a close watch on the regional and global economies. Especially important are energy price developments, making and managing suitable monetary policies, and ensuring harmony between reducing interest rates and stabilizing exchange rates.