Vietnam - Vietnam central bank should resolve liquidity of banking system in Q1

Vietnamese government on February 8, 2012 issued a Resolution on regular cabinet meeting in January 2012 (Resolution No 03) whereby in the next period, ministries, department and localities will have to strictly and synchronously implement the government's measures to perform the goals and tasks in 2012, which focus on macro-economic stability and inflation control and promote economic restructuring.

In particular, the Government requested the State Bank of Vietnam (SBV) to implement measures to encourage and support credit institutions to give capital source priorities for agriculture, rural areas, production of goods for export, processing industry, supporting industry, small and medium sized enterprises (SMEs) and sectors using many workers.

In the first quarter of 2012, the central bank must have solution for liquidity issue of the banking system and closely monitor the situation to give plan for lowering interest rates at a reasonable level at the proper time.

Ministry of Planning and Investment (MoPI) is asked to have measures to boost FDI (foreign direct investment) capital attraction, especially from multinational corporations, review and classify troubled enterprises to suggest appropriate policies to support businesses.

Ministry of Finance (MoF) is asked to study and propose solution and roadmap to implement price adjustment for some essential commodities under the market price mechanism.

Ministry of Industry and Trade (MoIT) will carry out solutions to develop the local market, increase the purchase power of people and continue to strictly control the imports of unnecessary consumer goods.

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