Resolution 01/NQ-CP: Shall the safe development of the corporate bond, securities, and real estate markets be promoted?
- What are the focuses set by the Government of Vietnam in the implementation plan of the Socio-Economic Development Plan in 2023?
- Shall the restructuring and safe development of the corporate bond, securities, and real estate markets be promoted in Vietnam?
- What are the details of promoting the settlement of weak credit institutions in the Socio-Economic Development Plan 2023 of the Government of Vietnam?
What are the focuses set by the Government of Vietnam in the implementation plan of the Socio-Economic Development Plan in 2023?
In Section I of Resolution 01/NQ-CP of 2023, the Government has stated the viewpoints and focuses in implementing the socio-economic development plan, improving the business environment, and enhancing the national competitiveness in 2023 as follows:
(1) Stick to the Resolution of the 13th National Party Congress; thematic resolutions, the conclusions of the Central Committee, the Politburo and the Resolutions of the National Assembly and the Government.
Focus on synchronously and effectively implementing the viewpoints, goals, tasks, and solutions of the Socio-Economic Development Strategy 2021-2030, the Five-Year Plans for the 2021-2025 period, including 3 strategic breakthroughs, 6 key tasks, and 12 key solution groups.
(2) Absolutely fail to be subjective, negligent, lethargic, but also not bewildered, wavering; always calm, confident, brave, proactive, flexible, creative in leadership, directing and operating, not changing state suddenly, operating "crazy".
Be solidarity, unity, striving, joint effort, unanimous determination to act at the highest level in the spirit of "Tiền hô hậu ủng", "Nhất hô bá ứng", "Trên dưới đồng lòng", "Dọc ngang thông suốt" to create synergy and consensus of the whole political system and society; adapt flexibly and effectively to the context and situation to "turn risks into chances".
Resolutely remedy difficulties and challenges, take advantage of opportunities and advantages for socio-economic development; proactively and actively integrate into the world comprehensively, deeply, substantively, and effectively, and build an independent and self-reliant economy.
(3) Improve analysis and forecasting capacity; be proactive in all situations, sensitively grasp new developments of the situation, promptly and decisively handle problems effectively, develop flexible scenarios and plans, and adapt to new issues.
Continue to operate monetary policy firmly, proactively, flexibly and effectively; closely and synchronously coordinate with expansionary fiscal policy and other policies;
Timely administer macroeconomic, fiscal, and monetary policy tools to properly and effectively balance exchange rates with interest rates, between controlling inflation and promoting economic growth, in line with the current practical situation.
(4) Be synchronicity, unity, and determination, drastic in directing and administering, while focusing on effectively handling regular tasks, long backlog issues, and promptly responding effectively to urgent and unexpected problems that arise in the short term, and at the same time implement fundamental tasks and solutions in the medium and long term.
Strengthen institutional improvement, focus on good implementation of communication and policy response in the process of elaborating and promulgating legal documents, focus on solving difficulties, and give supportive policy solutions timely and effective support for production and business;
Do whatever you can to finish it, not to prolong it, cause congestion, or waste resources; ensure the synchronization of immediate and long-term goals, and contribute to promoting rapid and sustainable socio-economic development.
(5) Develop culture on a par with the economy, politics, and society; well-implement policies on social security, and sustainable poverty reduction, ensure social progress and justice, protect the environment sustainably, take care of the material and spiritual life of the People, especially meritorious people, poor households, vulnerable groups in remote areas, border areas, islands, and ethnic minorities.
(6) Continue to consolidate and maintain national defense and security; promote external activities, improve the quality and efficiency of international integration; ensure a stable, peaceful, and cooperative environment to promote rapid and sustainable development.
Shall the restructuring and safe development of the corporate bond, securities, and real estate markets be promoted in Vietnam?
On January 6, 2023, the government issued Resolution 01/NQ-CP on key tasks and solutions for implementing the socio-economic development plan, estimating state budgets, improving the business environment, and improving national competitiveness in 2023.
The Government of Vietnam clearly stated some important contents in section II of Resolution 01/NQ-CP as follows:
- Closely monitor economic developments, the economic situation, prices, inflation, and global and domestic markets; promptly forecast and warn risks in order to implement appropriate policies; implement solid, proactive, flexible, and effective monetary policies; and harmoniously, reasonably, and closely coordinate with the implementation of expansionary fiscal policy with focuses and other policies.
- Stabilize the currency and foreign exchange markets; improve the capacity to adapt and resist; and ensure the stability of the financial and banking system in all situations.
- Continue to research and implement tax, fee, and charge support policies.
- Promptly guide the correct and sufficient implementation of policies to adjust the increase in statutory pay rate, pension, social insurance benefits, and preferential allowance for people with meritorious services to the revolution.
- Focus on strengthening and promoting the macroeconomic foundation, improving the economy's internal capacity and autonomy based on healthyization, high concentration for stability, safe and sustainable development of monetary, credit, and corporate bond markets, securities, and real estate;
- Do not lose system security; protect the legitimate rights and interests of enterprises, investors, and people; do not be provoked, manipulated, or cause insecurity or disorder.
- Review and perfect legal regulations, strengthen supervision, and inspection, promote restructuring, improve the operational efficiency of credit institutions, financial institutions, currency, corporate bonds, securities, and real estate markets, ensuring public development, transparency, safe, stability, healthy, sustainability...
Accordingly, regarding the restructuring of the corporate bond, securities, and real estate markets to stabilize the economy, due to the market instability in the past year, the Government has set the necessary task of perfecting legal regulations, strengthening supervision, inspection, promoting restructuring, improving the operational efficiency of credit institutions, financial institutions, currency, corporate bonds, securities, real estate markets in 2023.
What are the details of promoting the settlement of weak credit institutions in the Socio-Economic Development Plan 2023 of the Government of Vietnam?
The Government of Vietnam has clearly stated in subsection 1 Section II of Resolution 01/NQ-CP in 2023 as follows:
- Manage credit growth reasonably; meet the capital needs of the economy in order to contribute to controlling inflation and supporting economic growth; focus capital on production and business areas, priority areas, and growth drivers; and exercise credit control over potentially risky areas.
- Implement the project "Restructuring the system of credit institutions associated with bad debt settlement in the period 2021-2025," promote bad debt settlement, and focus on implementing competent authorities' instructions on restructuring and settling weak credit institutions, ensuring operational stability, and assisting these credit institutions to gradually recover.
- Improve credit institutions' management capacity and efficiency; in particular, continue to encourage credit institutions to reduce costs and stabilize lending interest rates in order to assist enterprises in recovering and developing production and business; focus on directing credit institutions to improve operational transparency, overcome the situation of share ownership exceeding the prescribed limits, review, handle, and prevent cross-ownership and lending in contravention of the law.
- Inspect, amend, and supplement the legal framework, mechanisms, and policies governing monetary and banking activities to ensure that the money market and banks operate in a safe, healthy, smooth, and sustainable manner.
- Investigate and propose legislation to govern the handling of bad debts and collateral for bad debts, as well as amending and completing the provisions of the Credit Institutions Law in the period 2021-2025, effectively implementing the project on the development of non-cash payment in Vietnam.
- Continue to implement solutions to promote the digital transformation of banking activities in order to apply new business models and provide people and enterprises with convenient and secure technology products and services.
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