Throughout the development of the socialist-oriented market economy , the Vietnamese revolutionary press has always played a pioneering role in disseminating the Party's guidelines and policies and the State's laws. In the economic-financial field, especially monetary policy, exchange rates and interest rates - key macroeconomic management tools - the press not only plays the role of an information channel, but also a reliable companion of management agencies, businesses and people.
“Information wall” helps distinguish “true-false”
In the context of the constantly fluctuating global financial market, the monetary policy management of the State Bank of Vietnam is increasingly flexible, proactive, cautious and in line with domestic and foreign economic developments. However, monetary policy is a highly technical field, not easily accessible to the majority of people. This is when the role of the press becomes evident.
Through economic pages, analysis articles, and expert interviews, the press has concretized dry concepts such as “tightening monetary policy,” “lowering the ceiling on operating interest rates,” and “pegging exchange rates to a currency basket” into easy-to-understand and accessible information. From there, businesses and people have a basis to adjust their production, business, savings, or investment plans to suit the economic context.
Especially during "hot" periods such as the COVID-19 crisis, the period of high global inflation in 2022-2023, or when the USD/VND exchange rate fluctuated strongly in 2024, the press quickly conveyed information from the State Bank on measures to intervene in the foreign exchange market, maintain system liquidity and stabilize market sentiment.
In fact, monetary policy, interest rates, and exchange rates are not only issues for experts but also directly affect market expectations, people's psychology, and investment and consumption decisions. In many cases, if information is not fully transmitted or is incorrect, it can cause a chain reaction - such as a wave of withdrawals, speculation in foreign currencies and gold, or panic in the financial market.
Experts say that the press, with its timely information verification and reflection, has made an important contribution to “stabilizing expectations.” For example, when there were false rumors about the financial health of some banks, the mainstream press quickly stepped in, interviewed the management agency, published affirmations about the safety of the system and policies to protect depositors’ rights, thereby helping to stabilize market confidence.
During “hot” periods such as the COVID-19 crisis, the period of high global inflation in 2022-2023, or when the USD/VND exchange rate fluctuated strongly in 2024, the press quickly conveyed information from the State Bank on measures to intervene in the foreign exchange market, maintain system liquidity and stabilize market sentiment.
In addition, many newspapers have set up “policy decoding” columns inviting financial and banking experts to conduct in-depth analysis, thereby improving the community’s understanding of policies – a key factor in making policies effective.
Mr. Nguyen Quang Huy - CEO of the Faculty of Finance and Banking, Nguyen Trai University, assessed that the press has become an important link in the chain of policy feedback - adjustment - improvement: Listening and reflecting the voices of businesses, investors, and people before changes in monetary policy; Questioning and actively criticizing decisions that lack reasonable delays and lack of synchronization between monetary and fiscal policies.
According to Mr. Huy, in recent times, the press has contributed to creating policy pressure towards transparency, sustainability and international practice, while also guiding public opinion and leading expectations. A policy will only truly be effective when accompanied by good expectation management. And the press is an effective tool to "pull the expectation curve" in the right direction that the operator desires.
“Through in-depth analytical articles, expert interviews and special news, the press helps stabilize market sentiment, limit extreme reactions that disrupt currency supply and demand. Fight against false and distorted information, especially in the era of social media development and fast-spreading fake news. Shape public financial awareness, help improve adaptability and make smart financial decisions,” Mr. Huy analyzed.
Dr. Nguyen Quoc Hung - Vice Chairman and General Secretary of the Vietnam Banking Association also commented that, in the face of market fluctuations, the rapid spread of social networks, the press is a "wall of information" that helps the public distinguish between right and wrong, real and fake. Many times, during sensitive times of the market, the press has promptly spoken out, contributing to stabilizing social psychology, protecting the management achievements of the banking industry, refuting false information, preserving trust in the financial-banking system and, above all, preserving people's trust in policies and institutions. At the same time, it encourages and promotes innovative, safe, modern and community-oriented banking models.
“I always believe that the development of the banking industry today has a large part of the silent but extremely important contribution of the press system in general, and the banking press in particular. Each news line, each topic, each interview - all are creating a transparent, critical and supportive market so that the banking industry can constantly innovate, integrate and better serve the economy and the people,” Mr. Hung assessed.
Accompanying businesses and commercial banks
Not only reflecting the policies of the State Bank, the press also plays a role in monitoring and connecting commercial banks with businesses and people. Articles reflecting the implementation of preferential credit packages, interest rate support programs, and capital disbursement for real estate, agriculture , and processing industry have helped banks to be transparent in information and receive feedback from the market.
For example, in programs such as the VND120,000 billion credit package (now increased to VND145,000 billion) for social housing, the press has reported many cases of people having difficulty in loan procedures, thereby creating pressure for commercial banks to simplify the process and put the policy into practice.
Faced with market fluctuations and the rapid spread of social networks, the press is a "wall of information" that helps the public distinguish between right and wrong, true and false.
Some online newspapers such as VietnamPlus, Nguoi Lao Dong, Tuoi Tre, Vneconomy… have had series of articles continuously updating the deposit and lending interest rates of major banks, helping people have information to choose the right bank, as well as independently monitor the financial market.
In addition to reflecting and conveying policies, the press is also an effective channel for social criticism. Through the opinions of experts, businesses, and citizens, the press helps the executive agency identify “policy lag,” suitability with reality, as well as bottlenecks in the implementation process.
A typical example is that during the period of high interest rates in 2022, many articles from the press warned about the risk of capital costs weighing on manufacturing enterprises, leading to "strangulation" of growth. Since then, the interest rate management policy in 2023 has been adjusted more flexibly, focusing on supporting production instead of tightening monetary policy.
Especially in 2025, the press has widely disseminated Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and national digital transformation, credit policies to support agriculture, forestry and fisheries; credit packages for rice in the Mekong Delta, etc.
The leader of a commercial bank in the Big4 group commented: “Commercial banks today cannot stay out of the media game. We really need the press to bring information about financial products, credit policies, especially customer support programs to the people. In fact, many credit packages only began to receive strong attention after a series of articles analyzed and illustrated specific benefits for borrowers. This is something that simple advertising cannot do.”
Need to strengthen capacity, promote the role of "market orientation"
However, it must be admitted that the current critical role of the press in the financial-banking sector is still limited in depth. Many new articles stop at citing information from management agencies, lacking independent analysis, perspectives from localities or directly affected subjects such as small businesses, home buyers, and micro-enterprises.
Part of the reason comes from the fact that the number of specialized economic reporters is still low, especially reporters specializing in banking and finance, while this is a complex field that requires interdisciplinary knowledge.
The press needs to continue to promote its role as a "fire-bearer," a forum for exchanging and connecting knowledge between management agencies, credit institutions, and people and businesses.
Associate Professor, Dr. Tran Hoang Ngan commented: “When the press plays the role of guiding public opinion on a scientific basis, with the participation of experts, policy information becomes much closer and easier to absorb. However, I think there is still a lack of long-term articles that follow a policy from its formation to its implementation and evaluation of its effectiveness. If the press does this well, the executive agency will have an additional channel for very valuable policy feedback.”
Appreciating the press for accompanying the State Bank in important stages such as the bond crisis, exchange rate management in the face of fluctuations from the Fed, or controlling inflation after the COVID-19 pandemic. However, Mr. Huy said that there are still some gaps in information transmission such as lack of in-depth analysis, thin medium and long-term topics, many contents are still short-term and reflect phenomena rather than nature. In particular, it has not been widely and deeply disseminated to vulnerable groups, people in rural areas, remote areas - who also need to be protected from financial fluctuations. This will be an important "link" to help national financial policies be more inclusive and fair.
Mr. Hung also recommended that the banking industry is currently entering a period of profound transformation - from digitalizing operations, enhancing risk management, developing comprehensive finance, to promoting green finance and green banking. In that context, the press needs to continue to promote its role as a "fire-bearer," a forum for exchanging and connecting knowledge between management agencies, credit institutions and people and businesses. Thereby, helping society better understand and trust the policies of the Party and State in general, and the banking industry in particular.
The press is not only the voice of public opinion, but in a modern and flexible economy, it is also a soft pillar that helps support and spread the effectiveness of monetary policy.
A correct policy without communication will go astray. On the contrary, a flawed policy with good communication will have the opportunity to be discussed, adjusted and socially agreed upon. The press, if given due importance, will not only accompany but also become an indispensable part of the process of planning, implementing and elevating national policies./.
Source: https://www.vietnamplus.vn/cau-noi-chinh-sach-tien-te-dong-hanh-cung-doanh-nghiep-lan-toa-post1045047.vnp
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