On the morning of June 19, within the framework of the question and answer session at the ninth session of the 15th National Assembly , Governor of the State Bank Nguyen Thi Hong spoke to clarify a number of issues related to the financial sector.
From her experience in managing the macro economy , Governor Nguyen Thi Hong said that there are some points that need to be taken into account. In particular, domestic capital depends heavily on medium and long-term bank credit. The credit balance to GDP ratio will be 134% by the end of 2024. If we continue to rely on bank capital, there will be potential systemic risks and may cause consequences for the economy.
“Therefore, it is difficult for us to achieve both high growth and sustainability. This is an issue that ministries and sectors managing the macro economy in the coming period need to pay close attention to when balancing capital sources for the target of high economic growth,” the Governor said.
Governor Nguyen Thi Hong also said that from now until 2030 and with a vision to 2045, the country plans to implement many projects with very large investment capital.
“For example, how to build an additional 2,000km of highways, so that by 2030 we will have 5,000km of highways as set out in the Resolution of the 13th Party Congress. We are also implementing the North-South high-speed railway project, which is also of great value; then airports, ports, Power Plan VIII...”, Governor Nguyen Thi Hong said.
From the above issues, the Governor said that ministries need to calculate and specify the mobilized capital sources and especially the borrowing capacity, how to mobilize, the time of division, reserve capital sources... to ensure that when the project starts construction, capital can be arranged and not be passive; at the same time, it does not create great pressure on macro risks, achieving high growth but also sustainability.
Governor Nguyen Thi Hong also said that to achieve growth of 8% or more, the State Bank has set a credit growth target of about 16% and can adjust accordingly. The State Bank will continue to closely monitor economic developments to flexibly implement appropriate solutions and management tools, contributing to controlling inflation, stabilizing the macro-economy, stabilizing the money and foreign exchange markets and ensuring the safe operation of the banking system.
Source: https://hanoimoi.vn/thong-doc-nguyen-thi-hong-can-can-doi-cac-nguon-von-cho-muc-tieu-tang-truong-cao-706063.html
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