THE STATE BANK OF VIETNAM

Directive No. 01/CT-NHNN dated January 31, 2013 of the State Bank on organization to implement the monetary policy and assurance of safe and effective banking operation in 2013
In furtherance of the Resolution No. 01/NQ-CP, of January 07, 2013, on key solutions on directing and executing implementation of socio-economic development plan and State budget estimate in 2013 (the Resolution No. 01) and the Resolution No. 02/NQ-CP, of January 07, 2013, on a few of solutions to remove difficulties for production and business, market support, dealing with bad debts (the Resolution No. 02) of the Government, the Governor of the State bank requests affiliated units of the State bank of Vietnam and credit institutions, foreign banks’ branches (hereinafter referred to as credit institutions) for good implementation of solutions in directing the monetary policy and banking activity in 2013 aiming to restraint inflation, stabilize macro-economy, remove difficulties for production and business, support market, contribute in economic growth at a reasonable level as follows:
I. GENERAL OBJECTIVES AND TASKS
1. To manage strictly, cautiously and flexibly the monetary policy, in close linkage with the fiscal policy aiming to control inflation at lower level, to push the economic growth to be higher than 2012, to strengthen macro-economy stability; on initiative and flexibly use instruments of the monetary policy, ensure reasonable speed of credit growth and total payment facilities, meeting payment needs of the economy; to operate interest rates and exchange rates in conformity with monetary situation and macro balances, especially inflation change. In the short term, to orient the total of payment facilities to increase about 14-16%, the credit to increase about 12% and based on changes, actual situation for suitable adjustment. To synchronously carry out solutions on management, inspection, supervision, institutional completion in order to consolidate the order and discipline in the monetary, credit, foreign exchange, exchange rates and gold markets, ensure activities of system of credit institutions in the safety and compliance with provisions of law on monetary and banking activity.
2. Drastically carry out solutions aiming to remove difficulties for production and business activities, the market support, and dealing with bad debts according to guidance of the Government in the Resolution No.2.
3. To concentrate on the synchronous and drastic implementation of solutions on restructuring the bank system according to directions of the Prime Minister in the Decision No. 254/QD-TTg, of March 01, 2012 and the action plan of the banking sector in carrying out the Scheme on restructuring system of credit institutions in period 2011-2015.