The Government of Vietnam recently issued Resolution 01/NQ-CP on major tasks and solutions guiding and directing the realisation of the socioeconomic development plan and State budget estimation in 2016. Particularly, it required a reasonable exchange rate regulation consistent with macroeconomic developments.
Accordingly, to accomplish the highest goals and targets of socioeconomic development in 2016 and create momentum for 5-year socioeconomic development plan in 2016-2020, the Government requested ministries, central agencies, provincial/municipal People's Committees, organisations and individuals to carry out defined solutions and tasks in all aspects and execute strategies, programmes, projects, plans and policies to support socioeconomic development.
Specifically, the Government requested the State Bank of Vietnam (SBV) to coordinate with concerned ministries, central agencies and localities to operate monetary policies actively and flexibly, cooperate closely with fiscal and macroeconomic policies to control inflation, enhance macroeconomic stability and support reasonable economic growth.
| On December 31, 2015, the State Bank of Vietnam issued Decision 2730/QD-NHNN to announce the central rate of Vietnamese dong versus US dollar and the cross rate of dong versus other foreign currencies. Accordingly, the central rate of VND versus USD daily announced by the SBV is the basis for licensed credit institutions, foreign bank branches to determine the buying and selling USD/VND exchange rate. |
Besides, the SBV will synchronously use monetary policy instruments and other measures and vehicles to support forex market stability, regulate exchange rates reasonably in support of macroeconomic development, and domestic and international financial and monetary markets.
It will regulate interest rate in line the macroeconomic development, inflation and currency market; boost credit growth in line with raising credit quality; and closely control credit provided for potentially risky sectors (real estate, long-term project, etc.)
The Government also asked the SBV to manage the gold market as stipulated in Decree 24/2012/ND-CP dated April 3, 2012 of the Government on management of gold trading; strengthen the control of foreign currencies and gold; further improve foreign exchange reserves; and promote non-cash payments.
The SBV will also take measures to keep close watch on happenings in international financial and monetary markets to minimise negative impacts of the international economic integration on domestic foreign exchange market.
H.S
Vietnamese
