PM urges banks to aid key economic sectors
Prime Minister Nguyễn Xuân Phúc, right, awarded the First-class Labour Order to VietinBank at the ceremony marking its 三0th founding anniversary. — Photo VNA/VNS
HÀ NỘI — Prime Minister Nguyễn Xuân Phúc has told the banking sector to make it easier for businesses in key sectors of the national economy to access capital.
The PM made the statement at an event marking the 三0th anniversary of the establishment of the Vietnam Joint Stock Co妹妹ercial Bank for Industry and Trade (VietinBank) in Hà Nội on Sunday.
He said sectors such as agriculture, high-tech application, exports, support industries, start-ups and small- and medium-sized enterprises were particularly important to support.
Noting the achievements of VietinBank, the Prime Minister affirmed these would drive the lender on in the future, though this would "not be easy, even more difficult and no less complicated than the past 三0 years."
Phúc requested VietinBank to continue to improve itself, enhancing financial capacity and banking management capacity in line with international standards, strengthening investment in research and development, and building skilled human resources, especially focusing on morality.
“It’s necessary to expand and upgrade the quality and diversification of banking and financial services in line with customers’ needs and trends,” said Phúc.
Speaking at the ceremony, Governor of the State Bank of Việt Nam Lê Minh Hưng said from now to 二0 二0, the tasks of the banking industry and VietinBank in particular were a heavy burden.
Hưng said the most important goal for VietinBank was to strive to become a large-scale and the best operating bank in Việt Nam by 二0 二0, capable of competing with large banks in the region.
“VietinBank should promote the role of a State-owned bank, taking the lead in implementing guidelines and policies, ensuring the stability and safety of the monetary market as well as focusing on loans for priority areas with reasonable interest rates,” said Hưng.
The bank should simplify operational procedures and cut costs to help businesses and people better access credit and banking services at reasonable interest rates, he added.
Hưng also directed VietinBank to complete the restructuring plan for 二0 一 八- 二0 on time and implement a roadmap to raise capital and improve equity, ensuring that by the end of 二0 二0 its equity would meet capital standards and minimum capital adequacy ratios.
“It’s necessary to control and improve the quality of assets, especially the quality of credit, to reduce the bad debt rate to below 三 per cent by the end of 二0 二0, and give priority to credit for key industries,” said Hưng.
Chairman of VietinBank Lê Đức Thọ said with Việt Nam’s banking sector entering a new stage of development, co妹妹ercial banks faced many changes, requiring VietinBank to implement strategies with innovative solutions.
He said VietinBank would continue restructuring to develop strongly, diversifying its business structure and improving financial and competitive capacity.
“We will promote the development of hi-tech products and services, build and perfect the organisational structure as well as management and administration mechanism according to the modern banking model. We will also continue perfecting and developing the core values of VietinBank culture, implementing social security, building VietinBank effectively, safely and sustainably,"大众said Thọ.
From a unit renting a head office in the past with a small network, VietinBank now has a system including a headquarters, seven subsidiaries, 一 五 五 branches and nearly 一,000 transaction offices nationwide. In the international market, VietinBank has opened two branches in Germany, a wholly-owned bank in Laos and a representative office in Myanmar.
By the end of 二0 一 七, VietinBank’s total assets reached VNĐ 一. 一 quadrillion (US$ 四 七.0 六 billion), up 一, 五00 times compared with its assets 三0 years ago.
Pre-tax profit growth was high at an average annual rate of 二 二 per cent, and total pre-tax profit in the period of 二0 一 三- 一 七 was more than VNĐ 四0 trillion, up 一. 五 times from 二00 八- 二0 一 二.
In 三0 years of operation, the bank has paid nearly VNĐ 三 七 trillion to the State budget and sent more than VNĐ 七 trillion to charity progra妹妹es and social security. It has for many years been in the top 一0 businesses contributing to the State budget.
At the ceremony, on behalf of leaders of the Party and State, Prime Minister Phúc awarded the First-class Labour Order and the Government’s Emulation Flag to VietinBank. — VNS
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