PM Chinh presents the Labour Hero title to Vietcombank. (Photo: VNA)

Pointing to the complex, unpredictable global situation, the PM asked the State Bank and the banking sector to continue implementing cautious and flexible monetary policies, in concerted coordination with suitable fiscal policies and clear focuses in order to maintain the macro-economic stability, control inflation, spur growth and ensure major economic balances.

The government leader also urged the banking sector to step up its analysis and forecasting work, keep a close watch on both domestic and international situation with a view to taking timely, effective policy response.

The banks should continue to reduce costs in order to lower interest rates and push ahead with restructuring in tandem with bad debt handling, the PM continued.

He asked Vietcombank to continue playing a pioneer role in administrative modernisation and cost reduction to cut lending rates, and make it easier for people and businesses to access credit packages.

According to the leader, the national banking sector development strategy by 2025, with a vision towards 2030, aims to have at least two to three commercial banks ranked among the top 100 largest in terms of total assets in Asia, and three to five others listed on foreign stock markets.

“Vietcombank should pioneer in taking on this mission,” he said.

Speaking at the event, Governor of the State Bank of Vietnam Nguyen Thi Hong lauded Vietcombank’s important contributions to the country's development and international integration in general and the banking sector in particular.

Vietcombank should work to rise to the regional level and focus on digital transformation to become a leading bank in ASEAN, she said.

Over the past six decades, Vietcombank has maintained its No.1 position in Vietnam and has been one of the 1,000 largest listed businesses globally.

According to a report presented at the meeting, the bank’s total assets reached 1.8 quadrillion VND (76.76 billion USD) last year, and its pre-tax profit exceeded 1.5 billion USD.

Vietcombank has been running a network of 121 branches, 510 transaction offices, and 1,200 correspondent banks in 95 countries and territories worldwide. It has been honoured with many prizes and titles by domestic and international organisations like S&P, Fitch Ratings, Moody’s, Brand Finance and Forbes.

On this occasion, on behalf of Party and State leaders, PM Chinh presented the Labour Hero title to Vietcombank for its outstanding achievements in the cause of Doi Moi (Reform)./.