Prime Minister Pham Minh Chinh has directed the Ministry of Finance and the State Bank of Vietnam to present a legal framework for managing digital assets and currencies to the government in March.
The order is part of Directive No. 05 recently signed by the government leader, which outlines measures to accelerate nationwide economic growth in 2025, aiming for a growth rate of at least eight percent.
In Vietnam, there is no formal legal framework to regulate the trading and use of virtual currencies, but cryptocurrency transactions are still occurring.
According to a 2024 report by Triple-A, a global payment institution, Vietnam ranked second in the world for the percentage of its population owning digital currencies.
As such, many experts called for the introduction of policies and regulations to govern this asset.
Additionally, the prime minister has instructed the central bank to improve the management of interest rates, exchange rates, and credit growth.
The central bank was tasked with closely monitoring and supervising the interest rates for deposits and loans at commercial banks, as well as taking action to lower lending rates to help residents and firms access loans at affordable costs, according to the directive.
Furthermore, the central bank was urged to intensify its efforts in inspecting and monitoring the activities of credit institutions, especially focusing on ensuring transparency in interest rates and credit provision.
The prime minister emphasized the need for strict enforcement against institutions engaging in unhealthy, non-compliant interest rate competition.
‘National Housing Fund’ for people under 35
Under the directive, the central bank was assigned to consider expanding its loan program for the forestry and fishery sectors to some VND100 trillion (US$4 billion) and broaden the scope of the program.
Besides, it is vital to continue studying the implementation of preferential credit packages to stimulate economic growth and help young people under 35 years old purchase homes, according to the prime minister’s directive.
The Ministry of Construction was ordered to work with relevant units to establish a ‘National Housing Fund’ aimed at developing affordable housing projects in major urban areas for people under 35.
The government leader underscored that ministries, agencies, and localities should collaborate in researching and proposing mechanisms and policies related to taxation and credit to spur purchasing power, boost domestic consumption, and promote tourism during national holidays.
In particular, the Ministry of Industry and Trade is in charge of enhancing domestic market connections, promoting trade, and encouraging the distribution of goods through digital platforms, while also strengthening supervision and addressing violations on e-commerce platforms.
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