Vietnam sets up financial and monetary policy council

By Toan Dao   June 19, 2016 | 12:00 pm GMT+7

Prime Minister Nguyen Xuan Phuc has decided to establish a National Council for Financial and Monetary Policy Consultation, led by Deputy Prime Minister Vuong Dinh Hue.

Governor of the State Bank of Vietnam Le Minh Hung has been named permanent vice president of the 39-member council, while the two vice presidents are Minister of Finance Dinh Tien Dung and Chairman of the National Financial Supervisory Committee Vu Viet Ngoan.

Deputy Prime Minister Vuong Dinh Hue. Photo by VnExpress/Duc Hung

Deputy Prime Minister Vuong Dinh Hue. Photo by VnExpress/Duc Hung

The council is responsible for discussing and proposing recommendations to the government and the PM regarding important guidelines, policies and projects as well as important issues in the field of finance and monetary policy.

It will also consult on other issues relating to the implementation of financial and monetary policies assigned by the PM.

PM Phuc has recently taken various steps to strengthen the nation's finance and monetary systems. In the latest move, the Ministry of Finance under his direction has requested state agencies to submit reports on their use of official development assistance (ODA) and other preferential loans in an attempt to keep loans at "safe level".

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