Prime Minister Pham Minh Chinh addresses the conference

The event drew leaders of ministries and sectors, as well as heads of 38 commercial banks, and representatives from the Vietnam Banks Association.

Opening the conference, PM Chinh underlined that belonging to the same economic ecosystem, the development of banks and businesses is closely related to each other as well as to the growth of the whole economy.

As Vietnam is building a socialist-oriented market economy, the country aims to reduce the use of administrative tools and increase market tools to operate the market, he said.

According to the State Bank of Vietnam, as of November 30, credit provided to the economy had reached 13 quadrillion VND (535.49 billion USD), up 9.15% over the end of 2022. Of the total, outstanding loans in the agro-forestry-fisheries sector was about 918.6 trillion VND, while that in the industry-construction sector reached more than 3.32 quadrillion VND, an increase of 7.31%, and the service industry nearly 8.6 quadrillion VND, a rise of 7.9%.