Tài liệu Báo cáo "chính sách tiền tệ ngân hàng nhà nước 2008 " ppt

Trong böịi caênh ăoâ, Chñnh phuê Viïơt Nam ăaô trònh Quöịc höơi ăiïìu chónh giaêm muơc tiïu tùng trûúêng kinhtïị nùm 2008 tûđ mûâc 8,5%-9% xuöịng 7% vađ chuýín sang ûu tiïn kiïím soaât l

Báo cáo "chính sách tiền tệ ngân hàng nhà nước 2008 "

MUÅC LUÅC

LÚÂI TÛÅA CUÃA THƯËNG ÀƯËC

Truå súã chđnh vâ cấc chi nhấnh NHNN tĩnh, thânh phưë

Ban lậnh àẩo NHNN

Xuêët nhêåp khêíu hâng hốa

Lao àưång, viïåc lâm, thu nhêåp

Thu chi Ngên sấch

Cấn cên thanh toấn quưëc tïë

DIÏỴN BIÏËN LẨM PHẤT NÙM 2008

DIÏỴN BIÏËN TIÏÌN TÏÅ

❖Diïỵn biïën tưíng phûúng tiïån thanh toấn

❖Huy àưång vưën cuãa hïå thưëng ngên hâng

❖Tđn duång tiïëp tuåc tùng trûúãng, àấp ûáng nhu cêìu vưën cho phất triïín kinh tïë

❖Lậi suêët VND vâ ngoẩi tïå

❖Thõ trûúâng ngoẩi tïå liïn ngên hâng

❖ Hoẩt àưång thõ trûúâng àêëu thêìu tđn phiïëu kho bẩc

HOẨT ÀƯÅNG CUÃA NHNN

ÀIÏÌU HÂNH CHĐNH SẤCH TIÏÌN TÏÅ NÙM 2008

❖Quẫn lyá ngoẩi hưëi

❖Kïët quẫ àiïìu hânh chđnh sấch tiïìn tïå

❖Hoẩt àưång thanh tra giấm sất

❖Hoẩt àưång thanh toấn

❖Hoẩt àưång àưëi ngoẩi

HOẨT ÀƯÅNG KHẤC

TRIÏÍN VỔNG KINH TÏË VƠ MƯ VÂ HOẨT ÀƯÅNG NGÊN HÂNG NÙM 2009

❖Triïín vổng kinh tïë vơ mư toân cêìu vâ khu vûåc vâ ẫnh hûúãng àïën kinh tïë Viïåt Nam

❖Muåc tiïu àiïìu hânh chđnh sấch tiïìn tïå

❖Hoẩt àưång thanh tra giấm sất

❖Hoẩt àưång àưëi ngoẩi

PHUÅ LUÅC

4

678

FOREWORD BY THE GOVERNOR

Head Office and Provincial Branches

Management Board of the State Bank of Vietnam

Organization Chart of the State Bank of Vietnam

Credit Institutions System in Vietnam

WORLD AND VIETNAMESE ECONOMY

Production

Export and import

Labor, employment and income

State Budget revenue and expenditures

International Balance of Payment

INFLATION DEVELOPMENTS IN 2008

MONETARY DEVELOPMENTS

STATE BANK OPERATIONS

MONETARY POLICY MANAGEMENT IN 2008

OTHER ACTIVITIES

PROSPECTS FOR MACRO-ECONOMY AND BANKING SECTOR IN 2009

APPENDIXES

5

678

Nùm 2008, thïị giúâi cuông nhû Viïơt Nam ăaô chûâng kiïịn diïîn biïịn phûâc taơp vađ nhûông híơu quaê nùơng

nïì cuêa cuöơc khuêng hoaêng tađi chñnh toađn cíìu Kinh tïị thïị giúâi tùng trûúêng chíơm laơi, nhiïìu nûúâc phaâttriïín nhû Myô, Nhíơt Baên, caâc nûúâc thuöơc liïn minh chíu Íu ăaô lím vađo tònh traơng suy thoaâi kinh tïị;thûúng maơi toađn cíìu, thõ trûúđng chûâng khoaân thïị giúâi suơt giaêm; giaâ caê quöịc tïị biïịn ăöơng bíịt thûúđng; hađngloaơt caâc ắnh chïị tađi chñnh lúân trïn thïị giúâi phaâ saên, giaêi thïí hoùơc saâp nhíơp Vúâi ăöơ múê cûêa nïìn kinh tïịlúân, kinh tïị Viïơt Nam khöng traânh khoêi chõu taâc ăöơng búêi nhûông diïîn biïịn phûâc taơp cuêa möi trûúđng kinh tïịthïị giúâi Trong nûúâc, kinh tïị vô mö phaêi ăöịi mùơt vúâi nhiïìu ýịu töị khöng thuíơn lúơi nhû tònh traơng laơm phaâtvađ nhíơp siïu tùng maơnh trong 6 thaâng ăíìu nùm; tònh traơng tùng trûúêng kinh tïị chíơm laơi, saên xuíịt kinhdoanh cuêa doanh nghiïơp gùơp khoâ khùn trong 6 thaâng cuöịi nùm do kinh tïị toađn cíìu suy giaêm

Trong böịi caênh ăoâ, Chñnh phuê Viïơt Nam ăaô trònh Quöịc höơi ăiïìu chónh giaêm muơc tiïu tùng trûúêng kinhtïị nùm 2008 tûđ mûâc 8,5%-9% xuöịng 7% vađ chuýín sang ûu tiïn kiïím soaât laơm phaât lađ muơc tiïu hađng ăíìutrong 6 thaâng ăíìu nùm; bûúâc sang nûêa cuöịi nùm, trûúâc taâc ăöơng bíịt lúơi cuêa cuöơc khuêng hoaêng tađi chñnhvađ nguy cú suy thoaâi kinh tïị toađn cíìu, Chñnh phuê ăaô chuýín hûúâng muơc tiïu chñnh saâch sang chuê ăöơngngùn ngûđa suy giaêm kinh tïị Theo ăoâ, caâc chñnh saâch vađ giaêi phaâp ặúơc thûơc hiïơn linh hoaơt, ăöìng böơ vađkõp thúđi, goâp phíìn öín ắnh kinh tïị vô mö, duy trò tùng trûúêng kinh tïị úê mûâc húơp lyâ, ăaêm baêo an sinh xaô höơi Vúâi vai trođ lađ cú quan quaên lyâ nhađ nûúâc vïì hoaơt ăöơng tiïìn tïơ, tñn duơng vađ ngín hađng, ăöìng thúđi lađ ngínhađng trung ûúng cuêa nûúâc Cöơng hoađ Xaô höơi chuê nghôa Viïơt Nam, Ngín hađng Nhađ nûúâc Viïơt Nam ăaô baâmsaât chó ăaơo cuêa Chñnh phuê, linh hoaơt trong ăiïìu hađnh chñnh saâch tiïìn tïơ, tñn duơng vađ hoaơt ăöơng ngín hađngăïí öín ắnh thõ trûúđng tiïìn tïơ, ngoaơi höịi, ăaêm baêo hoaơt ăöơng cuêa caâc töí chûâc tñn duơng an toađn, ăaâp ûâng nhucíìu vöịn cho caâc töí chûâc vađ caâ nhín ăïí saên xuíịt kinh doanh, ăùơc biïơt ăöịi vúâi caâc lônh vûơc saên xuíịt, xuíịtkhííu, nöng nghiïơp, nöng thön, doanh nghiïơp nhoê vađ vûđa

Nùm 2009, khuêng hoaêng tađi chñnh vađ suy thoaâi kinh tïị toađn cíìu víîn tiïịp diïîn vađ taâc ăöơng bíịt lúơi ăïịntùng trûúêng kinh tïị nûúâc ta Quöịc höơi vađ Chñnh phuê Viïơt Nam ăaô ăùơt ra muơc tiïu vađ quýịt tím cao lađ ngùnchùơn suy giaêm kinh tïị, phođng ngûđa laơm phaât, öín ắnh kinh tïị vô mö, duy trò töịc ăöơ tùng trûúêng kinh tïị úêmûâc húơp lyâ, bïìn vûông, ăaêm baêo an sinh xaô höơi Nhiïơm vuơ cuêa ngađnh Ngín hađng Viïơt Nam nùm 2009 lađbaêo ăaêm goâp phíìn thûơc hiïơn muơc tiïu nïu trïn, ăöìng thúđi ăaêm baêo hïơ thöịng ngín hađng phaât triïín an toađn,lađnh maơnh, tiïịp tuơc khùỉng ắnh vai trođ trung gian tađi chñnh trong nïìn kinh tïị thõ trûúđng ắnh hûúâng XHCN

Thöịng ăöịc Ngín hađng Nhađ nûúâc Viïơt Nam

LÚĐI TÛƠA CUÊA THÖỊNG ĂÖỊC

NGUÝÎN VÙN GIAĐU

NGUYEN VAN GIAU

of the global financial crisis World economic growth slowed down; many developed countries such as theUnited State of America, Japan, and EU member nations suffered from economic recession; there were

a drop in global trade and worldwide stock markets, an abnormal fluctuation in global prices, and

bankrupt-cy, liquidation or merger of a series of big financial institutions in the world Because of the wide openness

of the economy, Vietnam could not but avoid impact of complex developments of the world economic ronment Domestically, domestic macroeconomy had to face a lot of adverse factors such as the surge ininflation and trade deficit during the first 6 months of 2008, the slowdown in economic growth, and difficulties

envi-in manufacturenvi-ing and operations of enterprises envi-in the second half of the year due to global economic down

slow-In this context, in the first 6 months, the Government recommended the National Assembly to adjust theeconomic growth rate target for 2008 down to 7% from the original range of 8.5% – 9% and aim at the infla-tion combat as top priority However, in the second half of 2008, the Government aimed its policy priority toactively preventing economic downturn amid the financial crisis and risks of global economic recession.Accordingly, policies and measures were implemented in a flexible, timely, and comprehensive manner,therefore contributing to stabilizing macroeconomy, maintaining proper economic growth, and ensuring socialprotection

As the state regulator of monetary, credit, and banking operations as well as the central bank of theSocialist Republic of Vietnam, the State Bank of Vietnam (SBV) has closely followed the Government’s direc-tives by flexibly managing monetary and credit policies and banking operations so as to stabilize the moneyand foreign exchange markets, to maintain safe and sound operations of credit institutions, to meet capitalneeds of entities and individuals for their production and business, especially in the fields of production,export, agriculture, rural areas, and small and medium enterprises, etc

In 2009, the global financial crisis and economic recession will keep ongoing and cause adverse effects

on Vietnam’s economic growth The National Assembly and the Government have charted out the objectiveswith enormous efforts to prevent economic slowdown, to combat inflation, to stabilize macroeconomy, tomaintain proper and sustainable economic growth, and to ensure social protection Vietnam’s banking indus-try will undertake the tasks of contributing to meeting the aforesaid objectives, as well as ensuring the soundand safe development of the banking sector, and continuing to assert the role of financial intermediation inthe socialist-orientated market economy

Governor State Bank of Vietnam

HEAD OFFICE AND PROVINCIAL BRANCHES

TRUÅ SÚÃ CHÑNH VAÂ CAÁC CHI NHAÁNH TÓNH, THAÂNH PHÖË

Öng Nguyïîn Vùn Giaâu

Thöëng àöëc - Governor

Öng Trêìn Minh Tuêën

Phoá Thöëng àöëc thûúâng trûåc Standing Deputy Governor

Öng Nguyïîn Vùn Bònh

Phoá Thöëng àöëc Deputy Governor

Öng Nguyïîn Toaân Thùëng

Phoá Thöëng àöëc Deputy Governor

MANAGEMENT BOARD OF THE STATE BANK OF VIETNAM

Öng Àùång Thanh Bònh

Phoá Thöëng àöëc Deputy Governor

Öng Nguyïîn Àöìng Tiïën

Phoá Thöëng àöëc

Deputy Governor

SÚ ĂÖÌ TÖÍ CHÛÂC CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC VIÏƠT NAM

Vuơ Thanh toaân

VUƠ/CUƠC CHÛÂC NÙNG, NHIÏƠM VUƠ

Vuơ Quaên lyâ

ngoaơi höịi

Vuơ Chñnh

saâch tiïìn tïơ

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn chûâc nùng quaên lyâ nhađ

nûúâc vïì ngoaơi höịi vađ hoaơt ăöơng ngoaơi höịi theo quy ắnh cuêa

phaâp luíơt.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn chûâc nùng quaên

lyâ nhađ nûúâc trong viïơc thađnh líơp, hoaơt ăöơng vađ phaât triïín caâc

TCTD (trûđ TCTD húơp taâc) vađ hoaơt ăöơng ngín hađng cuêa caâc töí

chûâc khaâc nhùìm ăaêm baêo an toađn hïơ thöịng.

Tham mûu, giuâp Thöịng ăöịc xíy dûơng chñnh saâch tiïìn tïơ quöịc

gia vađ sûê duơng caâc cöng cuơ chñnh saâch tiïìn tïơ theo quy ắnh

cuêa phaâp luíơt.

Tham mûu cho Thöịng ăöịc NHNN thûơc hiïơn quaên lyâ nhađ nûúâc

ăöịi vúâi caâc TCTD húơp taâc, Quyô tñn duơng Nhín dín.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn quaên lyâ nhađ nûúâc vïì lônh

vûơc thanh toaân trong nïìn kinh tïị quöịc dín theo quy ắnh cuêa

phaâp luíơt.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn quaên lyâ nhađ nûúâc vïì lônh

vûơc tñn duơng ngín hađng vađ ăiïìu hađnh thõ trûúđng tiïìn tïơ theo

quy ắnh cuêa phaâp luíơt.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn cöng taâc dûơ baâo, thöịng

kï tiïìn tïơ theo quy ắnh cuêa phaâp luíơt.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn chûâc nùng quaên lyâ nhađ

nûúâc vïì húơp taâc vađ höơi nhíơp quöịc tïị thuöơc phaơm vi quaên lyâ

cuêa Ngín hađng Nhađ nûúâc theo quy ắnh cuêa phaâp luíơt.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn kiïím toaân nöơi böơ hoaơt

ăöơng cuêa caâc ăún võ thuöơc Ngín hađng Nhađ nûúâc.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn quaên lyâ nhađ nûúâc bùìng

phaâp luíơt vađ tùng cûúđng phaâp chïị xaô höơi chuê nghôa trong ngađnh

Ngín hađng.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn cöng taâc tađi chñnh, kïị

toaân, ăíìu tû xíy dûơng cú baên cuêa Ngín hađng Nhađ nûúâc vađ

quaên lyâ nhađ nûúâc vïì kïị toaân, ăíìu tû xíy dûơng cú baên cuêa

ngađnh Ngín hađng theo quy ắnh cuêa phaâp luíơt.

Tham mûu cho Thöịng ăöịc, Ban caân sûơ Ăaêng Ngín hađng Nhađ

nûúâc thûơc hiïơn cöng taâc töí chûâc, biïn chïị; quaên lyâ, sûê duơng

caân böơ, cöng chûâc, viïn chûâc; chïị ăöơ tiïìn lûúng vađ caâc chïị ăöơ

khaâc thuöơc phaơm vi quaên lyâ cuêa Ngín hađng Nhađ nûúâc theo quy

ắnh cuêa phaâp luíơt.

Vuơ Thi ăua

-Khen thûúêng

Tham mûu, giuâp Thöịng ăöịc quaên lyâ nhađ nûúâc vïì cöng taâc thi

ăua, khen thûúêng trong ngađnh Ngín hađng theo quy ắnh cuêa

phaâp luíơt.

Thanh tra

ngín hađng

Thûơc hiïơn thanh tra chuýn ngađnh vïì ngín hađng vađ giuâp

Thöịng ăöịc thûơc hiïơn nhiïơm vuơ quýìn haơn thanh tra trong caâc

lônh vûơc thuöơc phaơm vi quaên lyâ cuêa NHNN theo quy ắnh cuêa

phaâp luíơt.

Vùn phođng

Tham mûu, giuâp Thöịng ăöịc chó ăaơo vađ ăiïìu hađnh hoaơt ăöơng

ngín hađng; thûơc hiïơn cöng taâc caêi caâch hađnh chñnh cuêa Ngín

hađng Nhađ nûúâc; quaên lyâ hoaơt ăöơng thöng tin, tuýn truýìn, baâo

chñ, vùn thû, lûu trûô cuêa ngađnh ngín hađng theo quy ắnh cuêa

phaâp luíơt; thûơc hiïơn cöng taâc hađnh chñnh, lïî tín, vùn thû, lûu

trûô taơi Truơ súê chñnh Ngín hađng Nhađ nûúâc.

Vuơ Caâc ngín

Monetary Forecast and Statistics Department International Cooperation Department

Internal Audit Department Legal Department

Accounting and Finance Department

Personnel Department

Emulation and Rewarding Department

Foreign Exchange Department

Monetary Policy Department

Advise and assist the SBV Governor on implementing state management of foreign exchange and foreign exchange activities in accordance with law.

Advise and assist the Governor of the State Bank of Vietnam (SBV) on making national monetary policies and using mon- etary policy tools in accordance with the law.

Advise and assist the SBV Governor on conducting state management of cooperative credit institutions, Peoples Credit Fund

Advise and assist the SBV Governor on implementing state management of payment system in the economy in accor- dance with law.

Advise and assist the SBV Governor on conducting state management of credit operations and managing monetary market in accordance with law.

Advise and assist the SBV Governor on implementing tary forecast and statistics in accordance with law.

mone-Advise and assist the SBV Governor on implementing state management of the international cooperation and integration tasks of the SBV in accordance with law.

Advise and assist the SBV Governor on conducting internal audits of entities in the SBV

Advise and assist the SBV Governor on implementing state management by law and enhancing socialism legislation in the banking industry.

Advise and assist the SBV Governor on conducting tasks of financing, accounting, investment on construction and implementing state manage- ment of accounting, investment on construction in banking industry in accordance with law.

Advise and assist the SBV Governor and the Party Committee on institutional organization, personnel, employees’ salary and other bonuses of the SBV in accordance with law.

Advise and assist the SBV Governor in implementing state management functions on emulation and rewarding in the banking industry in accordance with law.

Banking Supervision

Conduct professional supervision and advise the SBV Governor on implementing the powers and responsibilities of supervision in the areas subject to the management of SBV in accordance with law.

SBV Office Advise and assist the SBV Governor to manage and implement bankingactivities; conduct administrative reform of the SBV; manage

informa-tion, communicainforma-tion, press, administrainforma-tion, archive activities in the banking system in accordance with law; implement administrative work, protocols, archive activities at the SBV Headquarters.

Banks and bank Credit Institutions Department

Non-Cooperative Credit Institutions Department

Advise and assist the SBV Governor on implementing state ment of establishment, operation and development of credit institutions (excluding cooperative credit institutions) and banking operations of other institutions in order to ensure the stability of system.

manage-Payment and Settlement System Department

Cuơc phaât hađnh

vađ kho quyô

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn quaên lyâ nhađ nûúâc

chuýn ngađnh vïì lônh vûơc cöng nghïơ tin hoơc trong phaơm vi

toađn ngađnh Ngín hađng.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn chûâc nùng quaên lyâ nhađ

nûúâc vađ chûâc nùng Ngín hađng Trung ûúng vïì lônh vûơc phaât

hađnh vađ kho quyô theo quy ắnh cuêa phaâp luíơt.

Tham mûu, giuâp Thöịng ăöịc quaên lyâ tađi saên, tađi chñnh, cú súê víơt chíịt

kyô thuíơt, híơu cíìn, baêo vïơ an ninh, tríơt tûơ an toađn cú quan, chùm lo

ăúđi söịng, sûâc khoêe cho caân böơ, cöng chûâc, viïn chûâc vađ ngûúđi lao

ăöơng thuöơc Truơ súê chñnh Ngín hađng Nhađ nûúâc.

Tham mûu, giuâp Thöịng ăöịc thûơc hiïơn caâc nghiïơp vuơ Ngín

hađng Trung ûúng.

Quaên lyâ vađ thûơc hiïơn caâc dûơ aân tñn duơng quöịc tïị do caâc töí chûâc

tađi chñnh tiïìn tïơ quöịc tïị, nûúâc ngoađi tađi trúơ.

Thûơc hiïơn nhiïơm vuơ ăaơi diïơn theo sûơ uêy quýìn cuêa Thöịng ăöịc.

Thu nhíơn, phín tñch vađ thöng baâo nhûông thöng tin liïn quan

ăïịn hoaơt ăöơng rûêa tiïìn cho caâc cú quan coâ thíím quýìn theo

quy ắnh, giuâp Thöịng ăöịc NHNN thûơc hiïơn caâc nhiïơm vuơ ặúơc

giao nhû chuê trò phöịi húơp vúâi caâc cú quan hûôu quan xíy dûơng

thûơc hiïơn chñnh saâch phođng, chöịng rûêa tiïìn taơi Viïơt Nam.

Nghiïn cûâu vađ xíy dûơng chiïịn lûúơc, quy hoaơch, kïị hoaơch phaât

triïín ngađnh Ngín hađng; töí chûâc nghiïn cûâu khoa hoơc vađ phaât

triïín cöng nghïơ ngín hađng phuơc vuơ cho ýu cíìu quaên lyâ nhađ

nûúâc cuêa Ngín hađng Nhađ nûúâc vïì tiïìn tïơ vađ hoaơt ăöơng ngín

hađng theo quy ắnh cuêa phaâp luíơt.

Thu nhíơn, xûê lyâ, lûu trûô, phín tñch, dûơ baâo thöng tin tñn duơng

phuơc vuơ cho ýu cíìu quaên lyâ nhađ nûúâc cuêa Ngín hađng Nhađ

nûúâc; thûơc hiïơn caâc dõch vuơ thöng tin ngín hađng theo quy ắnh

cuêa Ngín hađng Nhađ nûúâc vađ cuêa phaâp luíơt.

Caâc chi nhaânh

Lađ cú quan ngön luíơn, diïîn ăađn xaô höơi vađ lađ cöng cuơ tuýn

truýìn, phöí biïịn ặúđng löịi, chuê trûúng cuêa Ăaêng, chñnh saâch,

phaâp luíơt cuêa Nhađ nûúâc vađ hoaơt ăöơng cuêa ngađnh ngín hađng

theo quy ắnh cuêa Ngín hađng Nhađ nûúâc vađ cuêa phaâp luíơt.

Thúđi baâo

Ngín hađng

Lađ cú quan ngön luíơn, diïîn ăađn vïì lyâ luíơn nghiïơp vuơ, khoa hoơc

vađ cöng nghïơ ngín hađng; coâ chûâc nùng tuýn truýìn, phöí biïịn

ặúđng löịi, chuê trûúng cuêa Ăaêng, chñnh saâch vađ phaâp luíơt cuêa

Nhađ nûúâc, hoaơt ăöơng ngín hađng vađ nhûông thađnh tûơu vïì khoa

hoơc, cöng nghïơ cuêa ngađnh Ngín hađng vađ lônh vûơc liïn quan

theo quy ắnh cuêa Ngín hađng Nhađ nûúâc vađ cuêa phaâp luíơt.

Taơp chñ

Ngín hađng

Coâ chûâc nùng ăađo taơo, böìi dûúông, cíơp nhíơt kiïịn thûâc, kyô nùng

quaên lyâ nhađ nûúâc vađ chuýn mön nghiïơp vuơ thuöơc lônh vûơc

ngín hađng phuơc vuơ ýu cíìu phaât triïín vađ níng cao chíịt lûúơng

ăöơi nguô caân böơ, cöng chûâc, viïn chûâc cuêa Ngín hađng Nhađ

nûúâc vađ cuêa ngađnh Ngín hađng theo quy hoaơch, kïị hoaơch ăaô

Collect, analyze, forecast, and provide credit information in banking industry to support the state management of SBV; to provide banking information service in accordance with regu- lations of SBV and the law.

OTHER UNITS

Banking Strategy Development Department

Credit Information Center

The mouthpiece, the social forum, and the tool of communicating and disseminating the Partys orientation and guidelines and the States legislation and policies and operations of the banking industry in accordance with regulations of SBV and the Law

Banking Times

The mouthpiece and the forum on banking theory, science, and technology; to disseminate the Partys orientation and guidelines, the States legislation and policies; the banking activities and science and technology achievements of bank- ing industry and related sector in accordance with regulations

of SBV and the Law

Banking Review

To conduct functions on training and upgrading state ment knowledge and practice and professional skills in bank- ing industry serving the purpose of human resource develop- ment and enhancement, serving the development strategy of the SBV and the banking sector according to the approved plan by the Governor.

manage-SBV Training School

Tham mûu, giuâp Thöịng ăöịc quaên lyâ Nhađ nûúâc vïì tiïìn tïơ vađ

hoaơt ăöơng ngín hađng trïn ắa bađn vađ thûơc hiïơn möơt söị nghiïơp

vuơ Ngín hađng Trung ûúng theo uêy quýìn cuêa Thöịng ăöịc.

Issue and Vault Department

Administration Department

Banking Operations Center International Credit Project Management Unit

VUƠ/CUƠC CHÛÂC NÙNG, NHIÏƠM VUƠ

Banking Information Technology Department

Advise the SBV Governor on implementing the state management of information technology in the banking industry.

Advise the SBV Governor on implementing state management and central bank functions on issue and vault operations in accordance with law

Conduct and organize administrative and logistic service for the operations of the SBV headquarters; provide security services within the SBV system.

Advise and assist the SBV Governor on central bank operations.

Manage and implement international credit projects financed by international financial and monetary institutions and other foreign donors.

Implement the representative functions authorized by the Governor.

Receive, analyze and communicate information concerning money laundering activities to competent authority; Assist the Governor in carrying out the assigned tasks including the for- mulation and implementation, in coordination with other con- cerned agencies, of anti-money laundering policies in Vietnam.

Branches of Provinces and Cities under the Central Government

Representative Office in HCMC

Anti-Money Laundering Information Center

Advise and assist the SBV Governor to implement state management functions of monetary and banking operations

in the provinces and central bank operations authorized by Governor.

HÏÅ THƯËNG TƯÍ CHÛÁC TĐN DUÅNG ÚÃ VIÏÅT NAM

CREDIT INSTITUTION SYSTEM IN VIETNAM

Ngoâi hïå thưëng tưí chûác tđn duång nïu trïn, hiïån nay côn cố Ngên hâng phất triïín Viïåt Nam hoẩt àưång khưng vị muåc àđch lúåi nhuêån, thûåc hiïån chđnh sấch tđn duång àêìu tû phất triïín vâ tđn duång xuêët khêíu cuãa nhâ nûúác.

Beside the aforesaid credit institutions, the Vietnam Development Bank is operating as a non – profit institution and implementing the policy on credit for opment investment and for export.

Hïå thưëng Quyä Tđn duång nhên dên:

- 01 Quyä tđn duång nhên dên TÛ

- 1.016 Quyä tđn duång cú súã People’s Credit Fund System:

- 01 Central People’s Credit Fund

- 1,016 Local credit funds

05 Ngên hâng 100% vưën nûúác ngoâi

5 Fully Foreign-owned Banks

39 Chi nhấnh Ngên hâng Nûúác ngoâi

39 Foreign Bank Branches

05 Ngên hâng liïn doanh

5 Joint Venture Banks

40 Ngên hâng Thûúng mẩi Cưí phêìn

40 Joint Stock Commercial Banks

05 Ngên hâng Thûúng mẩi Nhâ nûúác

05 State-owned Commercial Banks (SOCBs)

01 Ngên hâng Chđnh sấch xậ hưåi

1 Social Policy Bank

KINH TÏỊ THÏỊ GIÚÂI

Tùng trûúêng kinh tïị thïị giúâi nùm 2008 ăaơt

3,4%, thíịp hún nhiïìu so vúâi mûâc 4,9% cuêa

nùm 2007 vađ coâ nhûông biïịn ăöơng khoâ lûúđng

Trong 6 thaâng ăíìu nùm, sûơ gia tùng maơnh cuêa

giaâ díìu, giaâ lûúng thûơc, sûơ giaêm giaâ cuêa thõ

trûúđng bíịt ăöơng saên, thõ trûúđng chûâng khoaân

cuđng vúâi nhûông bíịt öín chñnh trõ ăaô gíy aâp lûơc

laơm phaât mang tñnh toađn cíìu vađ tùng trûúêng

kinh tïị cuêa quöịc gia gùơp khoâ khùn Trong 6

thaâng cuöịi nùm, kinh tïị thïị giúâi laơi chuýín tûđ

aâp lûơc laơm phaât cao sang xu hûúâng thiïíu phaât

vađ giaêm phaât cuđng vúâi suy thoaâi kinh tïị toađn

cíìu, tyê lïơ thíịt nghiïơp tùng cao Trûúâc böịi caênh

ăoâ, Chñnh phuê vađ Ngín hađng trung ûúng caâc

nûúâc ăaô thûơc hiïơn caâc giaêi phaâp cûâu trúơ thõ

trûúđng tađi chñnh vađ nïìn kinh tïị

Myôtraêi qua möơt nùm ăíìy khoâ khùn vađ rúi vađo

suy thoaâi, mûâc tùng trûúêng bònh quín -0,15%,

líìn ăíìu tiïn trong nhiïìu nùm qua tùng trûúêng

kinh tïị úê mûâc ím Mùơc duđ Chñnh phuê Myô ăaô

ặa ra caâc goâi giaêi phaâp kñch thñch nïìn kinh tïị,

tuy nhiïn hiïơu quaê cuêa caâc goâi giaêi phaâp nađy

chûa ăuê maơnh ăïí vûơc díơy nïìn kinh tïị Laơm

phaât liïn tuơc úê mûâc cao vúâi mûâc tùng bònh

quín 3,8%, cao hún nhiïìu so vúâi mûâc 2,9%

cuêa nùm 2007 Tyê lïơ thíịt nghiïơp tùng ăöơt biïịn

lïn mûâc 7,2%, cao hún nhiïìu so vúâi mûâc 4,9%

cuêa nùm 2007

Khu vûơc ăöìng EURcuông chõu aênh hûúêng tiïu

cûơc cuêa cuöơc khuêng hoaêng kinh tïị thïị giúâi

khiïịn tùng trûúêng kinh tïị thíịp, mûâc tùng bònh

quín chó ăaơt 0,75%, thíịp hún nhiïìu so vúâi

mûâc 2,6% cuêa nùm 2007 Laơm phaât bònh quín

The United Statesexperienced a difficult yearand fell into recession when its average growthrate was -0.15%, the first negative economicgrowth in the past many years Although the USAdministration deployed economic stimulus packages, their effects were not strong enough torecover the economy Inflation remained at a highlevel with the average rate of 3.8%, much higherthan that of 2.9% in 2007 Unemployment rateunexpectedly went up to 7.2%, much higher thanthat of 4.9% in 2007

Euro zonewas also adversely affected by theworld economic crisis, leading to low economicgrowth as the average growth rate was 0.75%only, much lower than that of 2.6% in 2007.Average inflation rate hiked to 3.3% from 2.1% in

2007 Unemployment rate was at 8%, much higher than that of 7.2% in 2007

Japan:Economic growth went down to -0.3%,much lower than the rate of 2.1% in 2007

hún nhiïìu so vúái mûác tùng 2,1% cuãa nùm

2007 Lẩm phất bịnh quên tùng lïn mûác 1,4% tûâ

mûác 0,06% cuãa nùm 2007 Tyã lïå thêët nghiïåp

tùng lïn mûác 4,4%, cao hún mûác 3,8% cuãa nùm

2007

Cấc nûúác àang phất triïín chêu Ấtùng trûúãng

thûåc sûå yïëu ài kïí tûâ thấng 7/2008 khi dêëu hiïåu

suy thoấi tẩi cấc nûúác phất triïín trúã nïn rộ râng

chuã yïëu do xuêët khêíu suy giẫm mẩnh Tưëc àưå

tùng trûúãng cuãa Trung Quưëc giẫm tûâ mûác trïn

10% cấc nùm trûúác àêy xuưëng 9,0%; Philippines

cuäng giẫm tûâ mûác 7,2% nùm 2007 xuưëng côn

4,6%; Singapore chĩ tùng 1,5% so vúái mûác tùng

mẩnh 7,7% cuãa nùm 2007

Àiïìu hânh chđnh sấch tiïìn tïå cuãa

cấc NHTW

Nùm 2008, cấc NHTW trïn thïë giúái gùåp khố

khùn trong àiïìu hânh CSTT khi phẫi lûåa chổn

Average inflation rate increased to 1.4% from0.06% in 2007 Unemployment rate rose to4.4%, higher than that of 3.8% in 2007

Asian developing countries:Economicgrowth plunged since July, 2008, when recessional signals in developed countriesbecame clear due to the strong deterioration ofexport China’s growth rate decreased to 9%from over 10% in the previous years; thePhilippines’s growth also declined to 4.6% from7.2% in 2007; Singapore's economy expanded1.5% only compared to the high growth rate of7.7% in 2007

Monetary policy management of Central Banks

In 2008, Central Banks in the world met withdifficulties in monetary policy managementbecause they had to make a choice between

LẬI SUÊËT CHĨ ÀẨO CUÃA CẤC NHTW NÙM 2008

muơc tiïu kiïìm chïị laơm phaât hay höî trúơ cho tùng

trûúêng kinh tïị Trong 9 thaâng ăíìu nùm, CSTT

cuêa caâc NHTW ặúơc chia thađnh 2 nhoâm Taơi

nhûông nûúâc coâ tùng trûúêng kinh tïị suy giaêm,

CSTT ặúơc núâi loêng ngay tûđ ăíìu nùm do taâc

ăöơng cuêa cuöơc khuêng hoaêng nhû Myô, Anh,

Canada, theo ăoâ laôi suíịt ặúơc ăiïìu chónh giaêm

ăïí höî trúơ tùng trûúêng kinh tïị Trong khi ăoâ, taơi

caâc nûúâc coâ laơm phaât tiïịp tuơc tùng cao (chuê ýịu

taơi khu vûơc ăöìng EUR vađ caâc nûúâc ăang phaât

triïín chíu AÂ), CSTT ặúơc thùưt chùơt thöng qua

tùng laôi suíịt hoùơc tyê lïơ DTBB ăïí ûu tiïn kiïìm

chïị laơm phaât

Tuy nhiïn, tûđ thaâng 9/2008, thõ trûúđng tađi chñnh

bûúâc vađo giai ăoaơn khuêng hoaêng síu khiïịn

CSTT cuêa híìu hïịt caâc NHTW tíơp trung vađo

viïơc cûâu thõ trûúđng tađi chñnh vađ nïìn kinh tïị nhû

liïn tuơc cùưt giaêm laôi suíịt, giaêm tyê lïơ DTBB, tùng

cûúđng búm thanh khoaên vađo hïơ thöịng ngín

hađng (nhû cho vay taâi cíịp vöịn khíín cíịp, mua

laơi caâc khoaên núơ xíịu), cho vay tiïu duđng…

Laôi suíịt SIBOR vađ LIBOR tiïịp tuơc giaêm trong

the objectives of curbing inflation and supportingeconomic growth In the first 9 months, monetarypolicy of Central Banks was divided into 2groups In the countries with low growth ratesuch as the United States, the U.K, and Canada,because of the effect of the crisis, monetary policy was loosened right from the beginning ofthe year, interest rates were therefore cut down

to support economic growth In the countrieswith high inflation (mostly in Euro zone andAsian developing countries), monetary policywas tightened by increasing interest rates andreserve requirements so as to curb inflation.However, since September 2008, financial markets turned to the period of deep recession,which bolstered monetary policy of CentralBanks to focus on rescuing financial marketsand economies by continuously cutting downinterest rates, reducing reserve requirements,strengthening the injection of liquidity into banking systems (such as urgent refinancingloans, repurchase of non-performing debts), consumer lending, etc

BENCHMARK RATES OF CENTRAL BANKS IN 2008

Central

Banks

Late 2007

nhûông thaâng ăíìu nùm theo xu hûúâng cùưt

giaêm laôi suíịt cuêa Fed Tuy nhiïn, tûđ thaâng

9/2008 laôi suíịt LIBOR, SIBOR biïịn ăöơng

maơnh do thõ trûúđng tađi chñnh thïị giúâi bûúâc

vađo giai ăoaơn khuêng hoaêng Laôi suíịt

SIBOR kyđ haơn qua ăïm tùng lïn mûâc cao

nhíịt 6,75% vađo ngađy 17/9/2008, sau ăoâ

giaêm xuöịng mûâc thíịp nhíịt 0,3% vađo ngađy

6/11/2008

KINH TÏỊ VIÏơT NAM

Kinh tïị Viïơt Nam vađ taâc ăöơng

ăïịn ăiïìu hađnh CSTT

Chõu aênh hûúêng cuêa cuöơc khuêng hoaêng tađi

chñnh thïị giúâi, úê trong nûúâc, giaâ xùng díìu

vađ caâc nguýn liïơu ăíìu vađo vađ hađng hoâa

tiïu duđng nhíơp khííu nhûông thaâng ăíìu nùm

tùng voơt, ăïịn giûôa nùm laơi coâ xu hûúâng

giaêm, taâc ăöơng lađm giaêm laơm phaât; cuöơc

khuêng hoaêng tađi chñnh cođn gíy ra taâc ăöơng

ăïịn thõ trûúđng chûâng khoaân do tím lyâ lo

ngaơi cuêa caâc nhađ ăíìu tû, dođng vöịn nûúâc

ngoađi ăöí vađo thõ trûúđng chûâng khoaân giaêm;

thím huơt caân cín thûúng maơi ăaơt mûâc cao

Ăïí giûô öín ắnh kinh tïị vô mö, taơo nïìn taêng

cho tùng trûúêng bïìn vûông, trong 6 thaâng

ăíìu nùm, Chñnh phuê ăaô ăiïìu chónh tûđ muơc

tiïu tùng trûúêng cao sang muơc tiïu kiïìm

chïị laơm phaât lađ ûu tiïn hađng ăíìu vađ tùng

trûúêng duy trò úê mûâc húơp lyâ Nhûông thaâng

cuöịi nùm, Chñnh phuê ăaô ặa ra nhoâm giaêi

phaâp nhùìm ngùn chùơn suy giaêm kinh tïị,

öín ắnh kinh tïị vô mö Töịc ăöơ tùng trûúêng

kinh tïị GDP nùm 2008 tñnh theo giaâ so

saânh nùm 1994 ăaơt 489,8 nghòn tyê ăöìng,

tùng 6,18% so vúâi nùm 2007, trong ăoâ khu

vûơc nöng lím nghiïơp vađ thuêy saên tùng

4,07%; cöng nghiïơp vađ xíy dûơng tùng

6,11%; dõch vuơ tùng 7,18%

Cú cíịu kinh tïị:so vúâi nùm 2007, nùm

2008 tyê troơng khu vûơc nöng, lím nghiïơp vađ

In the first months of 2008, SIBOR and LIBORinterest rates continued to decrease in consistence with rate cuts implemented by Fed.However, since September 2008, LIBOR andSIBOR interest rates witnessed a significant fluctuation as the world financial markets commenced the crisis period Overnight SIBOR interest rate peaked at 6.75% on Sep 17, 2008,and then bottomed out at 0.3% on Nov 6, 2008

VIETNAMESE ECONOMY

Vietnamese economy and its impact on monetary policy management

Under the effect of the global financial crisis, inVietnam, prices of petroleum, input materials andimported consumer goods surged in the firstmonths of 2008, but then trended to decline in themid-year period, which helped reduce inflation Inaddition, global financial crisis adversely affectedthe securities markets in Vietnam due to the concern of investors together with the reduction offoreign capital inflows into the markets, while thetrade deficit remained high To stabilize themacroeconomic situation and create momentumfor sustainable development, during the first 6months, the Vietnamese Government moved fromthe objective of high economic growth to that ofcurbing inflation as the top priority and maintainingproper economic growth In the last months of

2008, the Government introduced a group of solutions to prevent economic slowdown andmaintain macroeconomic stability In 2008, GDPgrowth in comparative price to 1994 reached VND489.8 trillion, an increase of 6.18% as compared

to 2007; with agriculture, forestry and fishery registering a yoy increase of 4.07%, industry andconstruction by 6.11%, and the service sector by7.18%

Economic structure:Compared to 2007, the proportion of agriculture, forestry and fishery

KINH TÏỊ THÏỊ GIÚÂI VAĐ VIÏƠT NAM

thuêy saên tùng trong khi tyê troơng cuêa khu vûơc

cöng nghiïơp vađ xíy dûơng, khu vûơc dõch vuơ ăïìu

giaêm Cuơ thïí, nùm 2008 tyê troơng khu vûơc nöng,

lím vađ thuêy saên chiïịm 21,99% (nùm 2007:

20,25%); tyê troơng khu vûơc cöng nghiïơp vađ xíy

dûơng giaêm xuöịng, chiïịm 39,89% (nùm 2007:

41,61%); khu vûơc dõch vuơ chiïịm 38,12% (nùm

2007: 38,14%) Nguýn nhín chuê ýịu do khu

vûơc cöng nghiïơp, xíy dûơng vađ dõch vuơ gùơp

nhiïìu khoâ khùn do böịi caênh kinh tïị suy giaêm,

trong khi khu vûơc nöng, lím nghiïơp vađ thuêy saên

coâ nhûông thuíơn lúơi nhíịt ắnh nhû thúđi tiïịt diïîn

biïịn khaâ thuíơn lúơi, giaâ nöng saên thïị giúâi tùng

maơnh trúê thađnh ăöơng lûơc lúân thuâc ăííy saên xuíịt

nöng nghiïơp trong nûúâc

Saên xuíịt

Nöng, lím nghiïơp vađ thuêy saên tùng 4,07% cao

hún mûâc tùng 3,41% cuêa nùm 2007 Trong ăoâ

ngađnh nöng nghiïơp tùng 3,9%; lím nghiïơp tùng

1,4%, cao hún so vúâi mûâc tùng nùm 2007

(tûúng ûâng lađ 2,34% vađ 1,1%), chó coâ ngađnh

thuêy saên tùng 9,2% thíịp hún mûâc tùng 11,5%

cuêa nùm 2007

Cöng nghiïơp-xíy dûơng tùng thíịp vúâi mûâc tùng

6,11% thíịp hún nhiïìu so vúâi mûâc 10,61% cuêa

nùm 2007, töịc ăöơ tùng chíơm laơi úê caê khu vûơc

cöng nghiïơp vađ xíy dûơng Cöng nghiïơp chïị

biïịn tiïịp tuơc ăaơt mûâc tùng trûúêng cao 9,9%

nhûng víîn thíịp hún mûâc tùng 12,79% cuêa nùm

2007, cöng nghiïơp khai thaâc tiïịp tuơc suơt giaêm

nùm thûâ 2 liïn tiïịp vúâi mûâc giaêm -3,83% vađ

giaêm maơnh hún mûâc -2,03% nùm 2007 do saên

lûúơng khai thaâc díìu thö vađ than ăaâ giaêm maơnh

Ăöịi vúâi ngađnh xíy dûơng giaêm -0,4%, lađ mûâc

thíịp nhíịt trong 10 nùm qua, chuê ýịu do thõ

trûúđng nhađ ăíịt giaêm maơnh, caâc ăiïìu kiïơn tñn

duơng chùơt cheô, giaâ víơt liïơu xíy dûơng khöng

ngûđng tùng maơnh trong nûêa ăíìu nùm 2008

Dõch vuơ tùng 7,18%, thíịp hún nhiïìu so vúâi

mûâc tùng 8,68% cuêa nùm 2007, chuê ýịu do tiïu

duđng cuông nhû caâc hoaơt ăöơng kinh tïị cú baên

increased while proportions of industry, construction and the service sectordecreased Specifically, in 2008, the proportion of agriculture, forestry and fisheryaccounted for 21.99% (20.25% in 2007) whileindustry and construction was 39.89%

(41.61% in 2007), and the proportion of thethe service sector was at 38.12% (38.14% in2007) This was mainly due to innumerabledifficulties in industry, construction and theservice sector caused by economic downturn,while agriculture, forestry and fishery enjoyedcertain advantages such as comfortableweather and high prices of agricultural products in the world markets to become a bigmomentum for domestic agricultural

Industry and construction slightly increased by

6.11%, much lower than that of 10.61% in2007; with lower growth occurring in bothindustry and construction Processing industrycontinued to get a high growth rate of 9.9%but still lower than that of 12.79% in 2007, themining industry continued to decrease in thesecond consecutive year with the drop of3.83% and lower than that of 2.03% in 2007due to the rapid decline in crude oil and coaloutput Construction decreased by 0.4%, thelowest rate in the past 10 years, mainly due tothe strong weakening of real estate markets,tight credit conditions, and highly increasingprices of construction materials in the first half

of 2008

The service sector increased by 7.18%, much

khaác giaãm maånh trong böëi caãnh giaá caã tùng

cao

Xuêët, nhêåp khêíu haâng hoáa:Töíng

kim ngaåch xuêët, nhêåp khêíu haâng hoáa àaåt

143,4 tyã USD, tùng 28,9% so vúái nùm 2007

Nhêåp siïu caã nùm 2008 laâ 18,03 tyã USD,

tùng 26,8% so vúái mûác nhêåp siïu nùm 2007

vaâ bùçng 28,8% töíng kim ngaåch haâng hoáa

xuêët khêíu

Vïì xuêët khêíu

Töíng kim ngaåch xuêët khêíu haâng hoáa àaåt

62,69 tyã USD (giaá FOB), tùng 29% so vúái

nùm 2007 Trong àoá, coá 11 nhoám mùåt haâng

àaåt kim ngaåch xuêët khêíu trïn 1 tyã USD (dêìu

lower than that of 8.68% in 2007, mainly due to thestrong shrinkage in consumption and basic economic activities amid price hike

Export and import: Total export – importturnover reached USD143.4 billion, an increase of28.9% as compared to 2007 Trade deficit in 2008was USD18.03 billion, up by 26.8% and accountingfor 28.8% of export turnover

Export

In 2008, export turnover reached USD62.69 billion(FOB price, up by 29% against 2007), of which 11kinds of goods had export turnover of more thanUSD1 billion (crude oil, garment, footwear, seafood,rice, wood and timber products, computer and elec-

KINH TÏË THÏË GIÚÁI VAÂ VIÏÅT NAM

TÙNG TRÛÚÃNG GDP GIAI ÀOAÅN 2003-2008

GDP GROWTH RATE, 2003 - 2008

thö, dïơt may, giíìy deâp, haêi saên, gaơo, göî vađ

saên phíím göî, maây vi tñnh vađ saên phíím ăiïơn

tûê, linh kiïơn, cađ phï, cao su, than ăaâ, díy vađ

caâp ăiïơn), tùng thïm 2 nhoâm mùơt hađng so vúâi

nùm 2007 (díy caâp ăiïơn vađ than ăaâ) Caâc mùơt

hađng xuíịt khííu chuê lûơc ăïìu tùng maơnh so vúâi

nùm 2007, trong ăoâ ặâng ăíìu lađ díìu thö ăaơt

10,36 tyê USD, tùng gíìn 1,87 tyê USD so vúâi

nùm 2007, thûâ hai lađ dïơt may ăaơt 9,12 tyê USD,

tùng 1,37 tyê USD, giíìy deâp ăaơt 4,8 tyê USD,

tùng 774 triïơu USD

Myô, EU, Nhíơt Baên, Trung Quöịc, ASEAN lađ

caâc thõ trûúđng xuíịt khííu chñnh cuêa Viïơt Nam,

trong ăoâ kim ngaơch xuíịt khííu sang thõ trûúđng

Nhíơt Baên, Trung Quöịc, ASEAN tùng maơnh,

trong khi hai thõ trûúđng lúân nhíịt lađ Myô vađ EU

chó tùng khaâ Myô tiïịp tuơc lađ thõ trûúđng xuíịt

tronic products, spare parts, coffee, rubber, coal,electric wire and cable) All key exports stronglyincreased as compared to 2007, the leader ofwhich was crude oil at USD10.36

billion, an increase of USD1.87 billion against

2007, followed by garment (USD9.12 billion, anincrease of USD1.37 billion), and footwear(USD4.8 billion, an increase of USD774 million).The United States, the EU, Japan, China,ASEAN were key export markets for Vietnam,among which, export value to Japan, China, andASEAN increased rapidly, while that to the U.Sand the EU just fairly went up The U.S remainedthe largest export market for Vietnam with theturnover of USD11.87 billion, up by 17.6%

against 2007 and accounting for 18.9% of thetotal export turnover Turnover of export to EUmarkets reached USD10.7 billion, an increase of

CAÂN CÍN THÛÚNG MAƠI VAĐ CAÂN CÍN VAÔNG LAI CUÊA VIÏƠT NAM NÙM 2005 - 2008

VIETNAM TRADE BALANCE AND CURRENT BALANCE, 2005-2008

khêíu lúán nhêët cuãa Viïåt Nam, vúái kim ngẩch

11,87 tyã USD, tùng 17,6% so vúái nùm 2007 vâ

chiïëm 18,9% tưíng kim ngẩch xuêët khêíu cuãa cẫ

nûúác Giấ trõ xuêët khêíu sang thõ trûúâng EU àẩt

10,7 tyã USD, tùng 18,6% so vúái nùm 2007

Xuêët khêíu sang thõ trûúâng cấc nûúác ASEAN

àẩt gêìn 10,4 tyã USD, tùng gêìn 30% so vúái nùm

2007 Nhêåt Bẫn lâ thõ trûúâng cố mûác àống gốp

lúán nhêët cho tùng trûúãng xuêët khêíu, àẩt 8,54 tyã

USD, tùng 40,7% so vúái nùm 2007 Xuêët khêíu

cuãa Viïåt Nam sang Trung Quưëc àẩt gêìn 4,54 tyã

USD, tùng 35% so vúái nùm 2007

Vïì nhêåp khêíu

Tưíng kim ngẩch nhêåp khêíu theo giấ CIF lâ

80,71 tyã USD, tùng 28,8% so vúái nùm 2007

Trong àố, cấc doanh nghiïåp cố vưën àêìu tû trûåc

tiïëp nûúác ngoâi nhêåp khêíu 27,9 tyã USD, tùng

28,5% so vúái nùm 2007

Cố 15 nhốm mùåt hâng nhêåp khêíu vúái kim

ngẩch trïn 1 tyã USD, àùåc biïåt lâ nhốm mùåt

hâng xùng dêìu, mấy mốc thiïët bõ, sùỉt thếp àậ

gốp phêìn gia tùng àấng kïí kim ngẩch nhêåp

khêíu Dêỵn àêìu vïì kim ngẩch nhêåp khêíu lâ

nhốm mùåt hâng xùng dêìu, àẩt 10,97 tyã USD,

tùng 3,26 tyã USD so vúái nùm 2007, tiïëp àïën lâ

nhốm hâng mấy mốc thiïët bõ, àẩt 14 tyã USD,

tùng 2,87 tyã USD so vúái nùm 2007, sùỉt thếp

àẩt 6,72 tyã USD, tùng 1,61 tyã USD so vúái nùm

2007

Cú cêëu thõ trûúâng nhêåp khêíu cuãa Viïåt Nam têåp

trung chuã yïëu vâo khu vûåc chêu Ấ, mâ nưíi bêåt

lâ 5 thõ trûúâng chđnh: Trung Quưëc, Singapore,

Àâi Loan, Nhêåt Bẫn, Hân Quưëc Trung Quưëc

tiïëp tuåc lâ àưëi tấc lúán nhêët cung cêëp hâng hốa

cho Viïåt Nam vúái trõ giấ àẩt 15,65 tyã USD, tùng

25,1% so vúái nùm 2007 vâ chiïëm hún 19%

tưíng kim ngẩch nhêåp khêíu cuãa cẫ nûúác Trõ giấ

hâng hốa nhêåp khêíu tûâ thõ trûúâng Singapore

àẩt 9,39 tyã USD, tùng 23,5%; thõ trûúâng Àâi

Loan lâ 8,36 tyã USD, tùng 21%; thõ trûúâng Nhêåt

Bẫn lâ 8,24 tyã USD, tùng 33,4%; thõ trûúâng Hân

Quưëc lâ 7,07 tyã USD, tùng 33,6% so vúái nùm

2007

18.6% Turnover of export to ASEAN countries was nearly USD10.4 billion, anincrease of 30% The Japanese market attract-

ed Vietnam’s largest turnover of USD8.54 lion, an increase of 40.7% Export turnover toChina reached almost USD4.54 billion, up by35% against 2007

bil-Import

In 2008, import turnover reached USD 80.71 billion (CIF price), an increase of 28.8%, ofwhich, foreign invested enterprises imported asmuch as USD27.9 billion, up by 28.5% against2007

There were 15 kinds of imports whose turnoverwas higher than USD1 billion each, particularlypetroleum, machineries, and steel, which made

a great contribution to the increase in importturnover The leader of imports in terms ofturnover was petroleum, which reachedUSD10.97 billion, up by USD3.26 billion against

2007, followed by machineries worth USD14billion, an increase of USD 2.87 billion as com-pared to 2007, steel worth USD6.72 billion, anincrease of USD 1.6 billion as compared to2007

In 2008, Vietnam mostly imported from Asianmarkets, of which five main ones were China,Singapore, Taiwan, Japan, and South Korea.China continued to be the biggest exporter ofVietnam with the turnover of USD15.65 billion,

an increase of 25.1%, accounting for more than19% of Vietnam's total import turnover

Turnover of import from Singapore reachedUSD9.39 billion, an increase of 23.5%, fromTaiwan was USD8.36 billion, up by 21%

against 2007, from Japan was USD8.24 billion, up by 33.4%, and from South Korea wasUSD7.07 billion, up by 33.6% against 2007

Labor, employment, and income

There was a continuing upward trend in externaldemand for Vietnamese workers, although in the

KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM

Lao ăöơng, viïơc lađm, thu nhíơp

Cíìu nûúâc ngoađi ăöịi vúâi lao ăöơng Viïơt Nam tiïịp

tuơc xu hûúâng gia tùng mùơc duđ tûđ nhûông thaâng

cuöịi nùm möơt söị thõ trûúđng xuíịt khííu chñnh

cuêa Viïơt Nam ăaô giaêm hoùơc ngûđng nhíơp khííu

lao ăöơng do aênh hûúêng cuêa suy thoaâi kinh tïị

Nùm 2008 Viïơt Nam ăaô xuíịt khííu 85.000 lao

ăöơng, cao hún mûâc 82.000 cuêa nùm 2007,

trong ăoâ 4 thõ trûúđng xuíịt khííu lao ăöơng troơng

ăiïím cuêa Viïơt Nam lađ Ăađi Loan, Hađn Quöịc,

Malaysia vađ Nhíơt Baên

Tyê lïơ thíịt nghiïơp úê khu vûơc thađnh thõ úê mûâc

4,65%, tûúng ặúng mûâc 4,64% cuêa nùm

2007, trong khi caâc nùm trûúâc tyê lïơ nađy liïn tuơc

giaêm xuöịng theo nùm Ăùơc biïơt, trong nhûông

thaâng cuöịi nùm 2008, tònh traơng nhiïìu lao ăöơng

bõ míịt viïơc lađm lađ khaâ phöí biïịn Thu nhíơp bònh

quín ăíìu ngûúđi cuêa Viïơt Nam nùm 2008 ăaơt

1.024 USD, cao hún mûâc bònh quín cuêa nùm

2007

Thu chi ngín saâch Nhađ nûúâc

Thu ngín saâch Nhađ nûúâc nùm 2008 tùng maơnh

38,6% so vúâi mûâc tùng 8,9% cuêa nùm 2007 vađ

töịc ăöơ tùng cao úê tíịt caê 3 khoaên muơc chñnh

trong thu ngín saâch göìm thu trong nûúâc

(+37,0%), thu tûđ díìu thö (+43,1%) vađ viïơn trúơ

khöng hoađn laơi (+47,1%) Chi ngín saâch Nhađ

nûúâc tùng 28,1% cao hún mûâc 20,2% cuêa nùm

2007 chuê ýịu do chi thûúđng xuýn tùng cao

39,5%, vûúơt 21,2% so vúâi dûơ toaân

Caê thu vađ chi ngín saâch ăïìu tùng cao hún

nùm 2007 nhûng thu tùng maơnh hún ăaô giuâp

thu heơp böơi chi ngín saâch tûđ mûâc 4,9%GDP

nùm 2007 xuöịng cođn 4,5%GDP nùm 2008

Caân cín thanh toaân quöịc tïị

Nùm 2008, caân cín thanh toaân töíng thïí tiïịp

tuơc thùơng dû nhûng úê mûâc thíịp Mûâc thùơng dû

caân cín thanh toaân quöịc tïị nùm 2008 chó bùìng

4,6% so vúâi nùm 2007, tûúng ặúng 0,52%

GDP danh nghôa nùm 2008 Thùơng dû caân cín

thanh toaân töíng thïí giaêm chuê ýịu do caân cín

last months of 2008, some main markets forVietnam’s migrant workers cut down or terminated their demand as a result of the adverseeffects of economic recession In 2008, Vietnamsent 85,000 workers abroad as

compared to 82,000 in 2007; with 4 main markets for Vietnam’s migrant workers being Taipei - China, South Korea, Malaysia, and Japan

In 2008, unemployment rate in urban areas stood

at 4.65%, almost equivalent to that in 2007, while

in the previous years, the rate decreased annually In particular, during the last months of

2008, there was a common fact that a great number of workers lost their jobs GDP per capita

in 2008 was USD1,024, higher than that in 2007

State budget revenues and expenditures

State budget revenues in 2008 rapidly grew atthe level of 38.6% as compared to the growthrate of 8.9% in 2007 The significant growth tookplace in all the three essential components ofbudget revenues which are domestic revenues(up by 37.0%), oil revenues (43.1%), and foreigngrants (47.1%) Budget expenditures grew by28.1% in comparison to the rate of 20.2% in

2007 mostly because of the significant growth of39.5% in current expenditures, 21.2% higherthan expected

Both state budget revenues and expenditureswere higher than those in 2007; however, thanks

to the more rapid increase in revenues than inexpenditures, state budget deficit in 2008 shrank

to 4.5% of GDP from 4.9% of GDP in 2007

International balance of payment

In 2008, the overall balance of payment continued to obtain a surplus but at a low level.International balance of payment surplus was just4.6% as much as that in 2007, equivalent to0.52% of nominal GDP of 2008 The reduction ofoverall international balance of payment surpluswas mainly caused by high current account deficitwhile capital account surplus strongly declined

KINH TÏỊ THÏỊ GIÚÂI VAĐ VIÏƠT NAM

vaông lai thím huơt úê mûâc cao, trong khi thùơng

dû caân cín vöịn giaêm maơnh

Caân cín thûúng maơi thím huơt cao hún

23,38% so vúâi mûâc thím huơt cuêa nùm 2007,

trong ăoâ xuíịt khííu theo giaâ FOB tùng 29%,

nhíơp khííu theo giaâ FOB tùng 28% so vúâi

nùm 2007 Thím huơt caân cín thûúng maơi lađ

nguýn nhín chñnh díîn ăïịn thím huơt caân cín

vaông lai tûúng ặúng 9,31% GDP danh nghôa

nùm 2008 (nùm 2007 thím huơt tûúng ặúng

9,87% GDP danh nghôa nùm 2007)

Caân cín dõch vuơ ặúơc caêi thiïơn hún so vúâi

nùm 2007 nhúđ thu dõch vuơ tùng cao hún so

vúâi chi dõch vuơ Thu dõch vuơ tùng 18% so vúâi

nùm 2007, trong ăoâ thu tûđ dõch vuơ du lõch

chiïịm khoaêng 56% töíng thu dõch vuơ Caâc

ngađnh dõch vuơ khaâc nhû víơn taêi, hađng khöng,

baêo hiïím ăïìu coâ mûâc tùng cao hún cuđng kyđ

Chi dõch vuơ tùng 15% so vúâi nùm 2007, trong

ăoâ chi phñ víơn taêi vađ baêo hiïím chiïịm tyê troơng

lúân trong töíng chi dõch vuơ, tùng 39% so vúâi

nùm 2007 do nhíơp khííu hađng hoâa tùng cao

Caân cín thu nhíơp ặúơc caêi thiïơn vúâi mûâc

thím huơt bùìng 93% mûâc thím huơt cuêa nùm

2007 Thu nhíơp göìm thu tûđ laôi tiïìn gûêi cuêa hïơ

thöịng ngín hađng vađ thu tûđ lúơi nhuíơn ăíìu tû

cuêa caâc doanh nghiïơp Viïơt Nam taơi nûúâc

ngoađi tùng 12% so vúâi nùm 2007 Chi cuêa

haơng muơc thu nhíơp ăíìu tû giaêm nheơ so vúâi

nùm 2007 do caâc khoaên chi traê laôi vay núơ

nûúâc ngoađi giaêm cuđng vúâi xu hûúâng giaêm laôi

suíịt trïn thõ trûúđng thïị giúâi Trong phíìn chi

thu nhíơp ăíìu tû, chi traê cöí tûâc cho caâc doanh

nghiïơp FDI víîn chiïịm tyê troơng lúân, khoaêng

79% töíng chi

Chuýín tiïìn möơt chiïìu tùng 12% so vúâi cuđng

kyđ nùm 2007 chuê ýịu nhúđ chuýín tiïìn tû

nhín tiïịp tuơc tùng maơnh Ăíy lađ nguöìn ngoaơi

tïơ quan troơng, goâp phíìn buđ ăùưp cho thím huơt

cuêa caân cín vaông lai

Thùơng dû caân cín vöịn giaêm 36% so vúâi mûâc

thùơng dû cuêa nùm 2007 Nguýn nhín lađ do

khuêng hoaêng tađi chñnh toađn cíìu khiïịn vöịn ăíìu

tû giaân tiïịp nûúâc ngoađi (FII) rođng giaêm maơnh

Trade balance deficit was 23.38% higher thanthat in 2007, of which both export and import atFOB price increased by 29% and 28%

respectively as compared to 2007 Tradebalance deficit was the main cause that madecurrent account deficit equivalent to 9.31% ofnominal GDP in 2008 (in 2007, current accountdeficit was equivalent to 9.87% of nominalGDP)

There was an improvement in service accountbalance since service turnover grew faster thancosts In 2008, total service turnover increased

by 18%, of which turnover from tourismaccounted for 56% Other services such astransportation, aviation, and insurance all hadhigher growth as compared to 2007 Servicecosts rose by 15%; whose great proportionswere taken by transport and insurance costswhen both grew by 39% due to high growth inimport of commodities

In 2008, income account balance was improvedgiven the deficit was equivalent to 93% of theincome account deficit in 2007 Incomes frominterest of deposits of the banking sector andinvestment profit of Vietnamese businesses in theoverseas markets increased by 12% In compari-sion to 2007, expenditures from investmentincome in 2008 slightly decreased due to thereduction in interest repayment of extrenal loans

in accordance with the downward trend in ests in global markets Among components of expenditures from investment income, share dividend payment to FDI businesses took a bigproportion, accounting for approximately 79% ofthe total expenditures

inter-One-way transfers in 2008 grew by 12% against

2007, mainly because of the significant jump inindividual transfers This was an importantsource of foreign exchange to finance the cur-rent account deficit

Capital account surplus reduced by 36% against

2007 as the global financial crisis made net eign indirect investment (FII) steeply slumped incomparision with 2007 However, net FDI in

for-2008 remained at a high level, up by 14%

so vúái nùm 2007 Tuy nhiïn, vöën àêìu tû trûåc

tiïëp nûúác ngoaâi (roâng) tiïëp tuåc úã mûác cao,

tùng 14% so vúái nùm 2007 Luöìng vöën vaâo

dûúái hònh thûác vay núå nûúác ngoaâi tiïëp tuåc gia

tùng vaâ cú cêëu vay núå coá sûå thay àöíi Vöën vay

ODA tiïëp tuåc duy trò úã mûác cao, tùng 5% so

vúái nùm 2007 Trong khi àoá, vay núå trung vaâ

daâi haån cuãa caác doanh nghiïåp giaãm Caác

doanh nghiïåp coá xu hûúáng chuyïín sang vay

núå ngùæn haån dûúái hònh thûác L/C traã chêåm

trong böëi caãnh nhêåp khêíu tùng cao vaâ tñn

duång trong nûúác thùæt chùåt

DIÏÎN BIÏËN LAÅM PHAÁT NÙM 2008

Trong 6 thaáng àêìu nùm 2008 laåm phaát tùng

maånh, tûâ thaáng 7 giaãm dêìn vaâ àaåt mûác êm

vaâo 3 thaáng quyá IV Tñnh chung caã nùm, chó

söë giaá tiïu duâng tùng 19,89%, cao hún nhiïìu

so vúái mûác 12,63% cuãa nùm 2007, laåm phaát

bònh quên tùng 22,97% (nùm 2007: 8,3%)

Trong àoá, caã laåm phaát nhoám Lûúng thûåc thûåc

CAÁN CÊN VÖËN CUÃA VIÏÅT NAM NÙM 2005 - 2008

VIETNAM CAPITAL ACCOUNT, 2005 - 2008

Inflows in terms of external loans continued to rise and had a change in structure.ODA kept its high level, up by 5% Meanwhile,businesses reduced their medium and long termloans; and they tended to turn to short-termdeferred L/Cs instead amid high import growthand tight domestic credit operations

INFLATION DEVELOPMENTS

IN 2008

In 2008, inflation rapidly increased during thefirst 6 months, gradually reduced since July,and reached negative level in Q4 In 2008 as awhole, CPI grew by 19.89%, much higher thanthe rate of 12.63% in 2007 Average inflationrate increased by 22.97% (as compared to8.3% in 2007), of which both food and non-food inflation rates significantly went up from 18.92%

to 31.86% and from 7.8% to 10.05%

respective-ly as compared to 2007 Thus, food priceindices made a great contribution to the growth

of inflation Main reasons for high inflation rate:

phíím (LTTP) vađ phi LTTP ăïìu tùng maơnh so vúâi

nùm 2007, tûúng ûâng tûđ 18,92% lïn 31,86% vađ

tûđ 7,8% lïn 10,05% Theo ăoâ, nhoâm LTTP ăaô coâ

taâc ăöơng lúân ăïịn mûâc tùng cuêa laơm phaât Laơm

phaât tùng cao do nhiïìu nguýn nhín nhûng chuê

ýịu lađ trong nhûông thaâng ăíìu nùm do giaâ caê thïị

giúâi nhû lûúng thûơc, thûơc phíím vađ nhiïìu mùơt

hađng thiïịt ýịu nhû díìu thö, phín boân, gas, sùưt

theâp tùng cao ăaô taơo sûâc eâp lađm tùng mùơt

bùìng giaâ trong nûúâc; luöìng vöịn nûúâc ngoađi vađo

Viïơt Nam tùng maơnh, ăùơc biïơt sau khi Viïơt Nam

gia nhíơp WTO, hiïơu quaê sûê duơng vöịn chûa cao

vađ do ýịu töị tím lyâ

the surge in prices of world commodities such ascrude oil, fertilizer, gas, and steels during thefirst months of 2008 imposed hike pressures ondomestic prices; capital inflows grew

significantly, especially after Vietnam’s WTOaccession with low efficiency of capital disbursement; and sentiment factor

KINH TÏỊ THÏỊ GIÚÂI VAĐ VIÏƠT NAM

DIÏÎN BIÏỊN LAƠM PHAÂT NÙM 2006-2008

3- Ùn uöịng ngoađi gia ằnh

II - Ăöì uöịng vađ thuöịc laâ

III- May mùơc, muô noân, giíìy deâp

IV- Nhađ úê, víơt liïơu xíy dûơng

V- Thiïịt bõ víơt duơng gia ằnh

VI- Dûúơc phíím, y tïị

VII- Phûúng tiïơn ăi laơi vađ bûu ăiïơn

VIII- Giaâo duơc

IX- Vùn hoâa, thïí thao, giaêi trñ

X- Hađng hoâa dõch vuơ khaâc

Laơm phaât phi LTTP

14,15,5

5,25,85,96,24,34,03,63,56,5

5,1

7,458,76,1

12,63 18,92

15,4021,16

6,786,7017,125,157,057,271,971,699,02

7,8

8,311,26,1

19,89 31,86

43,2526,5333.6213,1012,908,4612,689,436,566,8710,3312,97

10,05

23,036,612,1

Nguöìn: Töíng cuơc Thöịng kï, söị liïơu vïì laơm phaât phi LT-TP do Vuơ CSTT tñnh toaân.

INFLATION DEVELOPMENTS, 2006-2008

Unit: percentage change

DIÏÎN BIÏËN LAÅM PHAÁT CHUNG VAÂ LTTP, PHI LTTP

% TÙNG, GIAÃM SO CUÂNG KYÂ

DEVELOPMENTS OF HEADLINE INFLATION, FOOD AND EX-FOOD CPI

YEAR-ON-YEAR PERCENTAGE CHANGE

Source: General Statistic Office, non-food inflation rate was calculated by the Monetary Policy Department, the State Bank of Vietnam

6.6 7.9

14.15.5

5.25.85.96.24.34.03.63.56.5

5.1

7.458.76.1

12.63 18.92

15.4021.16

6,786.7017.125.157.057.271.971.699.02

7.8

8.311.26.1

19.89 31.86

43.2526.5333.6213.1012.908.4612.689.436.566.8710.3312.97

10.05

23.036.612.1

II - Beverage and cigarette

III- Garment, headwear, and footwear

IV- Housing and construction materials

V- Home appliances

VI- Pharmaceutical products and medicine

VII- Transportation and postal services

VIII- Education

IX- Culture, sports, and entertainment

X- Other goods and services

CPI ex-foods and food stuffs

DIÏÎN BIÏËN TÖÍNG PHÛÚNG TIÏåN

THANH TOAÁN

Töíng phûúng tiïån thanh toaán tñnh àïën

31/12/2008 tùng 20,31% so vúái cuöëi nùm

2007, thêëp hún nhiïìu so vúái mûác tùng 46,12%

cuãa nùm 2007 Trong àoá taâi saãn coá nûúác ngoaâi

roâng chó tùng nheå (tùng 4,51%) so vúái cuöëi

nùm 2007 Trong khi àoá, töëc àöå tùng cuãa taâi

saãn coá trong nûúác roâng cuäng dûâng úã mûác

27,23% so vúái cuöëi nùm 2007

Cú cêëu TPTTT thay àöíi tñch cûåc, tyã troång tiïìn

mùåt trong TPTTT tiïëp tuåc giaãm xuöëng mûác

14,6% (nùm 2007 laâ 16,36% vaâ nùm 2006 laâ

17,21%) Àiïìu naây phaãn aánh thoái quen thanh

toaán cuãa ngûúâi dên àang thay àöíi, thanh toaán

bùçng tiïìn mùåt coá xu hûúáng giaãm maâ thay vaâo

TOTAL LIQUIDITY DEVELOPMENTS

As of December 31, 2008, total liquidity increased

by 20.31% against 2007, much lower than therate of 46.12% in 2007, of which net foreignassets slightly increased at the rate of 4.51%against end 2007, while the growth of net domestic assets was just at the level of 27.23%

as compared to the end of 2007

Total liquidity composition changed in a positivemanner as the ratio of cash in total liquidity continued to reduce to 14.6% (as compared tothat of 16.36% and 17.21% in 2007 and 2006respectively) This reflected the ongoing change

in the population's payment habit: cash paymenthas been increasingly replaced by such

DIÏÎN BIÏËN TIÏÌN TÏÅ

MONETARY DEVELOPMENTS

DIÏÎN BIÏËN TÖÍNG PHÛÚNG TIÏÅN THANH TOAÁN

TOTAL LIQUIDITY DEVELOPMENTS

Tyã àöìng

VND Billion

CÚ CÊËU TÖÍNG PHÛÚNG TIÏÅN THANH TOAÁN

TOTAL LIQUIDITY COMPOSITION

àoá laâ hònh thûác thanh toaán bùçng caác phûúng

tiïån thanh toaán phi tiïìn mùåt nhû theã ATM, theã

tñn duång, theã traã trûúác…, trong khi khöëi lûúång

thanh toaán khöng duâng tiïìn mùåt tùng cao

Tyã troång tiïìn gûãi trong TPTTT tiïëp tuåc tùng tûâ

mûác 83,64% cuãa nùm 2007 lïn mûác 85,4%

trong nùm 2008 Trong àoá, tyã troång tiïìn gûãi

bùçng VND chiïëm 65,03% trong TPTTT, tùng

nheå so vúái mûác 64,46% cuãa nùm 2007 Tyã

troång tiïìn gûãi bùçng ngoaåi tïå chiïëm 20,37%

TPTTT, tùng 1,19% so vúái nùm 2007

Huy àöång vöën cuãa hïå thöëng ngên haâng:

Tùng trûúãng huy àöång vöën cuãa toaân hïå thöëng

TCTD àaåt 22,87%, thêëp hún nhiïìu so vúái mûác

tùng trûúãng 47,64% cuãa nùm 2007 Trong àoá,

huy àöång vöën bùçng VND tùng 21,38%, giaãm

maånh so vúái mûác tùng trûúãng 53,99% cuãa nùm

2007 Huy àöång bùçng ngoaåi tïå tùng 27,74%,

giaãm nheå so vúái mûác 29,66% cuãa nùm 2007

Huy àöång vöën cuãa khöëi NHTMNN tùng

18,78%, huy àöång cuãa khöëi NHTMCP, ngên

haâng liïn doanh, chi nhaánh ngên haâng nûúác

ngoaâi vaâ caác TCTD phi ngên haâng tùng

29,92%

non-cash means of payment as via ATM, creditand debit cards, etc, while the volume of non-cash payments significantly soared

The ratio of deposits in total liquidity continued

to increase to 85.4% from 83.64% in 2007.Specifically, VND deposits accounted for65.03% of the total liquidity, a slight increasefrom 64.46% in 2007, and foreign currencydeposits accounted for 20.37%, or up by 1.19%

as compared to 2007

Fund mobilization by banks:The growth rate

of fund mobilization by credit institutions as awhole reached 22.87%, much lower than that of47.64% in 2007, of which VND fund raisingincreased by 21.38%, a sharp decrease as compared to the rate of 53.99% in 2007

Foreign currency mobilization increased by27.74%, a slight decrease from 29.66% of theprevious year Fund mobilization by state-ownedcommercial banks (SOCBs) was up by 18.78%,while that of joint-stock commercial banks(JSCBs), joint-venture banks, foreign bankbranches, and non-bank credit institutions combined was 29.92%

Tñn duơng tiïịp tuơc tùng trûúêng, ăaâp ûâng nhu

cíìu vöịn cho phaât triïín kinh tïị: Nùm 2008, dû

núơ cho vay cuêa toađn hïơ thöịng ngín hađng tùng

25,43%, thíịp hún so vúâi mûâc tùng 53,89% cuêa

nùm 2007 Trong ăoâ, tùng trûúêng tñn duơng bùìng

VND ăaơt 27,56% vađ tùng trûúêng tñn duơng bùìng

ngoaơi tïơ ăaơt 17,61%

Tùng trûúêng tñn duơng cuêa caâc khöịi ngín hađng

ăïìu ăaơt mûâc khaâ Trong ăoâ, mûâc tùng trûúêng tñn

duơng nùm 2008 so vúâi nùm 2007 cuêa khöịi

NHTMNN, khöịi NHTMCP, khöịi NH liïn doanh vađ

nûúâc ngoađi, khöịi TCTD khaâc líìn lûúơt lađ 19,25%,

22,49%, 46,55%, 46,27%

Vïì cú cíịu tñn duơng, tñn duơng ngín hađng phuơc vuơ

phaât triïín nöng thön (göìm ngađnh nöng- lím- thuêy

saên) chiïịm tyê troơng cao nhíịt trong cú cíịu cho

vay theo ngađnh cuêa hïơ thöịng ngín hađng, ăaơt

28,84% Tyê troơng cho vay ngađnh thûúng nghiïơp

chiïịm 18,67%, cao hún mûâc 18,24% cuêa nùm

2007 Tyê troơng cho vay caâc ngađnh cöng nghiïơp;

xíy dûơng; víơn taêi, kho baôi, thöng tin liïn laơc vïì cú

baên víîn duy trò öín ắnh nhû nùm 2007, chiïịm

Credit growth by all types of banks was relativelyhigh, of which the year-on-year credit growth ofthe SOCBs, JSCBs, joint-venture banks and foreign bank branches, and other credit institutions was 19.25%, 22.49%, 46.55%, and46.27%, respectively

By composition, bank credit for agriculturaldevelopment (including farming, forestry andfishery) took the biggest share of 28.84%.Lending to the trade sector accounted for18.67%, higher than the ratio of 18.24% of 2007.The ratios of credit to such sectors as industry,construction, and transportation, warehouse, andcommunication in the total credit outstandingbasically kept unchanged as compared to 2007,

at 25.81%; 13.76%; and 5.29%, respectively

HUY ĂÖƠNG VÖỊN TÛĐ NÏÌN KINH TÏỊ

CAPITAL MOBILIZATION FROM THE ECONOMY

Tyê ăöìng

DIÏÎN BIÏỊN TIÏÌN TÏƠ

TÑN DUƠNG ĂÖỊI VÚÂI NÏÌN KINH TÏỊ

CREDIT TO THE ECONOMY

Nghòn tyê ăöìng

LAÔI SUÍỊT VND VAĐ NGOAƠI TÏƠ

Laôi suíịt huy ăöơng VND:

Trong nhûông thaâng ăíìu nùm 2008, laôi suíịt

huy ăöơng VND biïịn ăöơng tùng chuê ýịu do viïơc

huy ăöơng vöịn cuêa TCTD gùơp khoâ khùn, nhiïìu

TCTD ăaô ăiïìu chónh tùng laôi suíịt huy ăöơng

VND vúâi mûâc tùng tûđ 0,6%/nùm ăïịn

3,36%/nùm, laôi suíịt huy ăöơng tiïìn gûêi tiïịt kiïơm

cao nhíịt lïn túâi 13,8%/nùm Bïn caơnh viïơc

ăiïìu chónh tùng laôi suíịt huy ăöơng úê híìu hïịt

caâc kyđ haơn, caâc NHTM cođn aâp duơng caâc

chûúng trònh tiïịt kiïơm siïu laôi suíịt vúâi mûâc laôi

suíịt huy ăöơng cao nhíịt lïn túâi 13-14,4%/nùm

Trûúâc tònh hònh ăoâ, Thöịng ăöịc NHNN ăaô coâ

cöng ăiïơn söị 02/CĂ-NHNN ngađy 26/2/2008

ýu cíìu caâc NHTM khöng ặúơc tùng laôi suíịt

vûúơt quaâ 12%/nùm, caâc NHTM ăaô ăiïìu chónh

mûâc laôi suíịt huy ăöơng VND vïì mûâc cao nhíịt

lađ 12%/nùm, kyđ haơn dûúâi 6 thaâng lađ

10,5-11%/nùm, caâc kyđ haơn tûđ 6 thaâng ăïịn 12 thaâng

lađ 11%/nùm

Sau khi Thöịng ăöịc NHNN ban hađnh Quýịt

VND AND FOREIGN CURRENCY INTEREST RATES

VND mobilizing interest rate:

In the first months of 2008, VND mobilizing interest rate increased remarkably as a result ofcredit institution's difficulty in capital mobilization.Many credit institutions adjusted their VND mobilizing interest rates up by 0.6 - 3.36 percentage points, the highest mobilizing interestrate reached 13.8% per annum In addition to theincrease of mobilizing interest rates in most ofmaturities, commercial banks introduced specialsaving deposits programs with "super highdeposit interest rates" reaching 13 – 14.4% per annum As a result, the Governor of the SBVissued Official Message No 02/CĂ - NHNNdated February 26, 2008, requesting commercialbanks not to increase mobilizing interest ratesover 12% per annum Accordingly, commercialbanks started to lower their VND mobilizingdeposit interest rates to up to 12% per annum,with those for below 6-month maturities being10.5 - 11% and those for 6- to 12-month

DIÏỴN BIÏËN TIÏÌN TÏÅ

TYÃ TRỔNG HUY ÀƯÅNG VƯËN CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2008

CAPITAL MOBILIZATION, BREAKDOWN BY GROUPS OF CREDIT INSTITUTIONS - 2008

TYÃ TRỔNG HUY ÀƯÅNG VƯËN CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2007

CAPITAL MOBILIZATION, BREAKDOWN BY GROUPS OF CREDIT INSTITUTIONS - 2007

TYÃ TRỔNG CHO VAY NÏÌN KINH TÏË CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2008

LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2008

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

TYÃ TRỔNG CHO VAY NÏÌN KINH TÏË CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2007

LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2007

ắnh söị 16/2008/QĂ-NHNN ngađy 16/5/2008 vïì cú

chïị ăiïìu hađnh laôi suíịt cú baên bùìng ăöìng Viïơt

Nam vađ Quýịt ắnh 1098/QĂ-NHNN ngađy

16/5/2008 vïì mûâc laôi suíịt cú baên bùìng ăöìng Viïơt

Nam aâp duơng kïí tûđ ngađy 19/5/2008 lađ 12%/nùm,

caâc NHTM ăiïìu chónh tùng laôi suíịt huy ăöơng vúâi

mûâc tùng tûđ 3-3,5%/nùm so vúâi mûâc laôi suíịt cuô

Ngađy 11/6/2008, NHNN ăiïìu chónh laôi suíịt cú

baên tûđ 12%/nùm lïn 14%/nùm, nhiïìu NHTM ăiïìu

chónh tùng laôi suíịt ăïí ngùn chùơn viïơc giaêm vöịn

huy ăöơng, trong ăoâ coâ möơt söị NHTM ăaô ăiïìu

chónh tùng laôi suíịt úê mûâc khaâ cao

17,5-18,5%/nùm, caâ biïơt coâ möơt söị NHTMCP huy

ăöơng túâi 19%/nùm vađ aâp duơng nhiïìu hònh thûâc

khuýịn maơi

Tûđ giûôa thaâng 7/2008 ăïịn hïịt quyâ III/2008, vöịn

khaê duơng cuêa caâc NHTM ăaô búât cùng thùỉng, laôi

suíịt huy ăöơng VND coâ xu hûúâng giaêm tûđ

0,1-0,9%/nùm vađ duy trò tûúng ăöịi öín ắnh Mûâc laôi

suíịt huy ăöơng VND phöí biïịn úê mûâc

17-17,5%/nùm (nhoâm NHTMNN) vađ 17,5-18%/nùm

(nhoâm NHTMCP)

Tûđ ngađy 21/10/2008 ăïịn 31/12/2008, laôi suíịt huy

ăöơng VND cuêa caâc TCTD ăöịi vúâi khaâch hađng liïn

tuơc giaêm maơnh qua caâc líìn ăiïìu chónh giaêm laôi

suíịt cú baên cuêa NHNN vađ ăïịn cuöịi nùm mûâc laôi

suíịt huy ăöơng VND trúê vïì mûâc thíịp nhíịt trong

nùm vađ giaêm khoaêng 9-9,5%/nùm so vúâi thúđi

ăiïím cao nhíịt cuêa nùm (17,5-18,5%/nùm), giaêm

khoaêng 0,3-0,8%/nùm so vúâi cuöịi nùm 2007 Laôi

suíịt huy ăöơng VND phöí biïịn úê mûâc: dûúâi 3 thaâng

tûđ 7,9-8,6%/nùm, tûđ 3 thaâng ăïịn 12 thaâng lađ

8,3-9,3%/nùm, 12 thaâng lađ 8,5-9,5%/nùm, trïn 12

thaâng lađ 8,6-9,5%/nùm

Laôi suíịt cho vay VND:thúđi ăiïím trûúâc khi

aâp duơng cú chïị ăiïìu hađnh laôi suíịt cuêa NHNN

theo Quýịt ắnh söị 16/2008/QĂ-NHNN, laôi suíịt

cho vay cuêa caâc NHTM ăöịi vúâi khaâch hađng úê

mûâc khaâ cao (vađo thúđi ăiïím thaâng 3/2008,

khoaêng 18,5-19%/nùm) Sau khi aâp duơng cú chïị

ăiïìu hađnh laôi suíịt múâi cuêa NHNN, laôi suíịt cho

vay cuêa caâc NHTM ăöịi vúâi khaâch hađng ặúơc

khöịng chïị úê mûâc töịi ăa lađ 18%/nùm (aâp duơng tûđ

giûôa thaâng 5/2008)

maturities being 11% per annum

After the SBV Governor's Decision No

16/2008/QĂ - NHNN dated 16 May 2008 onregulatory mechanism of VND deposit baseinterst rate and the SBV Governor's Decision

No 1098/QĂ - NHNN dated 16 May 2008 ting the applicable VND deposit base interestrate from May 19, 2008 at 12% per annum, commercial banks moved their mobilizing inter-est rates up by 3 – 3.5 percentage points perannum On June 11, 2008, the SBV adjustedthe base interest rate from 12% to 14% perannum Accordingly, many commercial banksincreased their deposit interest rates to preventdeposit mobilization slowdown, and in somespecial cases, deposit interest rates rose to17.5 - 18.5% per annum with an exceptionalcase where some joint stock banks mobilized

set-at 19% per annum along with various promotions

From mid - July 2008 to the end of the 3rdquarter in 2008, commercial banks' liquiditybecame less stressful, VND mobilizing interestrates showed a downward tendency by 0.1 - 0.9 percentage points per annum andremained relatively stable VND mobilizinginterest rates were maintained at 17 – 17.5%and 17.5 - 18% per annum by the

state - owned commercial banks and joint stockcommercial banks, respectively

Between October 21 - December 31, 2008,credit institutions’ VND mobilizing interestrates continued to decrease sharply after various decreases of the SBV's base interestrates By the year-end, VND mobilizing interest rates restored the lowest rate of theyear and were down by about 9 - 9.5 percentage points from the years' highestrates of 17.5 - 18.5%, or a decrease of 0.3 -0.8 percentage points per annum againstend 2007 VND mobilizing interest rateswere maintained widely around 7.9 - 8.6%, 8.3 - 9.3%, 8.5 - 9.5%, and 8.6 - 9.5% formaturities of less than 3 months, 3 - 12months, 12 months and over 12 months,respectively

Tûâ ngây 11/6/2008 àïën trûúác ngây 21/10/2008

(lậi suêët cú bẫn tùng tûâ 12%/nùm lïn

14%/nùm), cấc NHTM àậ àiïìu chĩnh tùng lậi

suêët cho vay vïì mûác sất vúái mûác tưëi àa lâ

21%/nùm vâ ngûâng thu têët cẫ cấc loẩi phđ liïn

quan àïën khoẫn cho vay

Tûâ ngây 21/10/2008 àïën 31/12/2008, cuâng vúái

viïåc àiïìu chĩnh giẫm lậi suêët cú bẫn cuãa

NHNN, lậi suêët cho vay tưëi àa bùçng VND cuãa

cấc TCTD àưëi vúái khấch hâng (150% lậi suêët

cú bẫn) cuäng giẫm tûúng ûáng; bïn cẩnh àố,

cấc TCTD côn ấp duång mûác lậi suêët cho vay

ûu àậi àưëi vúái mưåt sưë àưëi tûúång (thu mua

lûúng thûåc, xuêët khêíu) thêëp hún mûác lậi suêët

cho vay phưí biïën tûâ 1-1,5%/nùm Àïën 31/12,

lậi suêët cho vay VND phưí biïën úã mûác: ngùỉn

hẩn lâ 10,8-11,5%/nùm, trung dâi hẩn lâ

12-12,75%/nùm, lậi suêët cho vay ûu àậi

8,5-10%/nùm

Lậi suêët huy àưång vâ cho vay

chĩnh tùng lậi suêët huy àưång USD vúái mûác tùng

tûâ 0,11%/nùm àïën 1,29%/nùm so vúái cuưëi nùm

2007, mûác lậi suêët huy àưång USD cao nhêët lâ

6,15%/nùm

Trong quyá II/2008, cấc NHTM tiïëp tuåc àiïìu

chĩnh tùng lậi suêët huy àưång USD vúái mûác tùng

bịnh quên khoẫng 0,35-1,85%/nùm, lậi suêët

huy àưång USD phưí biïën cuãa nhốm NHTMNN

khoẫng 6,5-7%/nùm, cuãa nhốm NHTMCP

khoẫng 7-8%/nùm Cuâng vúái viïåc àiïìu chĩnh

tùng lậi suêët huy àưång USD, lậi suêët cho vay

USD cuäng tùng lïn khoẫng 2-2,5%/nùm so vúái

àêìu nùm 2008 (lậi suêët cho vay phưí biïën

khoẫng 9-9,5%/nùm)

Tûâ àêìu quyá III/2008, lậi suêët huy àưång vâ cho

vay USD liïn tuåc giẫm vúái mûác giẫm tûâ

2-3%/nùm, vâ àïën 31/12/2008 phưí biïën úã mûác:

dûúái 3 thấng lâ 2,6-4,3%/nùm, 3 thấng àïën 12

thấng lâ 3,3-4,5%/nùm, 12 thấng lâ

4-4,6%/nùm, trïn 12 thấng lâ 3,7-4,9%/nùm; lậi

suêët cho vay USD phưí biïën úã mûác: ngùỉn hẩn lâ

6,1-7,5%/nùm, trung dâi hẩn lâ 7,2-8,5%/nùm

VND lending interest rate:before thevalidation of the SBV interest rate regulatingmechanism in accordance with Decision No

16/2008/QD - NHNN, commercial banks' lendinginterest rate was rather high (about 18.5 - 19% inMarch 2008) Upon introducing the new

interest rate regulating mechanism of the SBV, commercial banks' lending interest rate was controlled within a cap of 18% (by mid - May 2008).From June 11 to October 21, 2008 (the base interest rate increased from 12% to 14% perannum), commercial banks adjusted interestrates close to the ceiling interest rate of up to21%, without any transaction fees

From October 21 to December 31, 2008, following the lowering of SBV's base interestrate, maximum VND lending rate (150% of thebase interest rate) offered by financial institutionsdecreased accordingly In addition, financial institutions also offered preferential lending rates

to certain types of borrowers (food purchasers,exporters) with the annual interest rate of about

1 - 1.5 percentage points lower than the ordinaryrates From December 31, generally, VND lend-ing rate remained at

10.8% - 11.5%, 12% - 12.75% and 8.5% - 10%p.a for short - term, medium and long - term andpreferential loans, respectively

USD mobilizing and lending est rates: In the first quarter of 2008, com-mercial banks raised USD mobilizing rate by0.11% - 1.29 percentage point in comparisonwith the end of the previous year, reaching thehighest rate of 6.15% p.a

inter-In the second quarter of 2008, commercial banksadjusted USD mobilizing rate by 0.35% - 1.85 percentage point higher than those of the lastquarter, the annual USD mobilizing rate by thestate - owned commercial banks, therefore,reached 6.5% - 7% and 7% - 8% for joint stockcommercial banks On the upward trend, theUSD lending rate increased by 2% - 2.5 percent-age point in comparison with the beginning of

DIÏỴN BIÏËN TIÏÌN TÏÅ

Laôi suíịt thõ trûúđng liïn ngín

hađng:nhûông thaâng ăíìu nùm 2008, laôi suíịt

thõ trûúđng liïn ngín hađng biïịn ăöơng tùng do

thiïịu huơt thanh khoaên cuêa caâc TCTD, nhûng

tûđ cuöịi thaâng 7/2008 ăïịn cuöịi thaâng 12/2008

laôi suíịt thõ trûúđng liïn ngín hađng liïn tuơc

giaêm cuđng vúâi xu hûúâng giaêm cuêa laôi suíịt cú

baên vađ laôi suíịt cuêa caâc TCTD ăöịi vúâi khaâch

hađng Ăïịn cuöịi thaâng 12/2008, laôi suíịt giao

dõch thûơc tïị bònh quín trïn thõ trûúđng liïn

ngín hađng úê caâc mûâc: qua ăïm lađ

7,28%/nùm, 1 tuíìn lađ 7,98%/nùm, 1 thaâng lađ

7,9%/nùm, 3 thaâng lađ 9,93%/nùm, 6 thaâng lađ

9,87%/nùm, 1 nùm lađ 9,83%/nùm

Thõ trûúđng ngoaơi tïơ liïn

ngín hađng

Trong böịi caênh cung cíìu ngoaơi tïơ trïn thõ

trûúđng diïîn biïịn phûâc taơp, hoaơt ăöơng thõ

trûúđng ngoaơi tïơ liïn ngín hađng nùm 2008

tiïịp tuơc söi ăöơng vúâi quy mö vađ doanh söị

giao dõch tùng cao Doanh söị giao dõch giûôa

caâc ngín hađng tùng khoaêng 25% so vúâi nùm

2007 Trong ăoâ, doanh söị giao dõch giao

ngay tùng 26%, caâc giao dõch kyđ haơn, hoaân

ăöíi tùng 13% Caâc ngín hađng ăaô tiïịp cíơn vađ

sûê duơng nhiïìu hún caâc nghiïơp vuơ giao dõch

ăïí phođng ngûđa ruêi ro trong kinh doanh ngoaơi

höịi

Caê nùm 2008, thõ trûúđng ngoaơi tïơ liïn ngín

hađng coâ 79 ngín hađng thađnh viïn tham gia,

tùng 14 thađnh viïn so vúâi nùm 2007 Caâc

ngín hađng thađnh viïn tham gia thõ trûúđng

möơt caâch tñch cûơc, ăaô goâp phíìn lađm tùng

thïm sûơ söi nöíi cuêa thõ trûúđng

NHNN ăaô thûơc hiïơn mua, baân ngoaơi tïơ möơt

caâch kõp thúđi nhû möơt ngûúđi mua, baân cuöịi

cuđng trïn thõ trûúđng ăïí öín ắnh tyê giaâ, ăaâp

ûâng nhu cíìu ngoaơi tïơ ăïí nhíơp khííu caâc mùơt

hađng thiïịt ýịu vađ nhu cíìu chuýín ăöíi ngoaơi

tïơ cuêa caâc nhađ ăíìu tû nûúâc ngoađi Bïn caơnh

giao dõch mua, baân ngoaơi tïơ giao ngay,

NHNN cuông ăaô thûơc hiïơn caâc giao dõch mua

2008 (commonly at 9% - 9.5% p.a)

From the beginning of the third quarter of 2008,the annual USD mobilizing and lending rates continued to decrease further by 2% - 3 percentage point On December 31st 2008, USD mobilizing rate stayed at 2.6% - 4.3%, 3.3% -4.5%, 4% - 4.6% and 3.7% - 4.9% p.a for USDdeposits with terms of less than 3 months, from 3months to under 12 months, 12 months and from

12 months and longer, respectively Generally,USD lending interest rates stayed at 6.1% - 7.5%p.a for short - term loans and 7.2% - 8.5% p.a formedium and long - term loans

Inter-bank money market rate:in early

2008, the inter - bank money market rates showed

an upward trend due to the shortage of liquidity ofcredit institutions However, from the end of July

2008 to the end of December 2008, the inter - bank money market rate continued todecrease in line with the lowering of the baseinterest rate and interest rates offered by creditinstitutions At the end of December 2008, average actual inter - bank interest rate remained

at 7.28%, 7.98%, 7.9%, 9.93%, 9.87% and 9.83%for overnight, 1 week, 1 month, 3 months, 6months and 1 year maturities, respectively

Inter-bank foreign exchange market

While complicated developments happened tosupplies and demands of the foreign exchangemarket in 2008, the inter-bank foreign exchangemarket remained active with widened scale andlarger transaction volume Inter-bank transactionvolume increased by about 25% as compared tothat of 2007 Spot transactions increased by 26%,and forward and swap transactions increased by13% Commercial banks conducted much moretransactions in this market to hedge themselvesagainst foreign exchange risks

In 2008, 79 banks participated in the inter-bank foreign exchange market, an increase of 14 participants in comparison with 2007 These new

vađ baân laơi ngoaơi tïơ vúâi möơt söị ngín hađng ăïí

höî trúơ cín ăöịi nguöìn tiïìn ăöìng Viïơt Nam cho

caâc NHTM

Hoaơt ăöơng thõ trûúđng ăíịu thíìu

tñn phiïịu Kho baơc

Ăíịu thíìu tñn phiïịu Kho baơc qua NHNN nùm

2008 ăaơt kïịt quaê cao hún nhiïìu so vúâi nùm

2007 Giaâ trõ tñn phiïịu Kho baơc truâng thíìu

cuêa nùm 2008 lađ 20.730 tyê ăöìng, ăaơt 78%

khöịi lûúơng chađo thíìu vađ 195,15% giaâ trõ truâng

thíìu nùm 2007 Toađn böơ söị tñn phiïịu baân ra

trong nùm ăïìu coâ kyđ haơn 364 ngađy Laôi suíịt

truâng thíìu tñn phiïịu Kho baơc nùm 2008 giaêm

maơnh tûđ 15,7%/nùm xuöịng 8,38%/nùm

Caê nùm coâ 31 ăúơt ăíịu thíìu tñn phiïịu Kho

baơc ặúơc töí chûâc (ñt hún so vúâi 43 ăúơt cuêa

nùm 2007) vađ coâ 4 ăúơt khöng coâ thađnh viïn

tham gia Thõ trûúđng ăíịu thíìu tñn phiïịu Kho

baơc trong nùm 2008 khöng thu huât ặúơc

nhiïìu caâc thađnh viïn ngoađi khöịi NHTMNN

tham gia do caâc NHTMNN víîn lađ caâc ngín

hađng coâ ûu thïị hún hùỉn vïì nguöìn vöịn, cuơ

Market for Treasury bills

Auctions of Treasury bills through the SBV in 2008registered much higher winning volume as

compared to 2007 Total value of bid winningTreasury bills was VND 20,730 billion, equal to78% of the offered value of 2008 or 195.15% ofsuccessful bid value of 2007 The entire Treasurybills issued in 2008 was at 364-day term with thecut-off rates decreasing much to 8.38% p.a from15.7% p.a

For 2008 as a whole, there were totally 31 T-billsauctions (as compared to 43 in 2007), with fourauctions without any participating bidders In 2008,

DIÏÎN BIÏỊN TIÏÌN TÏƠ

LAÔI SUÍỊT HUY ĂÖƠNG, CHO VAY CUÊA CAÂC TCTD NÙM 2008

LENDING AND MOBILIZATION INTEREST RATE OF CREDIT INSTITUATIONS IN 2008

NH Nưng Nghiïåp vâ Phất triïín nưng thưn.

Viïåc àiïìu chĩnh CSTT nùm 2008 àậ tấc àưång

àïën diïỵn biïën thõ trûúâng àêëu thêìu tđn phiïëu

Kho bẩc Àiïìu hânh CSTT thùỉt chùåt vâ linh

hoẩt nûãa àêìu nùm chuyïín dêìn sang núái lỗng

mưåt cấch thêån trổng nhûäng thấng cuưëi nùm,

thưng qua viïåc àiïìu chĩnh cấc cưng cuå CSTT

nhû lậi suêët, dûå trûä bùỉt buưåc, tyã giấ vâ cấc

nghiïåp vuå khấc àậ tấc àưång àïën vưën khẫ

duång cuãa cấc NHTM Nhûäng thấng àêìu nùm

vưën khẫ duång cuãa cấc NHTM khưng dû thûâa

nïn đt tham gia thõ trûúâng àêëu thêìu tđn phiïëu

Kho bẩc Tûâ thấng 8/2008, vưën khẫ duång cuãa

cấc TCTD tùng dêìn vâ cố dû thûâa nïn àậ

tham gia thõ trûúâng, àùåc biïåt lâ sûå tham gia

cuãa cấc NHTMNN àậ lâm cho thõ trûúâng àêëu

thêìu tđn phiïëu Kho bẩc trúã nïn sưi àưång hún

the market for Treasury bills failed to attract otherparticipants rather than SOCBs as these banksremained the most prominent banks in terms ofcapital capacity including Vietinbank,

Vietcombank and VBARD

The monetary policy movements in 2008 largelyinfluenced the Treasury bills auctions The tightened and flexible monetary policy regulationapplied in the first half of the year graduallymoved to the prudently loosened one in late

2008, by adjusting such monetary policy ments as interest rate, reserve requirements,exchange rate and other operations, whichaffected commercial banks' liquidities Given theirliquidity shortage during the early months of theyear, commercial banks rarely took part inTreasury bill auctions Nevertheless, from August

instru-2008 on, as credit institutions' liquidity improvedwith some surplus, the auctions became busierwith more active participation of credit

institutions, especially the state-owned commercial banks

DIÏỴN BIÏËN THÕ TRÛÚÂNG ÀÊËU THÊÌU TĐN PHIÏËU KHO BẨC

TREASURY BILL AUCTION MARKET DEVELOPMENTS

ĂIÏÌU HAĐNH CHÑNH SAÂCH

TIÏÌN TÏơ NÙM 2008

Nùm 2008, nïìn kinh tïị thïị giúâi traêi qua nhiïìu

sûơ kiïơn phûâc taơp, khoâ lûúđng xuíịt phaât tûđ cuöơc

khuêng hoaêng tađi chñnh taơi Myô, trong nûúâc

kinh tïị tùng trûúêng chíơm laơi Trûúâc tònh hònh

ăoâ, NHNN ăiïìu hađnh CSTT thùưt chùơt nhûng

linh hoaơt tuđy theo diïîn biïịn kinh tïị trong

nûúâc vađ quöịc tïị Trong 6 thaâng ăíìu nùm

NHNN ăaô kõp thúđi sûê duơng ăöìng böơ vađ quýịt

liïơt caâc giaêi phaâp thùưt chùơt tiïìn tïơ nhùìm kiïìm

chïị laơm phaât coâ hiïơu quaê vađ öín ắnh kinh tïị

vô mö Caâc cöng cuơ CSTT ặúơc ăiïìu hađnh

linh hoaơt ăïí huât tiïìn tûđ lûu thöng nhûng víîn

ăaêm baêo tñnh thanh khoaên cho nïìn kinh tïị vađ

thõ trûúđng, ăiïìu hađnh linh hoaơt tyê giaâ theo tñn

hiïơu thõ trûúđng Trûúâc tñn hiïơu khaê quan vïì

kiïìm chïị laơm phaât, 6 thaâng cuöịi nùm 2008,

NHNN ăaô tûđng bûúâc núâi loêng CSTT bùìng caâc

giaêi phaâp linh hoaơt ăïí thuâc ăííy phaât triïín saên

xuíịt kinh doanh vađ chuê ăöơng ngùn ngûđa

nguy cú suy giaêm kinh tïị

Ăiïìu tiïịt cung tiïìn thöng qua

nghiïơp vuơ thõ trûúđng múê

Nùm 2008, nghiïơp vuơ thõ trûúđng múê ặúơc

ăiïìu hađnh linh hoaơt, phöịi húơp chùơt cheô vúâi

caâc cöng cuơ CSTT khaâc ăïí ăiïìu tiïịt vöịn khaê

duơng cho caâc TCTD úê mûâc húơp lyâ, goâp phíìn

öín ắnh thõ trûúđng tiïìn tïơ Caâc giao dõch

nghiïơp vuơ thõ trûúđng múê ặúơc thûơc hiïơn hađng

ngađy, chuê ýịu ặúơc thûơc hiïơn theo phûúng

thûâc ăíịu thíìu khöịi lûúơng, cöng böị laôi suíịt

nhùìm öín ắnh thõ trûúđng

Trong 7 thaâng ăíìu nùm 2008, cuđng vúâi viïơc

thûơc hiïơn caâc giaêi phaâp ăiïìu hađnh CSTT nhû

MONETARY POLICY MANAGEMENT IN 2008

In 2008, as the world economy experiencedvarious complicated and unforeseen events stemming from the US financial crisis, thedomestic national economy growth sloweddown Under this situation, the SBV pursued acontractual and flexible monetary policies onthe basis of domestic and international economicdevelopments In the first 6 months, the SBVtook uniform monetary tightening measures in

a timely and decisive manner in order to trol inflation effectively and ensure macro-eco-nomic stability Monetary policy instrumentswere used in a flexible manner to absorb ban-knotes in circulation, and at the same time toensure liquidity of the economy and the mar-ket, and to manage exchange rate by marketforces Based on

con-positive results of inflation control, the SBVhad gradually loosened the monetary policy forthe second half of 2008 through flexible meas-ures to promote production and business andprevent the risk of economic recession

Managing money supply through open market operations

In 2008, open market operations were flexiblymanaged in a close coordination with other monetary policy instruments to regulate creditinstitutions’ liquidity within reasonable levels,thus helping to stabilize the money market.Open market operations were daily executed,essentially by mode of volume auction andinterest rate publicity aiming at market stability

In the first 7 months of 2008, in line with measures of monetary policy managementincluding higher reserve requirements, issuance

HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC

STATE BANK OPERATIONS

tùng tyê lïơ DTBB, phaât hađnh tñn phiïịu NHNN

bùưt buöơc, tùng laôi suíịt cú baên nhùìm goâp

phíìn kiïìm chïị laơm phaât, NHNN ăaô thûơc hiïơn

chađo baân tñn phiïịu NHNN kyđ haơn 182 vađ 364

ngađy; laôi suíịt phöí biïịn ăöịi vúâi kyđ haơn 182 lađ

7,5%/nùm, kyđ haơn 364 lađ 7,75%/nùm Ăöìng

thúđi, ăïí höî trúơ vöịn ngùưn haơn cho caâc TCTD

vađ khùưc phuơc tònh traơng thõ trûúđng tiïìn tïơ

chûa thûơc sûơ thöng suöịt, NHNN ăaô thûơc hiïơn

caâc phiïn chađo mua giíịy túđ coâ giaâ vúâi kyđ

haơn ngùưn (7, 14, 21, 28 ngađy), khöịi lûúơng

chađo mua hađng ngađy ặúơc xaâc ắnh trïn cú

súê nhu cíìu vöịn thanh toaân vađ diïîn biïịn thõ

trûúđng tiïìn tïơ Viïơc ăiïìu hađnh nghiïơp vuơ thõ

trûúđng múê nïu trïn ăaô goâp phíìn öín ắnh thõ

trûúđng tiïìn tïơ, nhíịt lađ caâc thúđi ăiïím thay ăöíi

tyê lïơ DTBB, caâc mûâc laôi suíịt NHNN cöng böị

Tûđ thaâng 8/2008, trûúâc tñn hiïơu khaê quan vïì

kiïìm chïị laơm phaât, NHNN ăaô tûđng bûúâc núâi

loêng CSTT ăïí thuâc ăííy phaât triïín saên xuíịt

kinh doanh vađ chuê ăöơng haơn chïị taâc ăöơng

cuêa khuêng hoaêng tađi chñnh vađ ngùn chùơn

nguy cú suy giaêm kinh tïị Ăïí öín ắnh tím lyâ

thõ trûúđng vađ höî trúơ caâc NHTM thíơt sûơ khoâ

khùn vïì vöịn, NHNN tiïịp tuơc thûơc hiïơn caâc

phiïn chađo mua giíịy túđ coâ giaâ kyđ haơn 7-14

ngađy vúâi khöịi lûúơng vađ laôi suíịt húơp lyâ, phuđ

húơp vúâi viïơc ăiïìu chónh laôi suíịt cú baên vađ

caâc loaơi laôi suíịt do NHNN cöng böị Trong

dõp giaâp Tïịt, nghiïơp vuơ thõ trûúđng múê trúê

thađnh kïnh höî trúơ vöịn chuê ýịu cho caâc

TCTD, goâp phíìn duy trò öín ắnh tiïìn tïơ

Vïì phaât hađnh tñn phiïịu bùưt buöơc

Ăïí thûơc hiïơn muơc tiïu kiïìm chïị laơm phaât,

thaâng 3/2008 NHNN phaât hađnh tñn phiïịu

NHNN bùưt buöơc vúâi khöịi lûúơng 20.300 tyê

ăöìng, kyđ haơn 364 ngađy, laôi suíịt 7,8%/nùm,

of SBV’s compulsory bills, and higher baseinterest rates for the sake of inflation control,the SBV had offered 182-day and 364-day billswith the annual rates of 7.5% and 7.75%

respectively At the same time, the SBV chased valuable papers with short maturities(7, 14, 21, and 28 days) to provide more short

pur term liquidity to credit institutions and help tosmoothen the money market Daily purchasingvolume was determined upon liquidity

demands and previous money market developments Byregulating open market operations as mentioned above, could the SBV stabilize themoney market, particularly when changeswere made in terms of required reserve ratiosand the interest rates set by the SBV

From August 2008, in face of positive results

of inflation control, the SBV had gradually loosened its money policy to foster productionand business, proactively minimize the impact

of the financial crisis and to prevent the risk ofeconomic recession To help stabilize marketsentiment and assist commercial banks facedwith liquidity shortage, the SBV kept

purchasing 7 - 14 day valuable papers withreasonable volume and interest rates in linewith changes of the base interest rate andother rates prescribed by the SBV On theoccasion of the Lunar New Year, open marketoperations became a principal funding channel

of credit institutions, thereby helping to maintain monetary stability

Issuance of compulsory SBV bills

To realize inflation control targets, in March 2008the SBV issued VND 20,300 billion of compulso-

ry SBV bills with 364 - day maturity at 7.8% p.aand instructed credit institutions not to use them

ăöìng thúđi caâc TCTD khöng ặúơc pheâp sûê

duơng tñn phiïịu nađy trong caâc nghiïơp vuơ taâi

cíịp vöịn vúâi NHNN Tuy nhiïn, ăïí höî trúơ

thanh khoaên cho caâc TCTD do taâc ăöơng cuêa

khuêng khoaêng tađi chñnh toađn cíìu, tûđ ngađy

1/10/2008, NHNN ăaô cho pheâp caâc TCTD

ặúơc sûê duơng tñn phiïịu trong caâc giao dõch

taâi cíịp vöịn vúâi NHNN, ăöìng thúđi cho pheâp

caâc TCTD ặúơc ruât trûúâc haơn tñn phiïịu theo

nhu cíìu

Vïì laôi suíịt tñn phiïịu NHNN bùưt buöơc, ngađy

1/7/2008, NHNN ăaô ăiïìu chónh tùng laôi suíịt

tñn phiïịu bùưt buöơc tûđ 7,8%/nùm lïn 13%/nùm

nhùìm taơo ăiïìu kiïơn cho caâc TCTD giaêm laôi

suíịt cho vay ăöịi vúâi khaâch hađng ăïí thuâc ăííy

phaât triïín saên xuíịt kinh doanh Ngađy

22/12/2008, laôi suíịt tñn phiïịu NHNN ặúơc

ăiïìu chónh giaêm tûđ mûâc 13%/nùm xuöịng

4,5%/nùm ăïí phuđ húơp vúâi caâc mûâc laôi suíịt

khaâc do NHNN cöng böị

Vïì cöng cuơ dûơ trûô bùưt buöơc

Do sûơ biïịn ăöơng maơnh cuêa kinh tïị, tiïìn tïơ

thïị giúâi vađ trong nûúâc, cöng cuơ DTBB ặúơc

sûê duơng nhû möơt trong caâc biïơn phaâp hûôu

hiïơu ăïí kiïìm chïị laơm phaât trong nùm 2008

Ăïí thûơc hiïơn muơc tiïu kiïìm chïị laơm phaât,

thaâng 2/2008 NHNN ăiïìu chónh tùng 1% tyê lïơ

DTBB ăöịi vúâi tíịt caê caâc kyđ haơn, aâp duơng cho

caê tiïìn gûêi VND vađ ngoaơi tïơ ăöịi vúâi híìu hïịt

caâc TCTD (trûđ NH Nöng nghiïơp vađ Phaât triïín

nöng thön Viïơt Nam, vađ möơt söị TCTD húơp

taâc vađ NHTMCP nöng thön) Ăöìng thúđi múê

röơng diïơn phaêi DTBB ăöịi vúâi loaơi tiïìn gûêi kyđ

haơn tûđ 24 thaâng trúê lïn (trûúâc ăíy chó bao

göìm tiïìn gûêi khöng kyđ haơn vađ coâ kyđ haơn dûúâi

24 thaâng) nhùìm níng cao khaê nùng ăiïìu tiïịt

cöng cuơ DTBB

in refinancing operations with the SBV As ofOctober 1, 2008, however, to support liquidity ofcredit institutions in the context of the globalfinancial crisis, the SBV allowed credit institutions

to use compulsory SBV bills in applying for nancing loans and allow prepayment for thosebills at the same time

refi-Regarding the compulsory SBV bill, on July 1st

2008, the SBV raised yearly yield from 7.8% to13% in enabling institutions to reduce lendingrate for the enhancement of business and production of their customers On December22nd 2008, the yearly yield on SBV bill wasreduced from 13% to 4.5% to make it in linewith other interest rates set by the SBV

Reserve requirement

Due to strong economic and monetary movements both domestically and international-

ly, reserve requirement was employed as one

of the effective tools to curb inflation during 2008

In implementing the inflation curbing target, inFebruary 2008, the SBV increased the reserverequirement ratio by 1 percentage point applicable to all terms and to both local and foreign currency deposits in most credit institutions (except for the Vietnam Bank forAgriculture and Rural Development, some cooperative credit institutions and rural joinstock commercial banks) At the same time,reserve requirement was expanded to be applicable to 24-month and longer termdeposits (previously, reserve requirementapplied only to demand deposits and less than24-month term deposits) in order to improvethe regulating ability of the reserve

requirement tool

During the last months of 2008, in order to

HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC

Nhûông thaâng cuöịi nùm, ăïí höî trúơ caâc TCTD

tùng cûúđng cung ûâng vöịn cho nïìn kinh tïị,

ngùn chùơn suy giaêm kinh tïị, NHNN ăaô ăiïìu

chónh giaêm tyê lïơ DTBB ăöịi vúâi tiïìn gûêi bùìng

VND tûđ 11% xuöịng 10% - 6% vađ tiïìn gûêi bùìng

ngoaơi tïơ tûđ 11% xuöịng 9% - 7%

Cuđng vúâi viïơc ăiïìu chónh tyê lïơ DTBB, nùm

2008 NHNN linh hoaơt ăiïìu chónh laôi suíịt tiïìn

gûêi DTBB bùìng VND cuêa caâc TCTD taơi NHNN:

ăiïìu chónh tùng laôi suíịt tiïìn gûêi DTBB tûđ

1,2%/nùm lïn 3,6% - 5% - 10%/nùm, vađ ăiïìu

chónh giaêm tûđ 10%/nùm xuöịng 9% - 8,5%/nùm

Taâi cíịp vöịn

Trong nhûông thaâng ăíìu nùm 2008, caâc TCTD

coâ khoâ khùn taơm thúđi vïì vöịn khaê duơng, NHNN

ăaô thûơc hiïơn taâi cíịp vöịn cho caâc NHTM, nhíịt

lađ nhûông NHTM coâ quy mö nhoê Viïơc NHNN

höî trúơ vöịn ngùưn haơn cho caâc NHTM ăaô coâ taâc

ăöơng tñch cûơc trong viïơc öín ắnh thõ trûúđng tiïìn

tïơ Tûđ quyâ IV nùm 2008, khi tònh hònh thõ trûúđng

tiïìn tïơ tûđng bûúâc ăi vađo öín ắnh, nguöìn vöịn

cuêa caâc TCTD ăaô ặúơc ăaêm baêo nïn nhu cíìu

vay taâi cíịp vöịn cuêa caâc NHTM ăaô giaêm

Vïì ăiïìu hađnh laôi suíịt

Trong 8 thaâng ăíìu nùm 2008, trûúâc böịi caênh

laơm phaât vađ nhíơp siïu tùng maơnh, ăe doơa ăïịn

sûơ öín ắnh kinh tïị vô mö, cuđng vúâi caâc giaêi

phaâp thùưt chùơt tiïìn tïơ, NHNN ăaô ăiïìu chónh

tùng laôi suíịt cú baên tûđ 8,25%/nùm lïn 8,75%

-12% - 14%/nùm, ăiïìu chónh tùng laôi suíịt taâi

cíịp vöịn tûđ 6,5%/nùm lïn 7,5% 13%

-15%/nùm, laôi suíịt chiïịt khíịu tûđ 4,5%/nùm lïn

6% - 11% - 13%/nùm, laôi suíịt cho vay qua

ăïm trong thanh toaân ăiïơn tûê liïn ngín hađng

ặúơc ăiïìu chónh tùng tûđ 10,8%/nùm lïn

support credit institutions to supply capital tothe economy and to prevent economic down-turn, the SBV decided to reduce the reserve requirement ratios, consecutively from 11%sequently to 10%, and 6% for local currencydeposits, and from 11% to 9% and 7% forforeign currency deposits

Alongside with the adjustment of reserverequirement ratio, in 2008 the SBV flexiblyadjusted the interest rates on VND reserverequirement deposits of credit institutions withthe SBV, specifically: the SBV increased the yearly, interest rate of reserve requirement from1.2% sequently to 3.6%, 5% and 10%, and thendecreased from 10% to 9% - 8.5%

Refinancing

In early months of 2008, credit institution hadexperienced temporary difficulties of liquidity,SBV has conducted refinancing for commercialbanks, especially for small-size commercialbanks By assisting commercial banks withshort-term capital, the SBV has brought aboutpositive impacts on stabilization of the monetarymarket Since the 4th Quarter of 2008, themoney market has been gradually more stableand the financial capacity of credit institutionshas been improved, refinancing demand forcommercial banks reduced accordingly

Interest Rate Management

In the first 8 months of 2008, in the context thatinflation and trade deficit increased significantlywhich threatened macroeconomic stability, theSBV, alongside with tightening monetary solu-tion, increased yearly base interest rate from8.25% sequently to 8.75%, 12% and 14%, year-

ly refinancing rate from 6.5% sequently to 7.5%,13% and 15%, yearly discount rate from 4.5%

15%/nùm NHNN quy ắnh tríìn laôi suíịt huy

ăöơng úê mûâc 12% tûđ ngađy 16/2/2008 Ăïịn

ngađy 19/5/2008, NHNN ăiïìu hađnh laôi suíịt

theo Quýịt ắnh söị 16/2008/QĂ-NHNN vïì

cú chïị ăiïìu hađnh laôi suíịt cú baên bùìng

Ăöìng Viïơt Nam Theo ăoâ, laôi suíịt huy ăöơng

vađ cho vay töịi ăa seô bùìng 150% laôi suíịt cú

baên Nhûông thaâng cuöịi nùm, ăïí haơn chïị taâc

ăöơng cuêa khuêng hoaêng tađi chñnh vađ suy

thoaâi kinh tïị toađn cíìu, baêo ăaêm öín ắnh

kinh tïị vô mö, NHNN ăaô ăiïìu chónh giaêm

caâc loaơi laôi suíịt chó ăaơo nhû laôi suíịt cú baên

giaêm tûđ 14%/nùm xuöịng 13% 12% 11%

-10% - 8,5%/nùm; laôi suíịt taâi cíịp vöịn tûđ

Muơc tiïu ăùơt ra trong ăiïìu hađnh hoaơt ăöơng

tñn duơng nùm 2008 lađ nhùìm kiïím soaât töịc

ăöơ tùng trûúêng tñn duơng phuđ húơp vúâi ýu

cíìu kiïím soaât töịc ăöơ tùng TPTTT ăïí kiïìm

chïị laơm phaât, ăöìng thúđi ăaêm baêo khaê nùng

thanh toaân vađ tíơp trung ăaâp ûâng caâc nhu

cíìu vöịn cho caâc lônh vûơc phaât triïín kinh tïị

bïìn vûông, ăaêm baêo an toađn vađ hiïơu quaê

cho hoaơt ăöơng cuêa caâc TCTD Theo ăoâ,

NHNN ăaô thûơc hiïơn caâc biïơn phaâp cuơ thïí

nhû:

Theo doôi chùơt cheô hoaơt ăöơng cho vay ăíìu tû

vađ kinh doanh bíịt ăöơng saên vađ chûâng

khoaân, quy ắnh chùơt cheô vïì ăiïìu kiïơn cho

vay vađ khöịng chïị dû núơ cho vay, chiïịt khíịu

giíịy túđ coâ giaâ ăïí ăíìu tû, kinh doanh chûâng

khoaân khöng ặúơc vûúơt quaâ 20% vöịn ăiïìu

sequently to 6%, 11% and 13%, and yearlyovernight rate for electronic interbank marketfrom 10.8% to 15% SBV specified the mobi-lization cap of 12% for the period fromFebruary 16, 2008 Since May 19 2008, theSBV managed base interest rate in line withthe Decision No 16/2008/QĂ-NHNN on regula-tory mechanism of VND base interest rate.Accordingly, maximum VND mobilizing andlending interest rate will be equalled to 150%

of the base interest rate In the year-endmonths, in order to mitigate negative impact ofthe global financial and economic crisis and tostabilize the macroeconomic situation, the SBVdecided to lower key rates such as: the yearlybase interest rate from 14%/year sequently to13%, 12%, 11%, 10% and 8.5%; yearly refi-nancing rate went from 15% sequently to 14%,13%, 12%, 11% and 9.5%; yearly discount ratewent from 13% sequently to 12%, 11%, 10%,9% and 7.5%

Credit Growth and Quality Control

As the objectives set for the management ofcredit operations in 2008 were to control creditgrowth rate in line with the requirement of con-troling the growth rate of total liquidity for infla-tion curbing purpose, while assuring liquidityand sufficient funds to meet capital demandsfor sustainable economic development, and toassure safe and efficient operations of creditinstitutions, therefore, the SBV implementedspecific measures, in particular:

To closely mornitor lending for investments inreal estate and securities sectors; to providestrict regulations on financing conditions anddebt outstanding limit, discount of valuablepapers for securities investment, lending

HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC