Prime Minister Pham Minh Chinh has called on the banking sector to focus on key tasks amid the complex and unpredictable global situation.

He asked it to continue implementing cautious and flexible monetary policies in coordination with suitable fiscal policies to maintain macro-economic stability, maintain control over inflation, boost growth, and ensure major economic balances.

He also asked the banking sector to step up its analysis and forecasting work and keep a close watch on both the domestic and international situations to make a timely and effective policy response.

Banks should continue to cut costs in order to lower interest rates and push ahead with restructuring in tandem with handling bad debts, the Prime Minister said.

He made the suggestions at a meeting celebrating the 60th anniversary of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) in Hanoi on March 31.

Prime Minister Chinh instructed the State Bank of Vietnam (SBV) to continue playing a pioneering role in administrative modernization and cost reduction to lower lending rates and improve access to credit packages for individuals and businesses.

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