Advising on the issuance of Government bonds and mobilizing capital for the economic recovery program

Department of Banking and Financial Institutions held a conference to review the work of 2021 and the direction of deploying tasks in 2022

Strengthen management and supervision of the bond market

On January 5, the Department of Banking and Financial Institutions held a conference to review the work of 2021 and the direction of deploying tasks in 2022. Deputy Minister of Finance Nguyen Duc Chi attended and directed the conference.

Speaking at the conference, Mrs. Pham Thi Thanh Tam, Deputy Director of the Department of Banking and Financial Institutions, said that, implementing the Resolutions of the Government and the Ministry, in 2021 the Department has developed and submitted to competent authorities for promulgation 39 schemes and policies.

Accordingly, 22 schemes and policies have been completed, including two schemes that have been reported to the Politburo, six Decrees of the Government, six projects under the authority of the Prime Minister, five Circulars and three Decisions of the Ministry of Finance.

At the same time, the Department continued to strengthen the management, supervision, and advice to the Ministry of Finance in operating the bond market, lottery and prize-winning games and the collection of the revenue in the fields of management, such as operating the interest rate framework for Government bonds in order to both mobilize capital at a reasonable cost and support the development of the currency market, the bond market and ensure the sustainability of the debt portfolio of Government bonds.

As a result, in 2021, VND318,213 billion of government bonds were mobilized, equal to 98.21% of the 2021 plan (VND324,000 billion); promptly assess and report to the Ministry on the revenue collection of the management units (estimated at VND99,672 billion), making an important contribution to the total revenue collection. In particular, revenue from the banking system is VND62,342 billion; lottery and games with prizes of VND34,060 billion; the Stock Exchange, the Securities Depository Center is VND3,270 billion.

According to the report presented by Ms. Tam, it also showed outstanding results in each key area such as financial market, bond market; lottery and prize-winning games (including casino, prize-winning electronic games and bets); policy credit, management of state financial institutions; financial management of the State Bank and credit institutions.

"Basically, the Department of Banking and Financial Institutions has completed the working plan for 2021, including urgent jobs assigned by the Ministry outside the work schedule," Tam said.

For the tasks in 2022, Tam said the Department would actively coordinate with relevant agencies and units in policy formulation and management, supervision, quality assurance and management in assigned areas.

In 2022, the Department would advise the Executive Ministry on the volume, term and interest rate of government bonds to mobilize capital for the state budget, including the economic recovery program at a reasonable cost.

At the same time, strengthen the management and supervision of the corporate bond market; complete the information page of corporate bonds and the bond market on the web portal of the Ministry of Finance; continue to perfect the legal framework on the lottery market and prize games; strengthen the financial management and supervision of the two policy banks and the State financial funds.

Being the leading unit in reform

Addressing the conference, Deputy Minister of Finance Nguyen Duc Chi agreed with the assessment of the results achieved in 2021 of the Department of Banking and Financial Institutions and affirmed the very important position and role of the Department in the activities of the Ministry of Finance.

With a huge workload in 2021, many difficult jobs and many sensitive areas, the Deputy Minister said that the staff of the Department had worked very hard to complete the tasks with the highest sense of responsibility, meeting progress requirements. The results achieved were remarkable in the context of a large workload but a small number of officers. This was possible thanks to the young, well-trained staff of the Department.

The Deputy Minister also affirmed that the management areas of the Department were very important, affecting the stock market, capital market, the state budget as well as credit activities, which are the financial lifeblood of the nation.

At the Conference, the Deputy Minister suggested that in the future, staff of the Department should be more proactive and creative in their assigned work, thinking about what needed to be changed, including both working processes and knowledge.

In terms of knowledge, the Department's staff can propose and make recommendations and develop scientific topics to change reform.

The Deputy Minister suggested that the Social Finance Department should be the leading unit in changes because the Department's management field was a modern, civilized and constantly changing field. The field of management was large, so the position and role of the Department depended on the thinking and ideology of the staff.

In terms of management, for example, the stock market, government bonds, corporate bonds, policy banks, casinos, with the proactive and creative thinking of the Department, the Deputy Minister believed that the revenue collection of the Department would increase.

In addition, the Deputy Minister said it was necessary to pay attention to the application of information technology and digital transformation in management. It is necessary to have a plan soon, focus on building big data in the fields of management, in order to have a roadmap to build a data system.

Deputy Minister Nguyen Duc Chi expressed his wish that in 2022 and the following years, the Department would always be the leading unit in reform, innovation index, IT application as well as operation scale.

Speaking in recognition of the direction of Deputy Minister Nguyen Duc Chi, Mrs. Phan Thi Thu Hien, Director of the Department of Banking and Financial Institutions said that, under the close direction of the Ministry, they have greatly supported the Department in handling shortcomings and problems, thereby helping the Department to successfully complete its tasks in 2021.

For 2022 and especially the orientation of the leaders of the Ministry of Finance, the Department will study to concretize the orientations on the initiative, creativity, ideas on development and expansion and maintenance of the tradition of the Department.

On behalf of the entire Department, Mrs. Hien said that the unit would make efforts and dedication to the work to complete the task in 2022 in the best way.