MONEY AND BANKING ESSAY MONETARY POLICY IN RESPONSE TO EFFECTS OF COVID 19 IN VIETNAM

 FOREIGN TRADE UNIVERSITY INSTITUTE OF  ECONOMICS AND INTERNATIONAL  BUSINESS *** MONEY  AND BANKING ESSAY   MONETARY  POLICY  IN RESPONSE TO EFFECTS OF  COVID-19 IN VIETNAM Class: TCHE303(GD2-HK1-2021).1 Instructor: MS Fin Tran Thi Minh Tram Implementation group: Group Ha Noi, December 2021 Members of group 4 Evaluation Full name Task done Thái Diệu Đan (Leader) Suggest topic, outline; Write content of 1.5, 2.1, and 4.1 100 Vũ Mạnh Tuấn Suggest topic; Write content of 1.4, 3.2; Do formatting 100 Nguyễn Thị Thu Hằng Suggest outline; Write content of 1.2, 4.3; Prepare PowerPoint 100 Lê Ngọc Ly Write content of Intro, 3.2; Presenting 100 Nguyễn Linh Khanh Write content of Intro, 3.1; Presenting 100 Nguyễn Nhật Linh Write content of 1.3, 5.2; Presenting 100 Vũ Hạnh Nguyên Write content of 1.1; 4.3; Prepare PowerPoint 100 Table of content  Introduction Chapter 1: The theoretical basis of monetary policy 1.1 Definition of monetary policy 1.2 Position in the economy 1.3 Goals of monetary policy 1.4 Types of monetary policy 14 1.4.1 Tight monetary policy 14 1.4.2 Expansionary monetary policy 14 1.5 Tools 15 1.5.1 Reserve Requirements 15 1.5.2 Open Market Operations 15 1.5.3 The Discount Rate 15 Chapter 2: The impact of Covid-19 on Vietnam's economy 16 2.1 The background of the Covid-19 pandemic in Vietnam 16 2.2 The impact of the Covid-19 epidemic on the overall economy 18 2.2.1 Macro indicators 18 2.2.1.1 GDP 18 2.2.1.2 Inflation 19 2.2.2 Government budget 2.2.2.1 Government budget revenue 20 20 21 2.2.2.2 Government budget expenditure 2.2.3 Enterprises and employees 21 22 Chapter 3: Current status of monetary policy in Vietnam in responding to the impact of the Covid-19 epidemic 25 3.1 Overview of Monetary policy in Vietnam in the period of 2020-2021 25 3.1.1 Interest rate policy 25 3.1.2 Debt term restructure, loan interest exemption policy 25 3.1.3 Credit support policy from banking industry 25 3.2 Current status of applying monetary policy tools in Vietnam 26 3.3 The effectiveness of monetary policy in Vietnam during the Covid-19 pandemic 28 3.3.1 Overall results 28 3.3.2 Effectiveness of Interest Rate Policy 31 3.3.3 Effectiveness of Debt term restructure, loan interest exemption / reduction to support enterprises policy 32 3.3.4 Effectiveness of Credit support policy from banking industry 33 Chapter 4: Policy recommendations in the “new normal” 34 4.1 Policy orientation 34 4.2 Short-term solution 34 4.3 Long-term solution 36 4.3.1 Solution for monetary policy 36 4.3.1.1 Solutions to help perfect monetary policy tools 36 4.3.1.2 Loosen the fluctuation band of exchange rate 37 4.3.1.3 The State Bank closely monitors economic developments and coordinates with the Ministry of Finance from information provision and exchange, planning to policy implementation 38 4.3.1.4 Enhancing the independence of the Central Bank 4.3.1.5 The State considers, researches towards testing and issuing Central Bank Digital Currency 4.3.2 Solution for the whole economy References 38 38 39 41 List of tables Figure Total number of cases of COVID-19 in Vietnam 17 Figure Quarterly GDP growth rate 19 Figure The development of inflation and core inflation in economy 20 Figure Summary the Government budget revenue 21 Figure Summary the Government budget expenditure 22 Figure Situation of the impact of COVID19 to the performance of businesses 23 Figure Number of employees in 2020 compared to 2019 24 Figure 10 Vietnam GDP growth 29 Figure 11 Vietnamese Dong (VND) per US dollar (USD) 30 Figure 12 Inflation rate 30 Introduction Money and Banking is a course on the economics of money, banking and financial markets The direction aims to grant the students a preface to the function of money, financial markets, financial institutions and monetary policy in the economy, therefore supplying a stable basis for further study or employment in the monetary offerings industry As economics students, we understand the importance of studying and researching Money and Banking The Money and Banking course will look at some crucial issues in the idea and exercise of monetary policy and how it influences the world Monetary policy is a central bank's actions and communications that manipulate the money supply It increases liquidity to produce profitable growth as well as reduces liquidity to prevent inflation The COVID-19 pandemic has spread fleetly across the world since December 2019 As of 26 October 2020, greater than 43.5 million COVID-19 confirmed cases have been reported, with nearly 1.2 million associated deaths Furthermore, according to WHO, Likewise, the number of verified cases is still increasing in numerous countries Despite COVID-19, Vietnam’s economy has remained flexible, increasing by 2.9 percent in 2020, which was one of the top growth rates in the world, and growth is projected to be 6.5 percent in 2021, thanks to robust profitable fundamentals, decisive containment measures and well-targeted authorities support, with accordance to the IMF’s latest annual evaluation of the country’s economy Using thorough disease surveillance data, this paper gives an overview of the unfolding of the COVID-19 pandemic in Vietnam and estimates the effectiveness of the Vietnamese reaction to contain the pandemic Therefore, our group has come to a decision of choosing this topic for our report:  “Monetary policy in response to the effects of Covid-19 in Vietnam” During the process of making this report, due to the limited amount of time as well as some certain limits in understanding and data collecting, the report may hardly avoid mistakes We are looking forward to your comments for the betterment of our group’s performance Through this report, we sincerely appreciate and value the insights and guidance that MS Fin Tran Thi Minh Tram provided us Chapter 1: The theoretical basis of monetary policy 1.1 Definition of monetary policy Monetary policy is a set of actions that can be undertaken by a nation's central bank to control the overall supply of money that is available to the nation's banks, its consumers, and its businesses and achieve sustainable economic growth 1.2 Position in the economy In the system of macroeconomic policies of the State, monetary policy is one of the most important because it directly affects the field of monetary circulation From the 1980s onwards, monetary policy has become more prominent because: first, there is a view that fiscal policy is based on D Ricardo's theory of comparative advantage is inefficient; second, monetary policy can maintain a stable and minimal gap between actual and potential output levels; Third, in developed countries, there is a trend towards stabilization and a gradual decrease in the amount of government lending, while in developing countries, restrictions on foreign loans have reduced the possibility of government implementing anti-crisis fiscal policy; fourth, time lag in the practice of formulating and implementing fiscal policy in cyclical conditions the economic recession has become shorter and shorter, making the solutions of fiscal policy unable to take effect in a timely manner; Finally, fiscal policy is increasingly influenced by the interests of political forces more than monetary policy Moreover, in periods of economic growth, people still tend to have a prudent fiscal policy, even in the medium term, developing economies still prefer to use a system of self-adjusting tools without accepting unusual solutions Not outside the general trend of the world, in Vietnam in recent years, monetary policy has been used as the main tool to adjust macroeconomics This can be clearly seen in the monetary policy management process of the SBV But it also has a close relationship with other macroeconomic policies such as fiscal policy, income policy, foreign economic policy… For the SBV, the planning and implementation of Monetary policy is the most basic activity, all of its activities are aimed at making national monetary policy more effective 1.3 Goals of monetary policy According to D.C Rowan “The monetary policy is defined as discretionary action undertaken by the authorities designed to influence the supply of money, cost of money or rate of interest and the availability of money.” There have been multiple objectives of monetary policy varied in different nations, in different periods of time and in different economic contexts However, different aims conflict with one another, making it difficult to choose the ultimate goal for a country's monetary strategy The appropriate monetary policy objective should be chosen by the monetary authority in light of the economy's specific conditions and requirements Despite significant background differences, the majority of countries considers main goals of monetary policies, which include: - Price Stability - High Employment - Economic Growth - Interest Rate Stability - Financial Stability - Exchange Stability By implementing feasible monetary policies, the governments wield the power to attain their end goals of success and prosperity In this part, we will give a breakdown of each goal before shedding light on the conflicts among those aims Price Stability Reasonable price stability is deemed the most fundamental goal which can be achieved by utilizing monetary policy To define, price stability is when the general level of prices in the economy avoid significant fluctuations, meaning they don’t rise or fall drastically in indexes of prices like the Consumer Price Index or the Harmonised Index of Consumer Prices It is much needed to be maintained in order to lower and stabilize inflation The key explanation in favor of this sentiment is that inflation brings about uncertainty that possibly curb the growth of the economy and make the planning procedure harder to be carried out Additionally, social fabric is also affected by this phenomenon Therefore, high inflation rate should be eschewed in order to avoid unwanted dire repercussions In developing countries, the surge of investment activities comes in parallel with the dwindle in agriculture production which results in enormous pressure on prices The significantly high inflation in India has gone to show the importance of monetary policy in such an alarming scenario has contributed to the short-run stability of money However, inflation to some certain degree is unavoidable due to several changes in the developing economy’s structure like India In fact, mild inflation or an increase in prices is required in order to incentivize producers and investors According to P.A Samuelson, inflation at a negligible rate of to percent can lubricate the wheels of trade and industry and boosts economic innovation Price stability is additionally critical for a country's balance of payments to improve Considering the opinion of C Rangarajan, the increasing openness of the economy, the requirement to service external debt and therefore the necessity to boost the share of our exports in an exceedingly highly competitive external environment require that the domestic index number isn't allowed to rise unduly High Employment 10 3.3 The effectiveness of monetary policy in Vietnam during the Covid-19  pandemic.  3.3.1 Overall results Keeping an expansionary monetary policy in Vietnam is necessary in the context the economy is in the early stage of recovery and the majority of enterprises are in dire need of capital to restore their production and business activities Prior to the COVID-19 pandemic, Vietnam had been one of the world's fastest growing emerging markets in the past decade, boosted by strong foreign direct investment inflows into its manufacturing sector The pace of economic growth slightly exceeded 7% in both 2018 and 2019 Rapid growth of manufacturing exports and large new inflows of foreign direct investment have been important growth drivers for Vietnam, notably driven by rapid expansion in the textiles and electronics sectors However, economic growth momentum moderated significantly in 2020, due to the impact of the COVID-19 pandemic For calendar 2020, the Vietnamese economy still recorded positive growth of 2.9% Despite the moderation in growth momentum, Vietnam was one of the very few industrial economies in the Asia-Pacific region that achieved economic expansion in 2020, as the world economy slumped into a recession 28 Figure 10 Exchange rates remain stable As the U.S Federal Reserve (Fed) continues easing monetary policies by maintaining its target interest rates at around 0% and buying bonds worth US$120 billion per month, demand for holding the greenback, both worldwide and in Vietnam, has fallen This has been a blessing for the dong Dollars pour into Vietnam, leading to surpluses in both trade and capital accounts, contributing to exchange rate stability The value of the dong, in terms of dollar or prices, has therefore not undergone much change This paves the way for the SBV to aim to support firms and nurture growth after the pandemic, with several highlights 29 Figure 11 On the other hand,  inflation rates have been kept stable (around 2%) even though Vietnam has been through several intense lockdown periods Figure 12 Overall, during the pandemic we have seen favourable results, which show that the authorities are flexible in their forex management in conformity with a multi purposeful policy 30 3.3.2 Effectiveness of Interest Rate Policy According to the report on the socio-economic situation of the first months of the year announced by the General Statistics Office, total credit balance as of November 17, 2020 reached 8,790 thousand billion VND, increased by 10.28% as compared to the same period Demand for credit increased rather weakly, although interest rates declined deeply However, credit growth rate tended to improve in the third quarter of the year compared to the first two quarters of the year Meanwhile, capital raising, though decreasing, is still much higher than credit growth Total means of payment in the first months of the year increased by 7.74% compared to the end of 2019 The solution to decline interest rates in the current situation has not really brought effectiveness to stimulate capital for production and business activities because most enterprises’ inputs and outputs were simultaneously affected Some demands have almost completely disappeared due to the pandemic effects In addition, the interest rate reduction is only applied to new loans, while the demand for loans of businesses is low or businesses not meet all standards for loan access, such as collateral, financial image or good business plan Many enterprises had overdue debts at banks, so they cannot take new loans The effect of recent interest rate cuts on the economy became more insignificant In fact, the deposit and lending rates in market (the market between banks, residents and businesses) have decreased since the beginning of the year, when the banking system has always been in a state of money surplus, mainly due to the low credit growth Therefore, if we consider the reducing interest rate of the market as the target, the recent reduction in the executive interest rate did not have much impact on the absorption of loans in the economy The main reason is that credit growth has been low and prolonged, even in the context of declining interest rates, partly showing that the demands for loans were not high, or the banks’ concerns about the bad debts 31 3.3.3 Effectiveness of Debt term restructure, loan interest exemption / reduction to support enterprises policy This policy is considered as an effective measure to control bad debts during this period Not transferring overdue debt and keeping the debt group not only helped banks avoid making provisions for credit risks, but also did not have to withdraw accrued interests that have arisen, as well as continued to arise from this loan, but not yet obtained Another positive point of this regulation is that unlike nonperforming loans arising in the previous period - stemming from the real estate market, where real estate projects were inflated in value - current loans with a potential of turning into the bad debts because of the pandemic, in which most customers had real production and trading activities, with collateral as factories and goods Previously, real estate loans often had the risk of valuing collateral excessively to their real value, leading to difficulties in handling due to a deep fall in the value of the property or not enough value compared with the original loan value, even lack of legal basis, causing the bank to lose capital The collateral, factories and goods, on the other hand have more precise real valuation value These assets can also be easier to resell to partners, enterprises who are in the fields of production and trade With an abundant customer database, as well as a wide range of relationships, banks can support struggling businesses that want to get out of the industry by introducing to customers and partners, who have intentions to purchase and expand into new businesses, especially in the current context that many businesses are taking the opportunity to seek acquisitions and mergers This solution not only helps customers overcome difficulties but also helps the banks collect debt However, the difficulty of this policy was that only disbursements before January 23, 2020 had debt classification results according to the State Bank's regulations at the latest time before January 23, 2020 Circular 01 did not apply to outstanding loans disbursed after January 23, 2020 Keeping the same group of debts could prevent the non-performing loans ratio from being fully reflected in the financial statements of credit institutions 32 3.3.4 Effectiveness of Credit support policy from banking industry The credit support policy for businesses affected by COVID-19 currently shows many shortcomings in the implementation stage when businesses who want to access this support must meet complicated procedures with large costs, including making audit reports, assessing damages, self-proving liquidity and solvency after debt restructuring With these procedures, the group of small and medium enterprises – who need this assistance the most, could face a multiple of difficulties in accessing the policy 33 Chapter 4: Policy recommendations in the “new normal” 4.1 Policy orientation In 2020, the appearance of the Covid-19 epidemic in countries around the world led the global economy to fall into a serious and unending crisis, however, Vietnam is one of the few countries that has succeeded in dealing with the pandemic, preventing the complicated spread of Covid-19 in the community and maintaining a positive growth rate with GDP in 2020 increasing by 2.91% with temporary stabilization of economic activities Nevertheless, after the current fourth outbreak of Covid-19 with the risk of the emergence of new strain Omicron, many economic activities fell into a state of stagnation or decline, causing many challenges to state budget revenue while the demand for spending on the prevention and overcoming of the consequences of the epidemic has increased Due to lengthy fiscal deficits, coupled with monetary policy bound to inflation and exchange rate targets, Vietnam cannot pursue macro policies in the same way as other big countries in the world Therefore, in order to implement policies to support epidemics as well as the economy, in the coming time, the Government should take measures to mobilize financial resources such as continuing operating monetary policy proactively and flexibly, issuing government bonds at low interest rates, reduce loan interest rate and remove credit limit for some commercial banks Policies should be made with the first principle of maintaining macroeconomic stability The risk of inflation cannot be subjective It is necessary to keep inflation and interest rates low, the exchange rate stable 4.2 Short-term solution.  The prolonged growth of COVID-19 pandemic and its dire repercussions on a global stage has made the prospect of economic recovery remain uncertain Basic commodity prices are forecasted to remain high, risks of inflation and financial instability have a tendency to increase, central banks around the world have to adjust their policies flexibly in response to the COVID-19 crisis 34 In that context, the State Bank of Vietnam’s monetary policy management has faced many challenges while dealing with complicated changes caused by COVID-19 epidemic; they have to either recover the economy or control and stabilize the inflation and the macro economy Therefore, short-term solutions for monetary policy in response to unexpected developments of Covid-19 are of paramount importance According to Ms Victoria Kwakwam - World Bank’s Vice President in charge of East Asia - Pacific region highly appreciated the role of the State Bank in operating monetary policy proactively, flexibly, and implementing feasible solutions and programs to support businesses and people to overcome difficulties caused by the epidemic Thereby, making an important contribution to macroeconomic stability, growth support and social security assurance Firstly, the government should operate monetary policy flexibly, maintain system liquidity, synchronize monetary, credit and liquidity solutions to support economic recovery Closely monitor inflation developments and domestic and foreign markets to prepare an operating plan (taking into account the policy lag) if inflation rises faster than expected Second, the government should provide a prompt reaction to the proliferation of coronavirus by publishing documents requiring governmental agencies to analyse the level of impact of the COVID-19 wave on customers and create a plan on supporting and remedying customers’ issues Along with that, the State Bank of Vietnam should direct credit institutions to improve internal processes, reduce unnecessary paperworks and procedures, and promote the application of technology in credit appraisal; maximum savings, creating favorable conditions for a sharp reduction in lending interest rates Thirdly, reducing interest rates and providing a large source of money to the economy is a viable short-term solution Additionally, the government can issue 35 policies to stimulate the rescheduling of debt repayment, exemption and reduction of loan interest in order to support businesses and people affected by the Covid-19 epidemic As a result, the sharp reduction in lending interest rates has partly supported Vietnamese enterprises to overcome the difficult period and maintain production and business Finally, the State Bank of Vietnam should set the fixed exchange rate in accordance with domestic and foreign market movements, macroeconomic balance and monetary policy objectives, limiting speculation, hoarding foreign currency and supporting the economy to adjust with the external shocks To specify, at the end of March 2020, in the context of rapid and complicated changes in the world economy and finance due to the impact of the Covid-19 pandemic, the market sentiment was negatively affected at times, the State Bank of Vietnam flexibly adjusted the intervening selling rate, communicated and was ready to intervene in the foreign currency market to stabilize the market As a result, the exchange rate on the interbank market tended to decrease gradually around the buying price of the State Bank of Vietnam 4.3 Long-term solution 4.3.1 Solution for monetary policy Monetary policy plays a leading role in the development of the economy Therefore, in the long-term future, when Vietnam overcomes the Covid-19 pandemic and enters the stage of recovery and development, the first urgent need is to improve the effectiveness of monetary policy Based on the existing theory and research, our group proposes some following solutions: 4.3.1.1 Solutions to help perfect monetary policy tools In order to improve the effectiveness of the monetary policy implementation process, it is necessary to quickly perfect the tools of the monetary policy in order to more closely follow the reality of the Vietnamese economy These tools need to be built and perfected in a way that supports each other and works together to avoid the situation that these tools cancel each other out Moreover, the state needs to persevere 36 with the policy of using market-oriented monetary policy tools, so that the market can regulate economic activities To so: + It is necessary to monitor and closely follow market movements in order to have an adjustment of the basic interest rate and appropriate margin so that the basic interest rate can really act as a signal to regulate market interest rates + Maintain and gradually reduce the difference between interest rates in domestic and foreign currencies, gradually moving towards limiting the phenomenon of "dollarization" of the economy + Promoting the process of creating goods for the open market: increasing the issuance of bills, treasury bonds, and issuance of State Bank bills + Developing other related markets such as interbank market and secondary market 4.3.1.2 Loosen the fluctuation band of exchange rate According to Mundell-Fleming's theory, when an economy implements an exchange rate policy towards complete fixation, fiscal policy will yield the best results As for Vietnam, we implicitly understand that "rate" here is the exchange rate between VND and USD Vietnam's exchange rate was previously a managed floating exchange rate regime, that is, an exchange rate regime that the State Bank predetermined a range of fluctuations, when the exchange rate exceeds that range, the State Bank of Vietnam The country will intervene to keep it within the allowable fluctuation range One reason why Vietnam's monetary policy has not been effective is because of the managed floating exchange rate regime, with a large margin The range is very narrow (±1%) that the State Bank of Vietnam is applying for It is this that makes it difficult for monetary policy tools to pursue intermediate goals such as changes in the aggregate money supply (M2) because it will affect 37 exchange rates and thus the Bank The state must take an opposite action to stabilize the exchange rate 4.3.1.3 The State Bank closely monitors economic developments and coordinates with the Ministry of Finance from information provision and exchange, planning to policy implementation The State Bank needs to closely monitor macroeconomic and monetary market developments in the country and the world, as a basis to promptly propose solutions to manage monetary policy, in close coordination fiscal policy and other macroeconomic policies to stabilize the value of money, contribute to stabilizing the macro-economy, control inflation, and promote economic growth according to the set targets 4.3.1.4 Enhancing the independence of the Central Bank Based on the empirical evidence of Alesina and Summers (1993), Cukierman, Webb and Neyapti (1992), Debelle and Fischer (1994) as well as economic theories have shown that, in a market economy, to the Central Bank manages monetary policy effectively, the independence of the Central Bank is a key factor In our country, since its establishment until now, the State Bank (SBV) is an agency of the Government, subject to the administrative intervention of the Government Therefore, the authority of the State Bank in formulating and operating monetary policy is still limited, and the degree of independence of the SBV is still relatively low This independence in recent years has been somewhat improved, but it is still not high, making the operation of monetary policy sometimes confusing, the effectiveness of monetary policy is not as expected Therefore, enhancing the independence of the central bank is essential 4.3.1.5 The State considers, researches towards testing and issuing Central Bank Digital Currency As People’s Bank of China (PBOC) points out, CBDC increases the ability to collect real-time data such as the issuance, bookkeeping and circulation of money, contributing to the power of monetary policy tools and aiding decision-makers; as 38 well as enhancing prevention of money laundering, terrorist financing and tax evasion through big data center operations and the fact that more than 60 central banks are preparing to issue digital currencies, CBDC is expected to have a positive influence on monetary policy In Vietnam, Decision No 942/QD-TTg dated June 15, 2021, the Government assigned the State Bank to study, build and pilot the use of digital currency based on blockchain technology, this poses a prospect contribute to improving the efficiency of monetary policy management to promote the economy However, this is a new and risky field, SBV needs to carefully study the domestic situation and refer to the experience of previous countries to be able to make effective use of CBDC in the future 4.3.2 Solution for the whole economy Besides solutions for monetary policy, the economy will not be able to recover sustainably without the contribution of fiscal, social policies and so on Our team would like to propose some common long-term solutions that the Government can apply to prepare for sustainable development after the pandemic + Research and develop automated response processes for emergencies with qualitative and quantitative thresholds that can be "triggered", deployed immediately in the event of a crisis, pandemic or other disaster + Focusing on strongly developing   the   domestic   market, effectively implementing solutions to stimulate domestic consumption, focusing on stimulating demand in a number of industries and fields such as tourism, retail, transportation, accommodation and catering + Innovating the growth model in the direction of technology  -innovating, taking a risk-taking mindset and encouraging entrepreneurship + Focusing on solutions to promote the development of the private economy, digital  economy,  green  economy, support businesses and cooperatives to speed up digital transformation, business model innovation and technology innovation Accelerating the implementation of the National Digital Transformation Program to 2025, with orientations to 2030 and the National Strategy on developing Vietnam's digital technology enterprises to 2030 39 + Develop high-quality human resources through comprehensive reform of the education system, renovating the training program towards increasing practice; development of multi skill competency; strengthening connection between training institutions and the market and encouraging large enterprises to invest in education through public-private partnerships + Urgently perfect  institutions, build  a  State  of  creation,  development, integrity and action Respect and protect equality among economic sectors, develop the private economy, strengthen business linkage 40 References  Bàn sở lý luận sách điều tiết kinh tế vĩ mô điều kiện khủng hoảng kinh tế , TS Đỗ Văn Đức www.sbv.gov.vn Sự độc lập Ngân hàng Trung ương số gợi ý sách cho Việt Nam, ThS Nguyễn Hương Giang www.sbv.gov.vn Central Bank Credibility, Independence, and Monetary Policy, Abdelkader Aguir, Journal of Central Banking Theory and Practice, 2018, 3, pp 91-110, https://sciendo.com/pdf/10.2478/jcbtp-2018-0025 CBDC and Monetary Policy  , Mohammad Davoodalhosseini, Francisco Rivadeneyra, Yu Zhu, February 2020 https://www.bankofcanada.ca/2020/02/staff-analytical-note-2020-4/ The Benefits and Costs of a Central Bank Digital Currency for Monetary Policy https://bpi.com/the-benefits-and-costs-of-a-central-bank-digital-currency-formonetary-policy/ Nhìn lại 35 năm đổi sách tiền tệ hoạt động hệ thống ngân hàng Việt Nam, Nguyễn Đức Long, Tạp chí Ngân hàng số Chuyên đề đặc biệt 2021 http://tapchinganhang.gov.vn/nhin-lai-35-nam-doi-moi-chinh-sach-tien-te-vahoat-dong-cua-he-thong-ngan-hang-viet-nam.htm Điều hành sách tiền tệ linh hoạt hỗ trợ kinh tế phát triển, Nguyễn Đức Trung, Lữ Hữu Chí, Trần Việt Dũng - Trường Đại học Ngân hàng TP Hồ Chí Minh, Bài đăng Tạp chí Tài kỳ tháng 7/2021 https://tapchitaichinh.vn/ngan-hang/dieu-hanh-chinh-sach-tien-te-linh-hoat-hotro-nen-kinh-te-phat-trien-336600.html 41 COVID-19 Policy Response Notes for Vietnam https://openknowledge.worldbank.org/handle/10986/33998?show=full Vietnam: Successfully Navigating the Pandemic https://www.imf.org/en/News/Articles/2021/03/09/na031021-vietnamsuccessfully-navigating-the-pandemic 10 How COVID-19 impacts Vietnam’s banking stocks: An event study method https://www.businessperspectives.org/index.php/journals/banks-and-banksystems/issue-375/how-covid-19-impacts-vietnam-s-banking-stocks-an-eventstudy-method 11 Spread of COVID-19 and policy responses in Vietnam https://www.sciencedirect.com/science/article/pii/S1201971220324668 12 Focusing on the financial system and monetary policyhttps://warwick.ac.uk/study/summer-with-warwick/warwick-summerschool/courses/banking/ 13 Các sách tiền tệ tài khóa nên trọng tới tính quy mơ lan tỏa giai đoạn phục hồi https://dangcongsan.vn/tai-chinh-va-chung-khoan/cac-chinh-sach-tien-te-vatai-khoa-nen-chu-trong-toi-tinh-quy-mo-va-lan-toa-trong-giai-doan-phuc-hoi596969.html 42 ... Chapter 3: Current status? ?of? ? ?monetary? ? ?policy? ? ?in? ? ?Vietnam? ? ?in? ??responding? ?to? ??the impact? ?of? ??the? ?Covid- 19? ??epidemic 3.1 Overview? ?of? ? ?Monetary? ? ?policy? ? ?in? ? ?Vietnam? ? ?in? ??the period? ?of? ??2020-2021 3.1.1 Interest rate policy In order to. .. understand the importance of studying and researching Money and Banking The Money and Banking course will look at some crucial issues in the idea and exercise of monetary policy and how it influences... Enterprises and employees 21 22 Chapter 3: Current status of monetary policy in Vietnam in responding to the impact of the Covid- 19 epidemic 25 3.1 Overview of Monetary policy in Vietnam in the period of