HANOI, Dec. 7 (Xinhua) -- Vietnam's Prime Minister Pham Minh Chinh has asked authorities to maintain flexible and effective measures to ensure macro-economic stability and strengthen the confidence of people and businesses amid growing challenges in both local and international markets, local media reported on Wednesday.

The local economy has been facing many difficulties and challenges, especially since late October, along with severe strategic competition around the world and the hawkish anti-inflation policies of other countries, local newspaper Vietnam News reported.

Vietnam will likely face a tougher year in 2023 with more difficulties and challenges. Therefore, the direction and administration need to be braver, more effective and more coordinative to handle situations, the prime minister said.

He asked government agencies to continue watching the situation and developments of the stock, corporate bond and real estate markets as well as address issues related to production and business promotion, product and market diversification, supply chains and technology innovation, among others.

He also requested the State Bank of Vietnam to manage monetary policy flexibly to ensure liquidity, stabilize the banking system, find the balance between the exchange rate and interest rate, and control inflation.

He also ordered the bank to increase the credit limits rationally and effectively, concentrating credit for three strategic breakthroughs including investment, export and consumption.

On Monday, the bank raised its cap on the local banking system's credit growth for this year by 1.5 to 2.0 percentage points. Enditem

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