On the morning of November 6, the National Assembly questioned ministers on finance, banking, planning and investment. With this content, 113 delegates registered to participate in the questioning.
Borrowing money to buy a house is an issue that people consider carefully.
Participating in questioning the Governor of the State Bank, delegate Tran Thi Thanh Huong (An Giang delegation) raised the issue of social housing development, and the 120,000 billion VND credit support package for this type of housing. The demand is so great that the disbursement of this package is low, only about 100 billion VND.
“What are the difficulties and solutions to help speed up the disbursement of the social housing development credit package in the coming time?”, Ms. Huong asked.
The female delegate also asked about solutions to promote cashless payments in Vietnam.
Delegate Tran Thi Thanh Huong, An Giang delegation (Photo: Quochoi.vn).
Responding, Governor Nguyen Thi Hong said that the 120,000 billion VND package for social housing loans for low-income people and workers aims to have 1 million social housing apartments by 2030. The source of money for this credit package comes from credit mobilization among the people, with preferential interest rates from the financial resources of participating banks.
According to Ms. Hong, when this policy was issued, the State Bank instructed banks and asked the People's Committees of provinces to pay attention and announce projects under the loan program.
Banks also issued internal procedures to implement this credit package. Currently, 18/63 provincial and municipal People's Committees have sent documents announcing projects participating in the program, 53 projects with a loan demand of VND 27,000 billion. As of the end of October 2023, banks have disbursed VND 105 billion for 3 projects in 3 localities.
The Governor said that the limited disbursement is due to the limited supply of housing. "The demand for housing is high, but the need for loans to buy a house is an issue that people consider carefully," Ms. Hong said.
In addition, the conditions for enjoying social housing policies are still inadequate, such as regulations on income not subject to personal income tax, not having a house... According to Ms. Hong, this loan package is implemented for 10 years, while real estate loans are often long-term and disbursed over time, so the rate is low.
“The State Bank has proposed and hoped that the Provincial People's Committee would soon announce projects under the program for banks to implement; and coordinate with ministries and branches to speed up implementation,” the Governor emphasized.
The Governor of the State Bank answered questions on the morning of November 6 (Photo: Quochoi.vn).
Regarding non-cash payments, according to the Governor of the State Bank, many solutions have been proposed, such as reviewing the legal framework, amending and supplementing, and facilitating this.
In the first 9 months of this year, the number of transactions increased by 49%, transactions via the Internet increased by 60.3%; mobile channels increased by nearly 61%, via QRCode 105%... Meanwhile, transactions via ATM (withdrawals via ATM) decreased. These signs show that the trend of non-cash payments has increased.
“Due to the habit and mentality of using cash in rural, remote areas and people's fear of risks in payment,” Ms. Hong said, adding that in the coming time, the bank will review and work with agencies to perfect the legal framework, prevent and ensure security and people's rights.
Cannot give up credit growth management
Delegate Tran Thi Van (Bac Ninh delegation) asked about the causes and solutions to achieve the credit growth target of 14% as set.
Regarding credit, delegate Nguyen Quang Huan raised the issue of the National Assembly Resolution requiring research to limit and eventually eliminate the allocation of credit growth targets to banks. Mr. Huan asked the Governor of the State Bank to tell us how this policy has been implemented?
Delegate Tran Thi Van, Bac Ninh delegation (Photo: Quochoi.vn).
Regarding this content, Governor Nguyen Thi Hong said that the reason for low credit growth is due to credit demand. The number of business orders has decreased. People and business households have faced many difficulties after the severe impact of the Covid-19 pandemic.
Regarding credit supply, the State Bank has operated in a direction that creates the most favorable conditions for credit institutions to provide credit.
“The State Bank has implemented many solutions, directed credit institutions to review loan procedures to shorten the time, provide better support to people, and at the same time made a number of recommendations to relevant ministries and sectors to implement solutions to improve credit conditions, especially for small and medium enterprises,” said Ms. Hong.
Regarding credit growth management towards eliminating limits, Governor Nguyen Thi Hong said that this is one of the State Bank's management solutions, combined with other policy tools.
“In fact, the State Bank operates closely following the National Assembly’s Resolution and the Government’s direction. Through consulting experts and managers, it can be seen that under current conditions, it is not possible to abandon credit growth management, because the economy’s capital needs still depend heavily on credit,” the Governor said .
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