Perfecting policies, resolving existing problems to effectively implement the 500,000 billion credit package

At a recent working session with ministries, branches and four state-owned commercial banks to implement the new VND500,000 billion credit package, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that this preferential credit package will be a boost for growth, creating conditions for rapid economic development in the new era.

Realizing this, the banking industry has quickly taken action. Commercial banks have registered and are ready to arrange enough 500,000 billion VND according to the Prime Minister's direction.

According to the Deputy Governor, this credit package will have many incentives for loan projects such as interest rates, medium and long-term loans, loan procedures, etc. However, banks still face pressure when participating in this credit package.

Permanent Deputy Governor of the State Bank of Vietnam Dao Minh Tu speaks at the meeting

Sharing the same view with the Deputy Governor, Mr. Pham Chi Quang, Director of the Monetary Policy Department, SBV, said that the VND500,000 billion credit package is a very large number, with the loan term of some projects being up to 20, 30 years, which means there are risks for banks. Because banking is a special field, mainly mobilizing short-term capital, so it is necessary to be careful in lending medium and long-term.

Regarding the preferential credit package for enterprises investing in infrastructure and digital technology, the Director of the Monetary Policy Department believes that it is necessary for ministries and branches to participate in issuing strategies and project plans for each specific stage so that banks can be more confident in lending. On the part of the State Bank, specialized departments and agencies will adjust regulations in the direction of supporting capital for commercial banks participating in this project.

"This will be specified in circulars and instructions of the State Bank in the coming time," said Mr. Quang.

Mr. Pham Chi Quang, Director of Monetary Policy Department, contributed comments

Also clarifying the issue of credit granting to technology enterprises, Mr. Doan Thanh Hai - Deputy Director of the Department of Information Technology, State Bank of Vietnam said that lending to enterprises in this field also has certain risks. For example, in the appraisal work, this is also very difficult when technology changes very quickly, while banks do not have enough human resources capable of appraising these projects.

Not to mention collateral, technology projects often have collateral such as source code, patents, etc. whose value decreases rapidly, and technology becomes obsolete quickly, so it will be a risk when lending.

The life cycle of many projects is also short, many projects may be attractive in the early stages, but later lose their appeal due to changes in technology... In addition, the legal system is also not complete, such as regarding cryptocurrencies, causing risks for both investors and banks.

Mr. To Huy Vu, Chairman of the Board of Directors of Agribank, proposed a number of solutions to implement the credit package.

Representatives of commercial banks also made recommendations at the meeting to help the credit package come into effect effectively. Mr. To Huy Vu, Chairman of the Board of Directors of Agribank, proposed a number of solutions to implement the VND500,000 billion credit package. For example, it is necessary to have a capital plan in each stage so that banks can balance their lending. Determining the preferential interest rate of the loan package also needs to consider a number of factors such as high inflation creating pressure on interest rates and increasing exchange rates.

Mr. Le Quang Vinh - General Director of Vietcombank also commented. To effectively implement this preferential loan package, according to Mr. Vinh, ministries and branches need to grant licenses to truly qualified investors to ensure project progress, avoid general impacts on supporting the economy and bank liquidity if bad debt occurs.

Representatives of ministries and branches at the working session

Meanwhile, Mr. Le Duy Hai - Deputy General Director of VietinBank suggested that it is necessary to complete policies on infrastructure investment, build a clear and unified legal basis. In particular, it is necessary to promptly resolve difficulties related to BOT traffic projects to create conditions for banks to confidently participate in lending.

Regarding the field of technology development, Mr. Hai said that it is necessary to issue policies to attract investment capital, especially foreign capital, and promote the development of human resources in science and technology. The government also needs to create conditions for businesses to cooperate with universities and research institutes to develop high-quality human resources. At the same time, there needs to be a mechanism to encourage venture capital funds in the digital technology field.

Representatives of ministries and branches participating in the meeting also agreed with the Government and the State Bank of Vietnam's viewpoints on the necessity of the VND500,000 trillion credit package. At the same time, the representatives also said that they would soon report back to leaders at all levels to soon come up with plans and directions on capital needs for projects in each phase, capital needs from the budget, capital from banks... to coordinate well with the banking sector in proactively preparing capital sources for lending.

Source: https://thoibaonganhang.vn/hoan-thien-chinh-sach-giai-quyet-ton-tai-de-trien-khai-hieu-qua-goi-tin-dung-500000-ty-163327.html