In order to solve the current capital problems for businesses, on the morning of August 22, the State Bank organized a workshop with the theme "Enhancing the ability to access and absorb capital of the business sector: Difficulties, challenges and determination" to remove difficulties and support the economy.
According to information at the conference, Vietnam is going through an extremely difficult period in the context of many domestic and foreign economic obstacles and challenges.
In that context, the banking industry has also made many efforts to implement policies and solutions, many of which were implemented with the resources of credit institutions themselves. However, economic credit in the first 7 months of the year still increased lower than the same period in previous years, reaching about 12.47 million billion VND, up 4.56% compared to the end of 2022.
Credit growth in the first 7 months of this year was also much lower than the same period in 2022, at about 9.54%, not even half of last year's growth. Meanwhile, the credit growth target this year is up to 14-15%.
Notably, according to the previous announcement, credit growth of the entire economy by the end of April, May, and June reached 3.03% - 3.27% - 4.73% respectively. Thus, after a positive recovery in June, credit suddenly slowed down, even growing negatively in July.
Deputy Governor of the State Bank Dao Minh Tu spoke at the workshop.
According to Deputy Governor Dao Minh Tu, removing difficulties for production and business, maintaining and restoring the health of the business sector is a top priority, in which the decline in the ability to access and absorb capital is a matter of special concern, and it is necessary to quickly come up with effective solutions and policies to remove them.
"Never before has monetary policy been as difficult as it is now. While other countries are tightening monetary policy, we are reducing interest rates and loosening monetary policy," said Mr. Tu.
The Deputy Governor said that the banking sector has made many efforts to support businesses in the past. In addition, the State Bank has also reduced operating interest rates four times, restructured debt repayment terms, maintained debt groups, reduced payment fees, etc., contributing to supporting the business sector to overcome difficulties and challenges, maintain production and business activities to gradually recover.
Commercial banks have actively reduced lending rates, cut costs, and provided preferential credit for businesses.
Efforts to support and remove difficulties for the business sector, especially in accessing and absorbing capital, have achieved undeniable results. However, the domestic and foreign economic situation is forecast to continue to have many uncertainties. The Deputy Governor said that the economy will still have to face difficulties and challenges from many sides.
Therefore, to solve this problem, it is necessary to continue to have the cooperation, unity, consensus and greater efforts of ministries, branches and economic entities to help the business sector recover stably and continue to develop .
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