Q1-2025 credit increased by 3.93%
According to information from the State Bank, by the end of the first quarter, credit growth reached 3.93%, 2.5 times higher than the 1.42% in the same period last year, showing the positive contribution of the banking sector to total social investment in recent times.
The new deposit interest rate level remained almost unchanged, increasing by only 0.08%/year, while the lending interest rate level continued to decrease by 0.4%/year compared to the end of 2024.
Deputy Governor of the State Bank of Vietnam Dao Minh Tu said: The Prime Minister has assigned Deputy Prime Minister Ho Duc Phoc to direct the State Bank of Vietnam to develop a preferential credit package of about VND500,000 billion with preferential interest rates to support businesses investing in infrastructure and digital technology, encouraging investment for growth and liberating social resources.
“Regarding the current difficulties and challenges, especially the impact of the new US tax policy, many businesses and key economic sectors are being affected, leading to impacts on workers. Therefore, the implementation of the VND500,000 billion credit package and timely support policies is very urgent. With that spirit, the banking industry is unanimous in implementing this program in the spirit of only discussing action, not backtracking,” said Mr. Dao Minh Tu.
In fact, banks are currently participating in financing many key national infrastructure projects. Specifically, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has participated in financing the Lao Cai - Vinh Yen power transmission line project, Nhon Trach 3 and 4 Power Plants, and Long Thanh International Airport. Meanwhile, the International Commercial Joint Stock Bank (VIB) also finances infrastructure projects such as BOT, power generation, and transmission, most recently participating in financing part of the 500kV power line project.
Representatives of commercial banks also affirmed that banks are in agreement on the policy of implementing the VND500,000 billion credit package. Banks are simultaneously building many preferential loan packages for businesses to be able to implement them soon in the near future, in which, harmonizing the goals of supporting businesses, promoting capital efficiency but ensuring operational safety.
Continue to remove difficulties for businesses
In the context of the economy being under pressure from objective factors, the issue that many businesses are concerned about is interest rates. Representatives of many commercial banks proactively determine and publicize the applicable interest rates and interest calculation methods for customers borrowing capital under the Program in each period in the spirit of supporting customers to reduce capital costs in order to contribute to removing difficulties and promoting businesses to invest in infrastructure and digital technology.
The disbursement period of preferential credit packages may be until 2030 or until the credit program is fully disbursed, whichever comes first.
Deputy General Director of the Vietnam Bank for Agriculture and Rural Development (Agribank) Phung Thi Binh affirmed that the bank is ready to support businesses, especially in terms of interest rates. VIB leaders also said that the bank is ready to deploy a credit package of VND5,000 - 10,000 billion, with preferential interest rates about 1% lower than the normal level, to accompany the State's key policies.
Vietcombank General Director Le Quang Vinh emphasized that the banking industry identifies credit as an effective support tool for businesses. However, in order for banks to participate in supporting businesses investing in infrastructure and digital technology, especially innovative technology businesses, it is necessary to consider building a mechanism for capital contribution and benefit sharing, instead of applying traditional lending methods.
In addition to being ready to provide loans to priority customers as directed by the State Bank, banks will also proactively have early support policies for customers affected by the new US tax policy.
In cases of widespread impact, some banks have proposed a debt restructuring mechanism, keeping the debt group unchanged, and simultaneously waiving interest rates and fees to share difficulties with customers.
Not only preparing capital, some banks have provided flexible financial solutions to accompany businesses to overcome common challenges of the economy. These include solutions to prevent exchange rate risks through forward contracts and foreign currency swaps, helping businesses to be proactive in their financial plans.
In the coming time, the State Bank will continue to monitor and if inflation is controlled at a low level, it can flexibly adjust credit growth to promote economic growth. The State Bank also requires credit institutions to reduce costs, innovate transaction models towards increasing the digital content of transactions to reduce operating costs, and further reduce lending interest rates to support businesses.
Source: https://hanoimoi.vn/ngan-hang-ho-tro-doanh-nghiep-ung-pho-thay-doi-thue-quan-698985.html
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