State Bank requires continued reduction of lending interest rates to stimulate credit growth

Specifically, the State Bank requires credit institutions to continue to drastically implement solutions to reduce costs, simplify lending procedures, increase the application of information technology and digital transformation in the lending process to strive to reduce lending interest rates by 1-2%/year.

In particular, the State Bank requires credit institutions to invest capital in traditional growth drivers, emerging industries, green transformation, circular economy , social housing, etc. to support businesses and people in developing production and business, increasing access to bank credit capital according to the direction of the Government and the Prime Minister; maintaining a stable and reasonable mobilization interest rate level, consistent with the ability to balance capital, the ability to expand healthy credit and the capacity to manage risks, stabilize the monetary market and market interest rates.

Credit institutions are also required to maintain a stable and reasonable mobilization interest rate level, consistent with the ability to balance capital, the ability to expand healthy credit and the capacity to manage risks, stabilize the monetary market and the market interest rate level.

At the same time, credit institutions continue to implement effective, appropriate and targeted credit growth solutions, promptly meeting the economy's credit capital needs, focusing on production and business sectors and priority sectors, striving to achieve credit growth of the entire system by the end of the second quarter of 2024 at 5-6%. At the same time, the SBV also requires credit institutions to strictly control credit for potentially risky sectors, ensuring safe and effective credit activities.

Previously, the State Bank also issued an official dispatch requesting the State Bank branches in provinces and cities and credit institutions to continue to promote participation in bank-enterprise connection programs, proactively coordinate with local authorities... to dialogue with customers to grasp and promptly handle and remove difficulties and obstacles, thereby expanding access to credit capital for businesses and people.

The above series of "hot" instructions of the State Bank are aimed at implementing the Government 's instructions in Official Dispatch No. 18 dated March 5, Official Dispatch No. 32 dated April 5, Directive No. 14 dated May 2, Conclusion Notice No. 231/TB-VPCP dated May 18 and continuing to deploy the tasks in Directive 01 dated January 15 on organizing the implementation of key tasks of the banking sector in 2024.

sggp.org.vn

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