Credit resources are available to support and expand businesses.

Topic 1 of the Vietnam Socio-Economic Forum 2023 took place on the morning of September 19, focusing on discussing solutions to difficulties in production and business of enterprises, with special attention to issues such as capital absorption capacity, fiscal and monetary policies and other policies to help enterprises overcome difficulties and enhance endogenous capacity.

In a roundtable discussion at the Forum, Mr. Dao Minh Tu - Deputy Governor of the State Bank of Vietnam (SBV) mentioned the issue of monetary policy management from now until the end of the year and early 2024.

“Monetary policy management has never been as difficult as it has been in the past,” said Mr. Tu, adding that the monetary policy management of other countries in the world has affected Vietnam’s monetary policy management, especially after 2 years of the Covid-19 pandemic and the world’s production situation.

Mr. Dao Minh Tu - Deputy Governor of the State Bank.

Therefore, Mr. Dao Minh Tu said that the monetary policy management in recent times has been very flexible, cautious, and certain, implementing the goals of the National Assembly and the Government, especially coordinating with other macro policies to ensure competition as well as ensuring the efforts of commercial banks and enterprises in the economy.

The most typical example is some of the tools and desires of businesses are interest rates. “Interest rate management is the most difficult in economic management of the banking and monetary sectors,” said Mr. Tu.

Based on the Government's direction and based on the actual situation of the economy, the Deputy Governor of the State Bank said that the State Bank's operating interest rates have been reduced four times, at the same time creating room and liquidity for the market and the economy, especially liquidity for credit institutions to create room for commercial banks with cheap capital to be able to lend at low interest rates.

The Deputy Governor emphasized that the credit growth limit is a tool to regulate the economy and regulate credit growth in general to control inflation.

“In 2023, the State Bank has loosened the policy very widely, creating a message that credit is ready to support and expand for businesses,” Mr. Tu affirmed and emphasized that in the coming time, the State Bank will continue to maintain such a management viewpoint, therefore, it is necessary to find a balance between interest rates and exchange rates and operate closely and reasonably.

Deputy Minister of Finance Vo Thanh Hung.

Deputy Minister of Finance Vo Thanh Hung also shared that in the recent period, the Ministry of Finance has implemented many policies to exempt, reduce, and defer taxes, fees, and other types of state budget revenues, carry out administrative reforms, and deploy electronic invoices in a number of fields.

In addition, implementing salary reform in the public sector, increasing spending to stimulate the economy... Thereby contributing to helping many businesses overcome difficulties; maintaining economic stability.

“As a result, our Vietnamese economy is still considered a bright spot in the regional and world economy,” said Mr. Hung.

Mr. Jochen Schmittmann - Resident Representative of the International Monetary Fund (IMF) in Vietnam said that according to the IMF's forecast, the tightening of policies by central banks has affected many sectors of the economy. Therefore, if inflation is maintained globally, tighter fiscal and monetary policies are needed.

“For Vietnam, Vietnam's GDP growth will decrease to 3.7% in the first 6 months of 2023, but in the future, Vietnam's economy can recover, especially exports and positive signals from the real estate market,” said Mr. Jochen Schmittmann.

Mr. Jochen Schmittmann - Resident Representative of the International Monetary Fund (IMF) in Vietnam.

However, the IMF representative said that Vietnam will continue to be affected by the disruption of the global supply chain, the decrease in demand for goods affecting the market, including the labor market. Therefore, appropriate response solutions are needed, including tighter monetary policies in the coming time.

Giving suggestions, he said that the State Bank must be extremely careful about financial policies, interest rate issues, the interbank market, and needs to strengthen policy implementation, resolve bottlenecks in public investment, especially land use.

“It is necessary to regain the confidence of both foreign and domestic investors in Vietnam and strengthen the mechanisms for restructuring enterprises. The next important thing is to have stable and consistent laws related to investment, ensuring confidence for enterprises,” Mr. Jochen Schmittmann suggested .

Source: https://www.nguoiduatin.vn/nguon-tin-dung-san-sang-ho-tro-va-mo-rong-cho-doanh-nghiep-a627125.html