Many financial companies and 20 banks have approved restructuring plans.

Many financial companies and 20 banks have approved restructuring plans.

Minister of Planning and Investment Nguyen Chi Dung reported on the opinions of National Assembly deputies discussing in the socio-economic group at the 7th Session.

The parties involved are focusing on implementing the restructuring contents of Dong A Commercial Joint Stock Bank.

Regarding the handling of weak credit institutions and credit institutions under special control, the Government continues to direct the drastic implementation of the Project "Restructuring the system of credit institutions associated with handling bad debts in the period 2021-2025".

To date, 20 commercial banks, 1 finance company, 8 financial leasing companies, microfinance institutions, Cooperative Banks, etc. have completed the approval of restructuring plans.

The relevant parties are focusing on implementing the restructuring contents of the three compulsory purchasing banks, Dong A Commercial Joint Stock Bank (DAB), and SCB to implement the restructuring plan.

Minister of Planning and Investment Nguyen Chi Dung said the above in his report explaining the opinions of National Assembly deputies discussing in the socio-economic group at the 7th Session.

Accordingly, there are some opinions that there are still many issues that need attention in the monetary, financial, banking, real estate, corporate bond, securities, and gold markets. In 2023, credit growth was slow, mainly concentrated in December, so it was not effective for growth; in the first months of 2024, credit growth was very low, showing that businesses' ability to access capital and the economy's ability to absorb capital also had problems. The pressure to mature bonds in 2024 increased; bad debt on the balance sheet increased by nearly 5%; gold prices fluctuated complicatedly, the difference between domestic and international gold prices was high.

The report of the Ministry of Planning and Investment clearly stated that the above issues have received great attention from the Government and the Prime Minister, who have organized many meetings and issued many documents directing the State Bank, the Ministry of Finance, the Ministry of Construction, ministries and agencies to focus on management, operation, removing difficulties and obstacles, especially in legal matters and perfecting synchronous regulations to promote sustainable and effective development of markets.

Credit management is carried out proactively and flexibly, in line with macroeconomic developments and inflation, meeting capital needs for the economy, directing credit to production and business sectors, priority sectors and growth drivers; strictly controlling credit in potentially risky sectors.

The Prime Minister has directed the development and implementation of a number of preferential credit packages such as the VND 15 trillion package for the forestry and fishery sector (increased to VND 30 trillion from the beginning of 2024), the VND 120 trillion package for social housing loans, etc.; continue to implement the policy of maintaining the debt group and restructuring the debt repayment period in 2023 and 2024.

Credit institutions continue to cut costs to reduce lending interest rates; have publicized average lending interest rates, the difference between average deposit and lending interest rates, as well as information on lending interest rates for credit packages, programs, and products (if any).

Regarding gold market management, the Minister said that the Government and the Prime Minister have directed the implementation of many solutions to intervene and stabilize the gold market through gold bar auctions to increase supply in the market; step up inspection and examination of gold trading enterprises and establishments to prevent speculation and hoarding of gold; strengthen prevention and combat against gold smuggling and illegal importation; study and amend Decree No. 24/2012/ND-CP on management of gold trading activities.

Regarding the real estate market, the report stated that the Government and the Prime Minister issued Resolution No. 33/NQ-CP dated March 11, 2023 to direct solutions to remove and promote the safe, healthy and sustainable development of the real estate market; remove difficulties and obstacles for businesses and projects, especially large real estate projects.

The Government submitted to the National Assembly amendments to the Land Law, Housing Law, and Real Estate Business Law and has resolutely directed the submission to the National Assembly for early application from August 1, 2024, and directed localities to urgently complete regulations to apply the Law immediately after the National Assembly allows early application.

In addition, the Project "Investing in the construction of at least 1 million social housing apartments for low-income earners and industrial park workers in the 2021-2030 period" was issued, implementing a credit package of 120 trillion VND for social housing loans; directing the Ministry of Construction, ministries, branches and localities to resolutely remove difficulties and obstacles in regulations and administrative procedures for social housing development, increasing people's access to social housing...

The Minister also informed that regarding the stock market, the Prime Minister held a conference to deploy the task of developing the stock market in 2024; issued Official Dispatch No. 1360/CD-TTg and many documents directing solutions to promote the safe, transparent, effective and sustainable development of the stock market, upgrading the Vietnamese stock market from a frontier market to an emerging market.

Regarding the corporate bond market, the Government issued Official Dispatch 1177/CD-TTg dated November 23, 2023 directing solutions to enhance access to credit capital, promote the development of the corporate bond and real estate markets effectively, safely, healthily and sustainably; and direct the operation of the corporate bond trading system.

The Government also directed the Ministry of Finance to closely monitor the situation to promptly advise and recommend handling of possible arising situations; strengthen information and communication and deploy many solutions to increase publicity and transparency of market operations.

“However, the operations of the above markets are still generally difficult and limited. The Government and the Prime Minister will continue to direct the Ministry of Finance, the State Bank, the Ministry of Construction, ministries and agencies to continue to closely monitor the situation, proactively advise and propose solutions, especially the completion of the legal system, removing difficulties and legal obstacles to promote the development of these markets in the coming time,” said Minister Nguyen Chi Dung.

Source: https://baodautu.vn/nhieu-cong-ty-tai-chinh-va-20-nha-bang-da-phe-duyet-phuong-an-co-cau-lai-d216258.html