Reporting at the conference to discuss solutions to remove difficulties in credit growth for production and business, promote growth and stabilize the macro economy chaired by the Prime Minister on the morning of December 7, the State Bank of Vietnam said that as of November 30, credit for the economy reached more than 13 million billion VND, an increase of 9.15% compared to the end of 2022 (in the same period of 2022, it increased by 12.02%).

The State Bank also said that currently, deposit and lending interest rates have decreased by an average of 2-3% compared to the end of 2022 and it is expected that lending interest rates will continue to decrease in the coming time.

Since May 2023, the Government and the Prime Minister have issued 18 directives and directives assigning the State Bank to improve access to credit and reduce interest rates; the most recent is Official Dispatch No. 1224/CD-TTg dated November 26.

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Governor Nguyen Thi Hong speaks at the Conference. (Photo: VGP).

After 7 months of implementing the policy of restructuring debt repayment terms and maintaining the debt group according to Circular No. 02/2023/TT-NHNN, as of October 31, the total outstanding debt (principal and interest) restructured by credit institutions and maintained in the debt group was VND 158,694 billion, with 167,220 customers having their debt repayment terms restructured and their debt group maintained.

The restructured debt balance has increased steadily over the months and currently has no difficulties or problems.

Feedback shows that Circular 02 is suitable for the conditions and context of the economy, demonstrating the drastic, correct and timely direction of the policy. This agency is considering and researching and will report to the Government on extending the implementation period of Circular 02 to suit the practical situation.

Regarding the VND120,000 billion credit program for social housing, worker housing, and projects to renovate and rebuild old apartments, four commercial banks, including Agribank, BIDV, Vietcombank and VietinBank, have committed to providing credit for six projects, with a total amount of VND1,986 billion; and have disbursed VND143 billion for four projects.

Regarding the 20,000 billion VND credit program for workers, by the end of November, about 9,386 billion VND had been disbursed.

Implementing the interest rate support policy for enterprises, cooperatives, and business households according to Decree 31 of 2022, the interest rate support turnover reached about 207,000 billion VND, the outstanding interest rate support debt was about 64,000 billion VND, the cumulative interest rate support amount since the beginning of the program reached more than 980 billion VND.

Ngoc Tuan

Inspecting the State Bank's credit growth management Deputy Prime Minister Le Minh Khai requested the Government Inspectorate to inspect the performance of the State Bank's assigned functions and tasks in credit growth management in 2022 and 2023.