Prime Minister requests publicity and transparency of social housing credit packages

The above task was mentioned by Prime Minister Pham Minh Chinh in Official Dispatch No. 122 sent to the Governor of the State Bank on strengthening credit management solutions in 2024.

The telegram stated that in the context of the world situation continuing to develop complicatedly, production and business activities of people and enterprises in the country are facing many difficulties, especially heavy damage caused by storm No. 3, natural disasters, and floods in many localities, access to credit is still difficult, and bad debt of banks is increasing.

A social housing project in Thu Duc City, Ho Chi Minh City. (Photo: Nguoi Lao Dong Newspaper)

To further improve the efficiency of credit management in 2024, strengthen state management of the monetary and banking sectors to further promote economic growth and strive to achieve the highest possible level of all key targets of the 2024 socio-economic development plan, the Prime Minister requested the State Bank to carry out a number of key tasks.

Specifically, the State Bank needs to direct credit institutions to continue to make more efforts to reduce lending interest rates through cost reduction, simplification of administrative procedures, increased application of information technology, digital transformation, etc.

" Promote effective implementation and ensure publicity and transparency of preferential credit packages suitable to the characteristics of each credit institution for important sectors, contributing to promoting the growth drivers of the economy according to the Government's policy, especially credit packages for social housing, workers' housing, credit packages for forestry products, fisheries, etc., " the dispatch stated.

According to the head of the Government, credit institutions need to promote their role, enhance social responsibility and business ethics in sharing and supporting people and businesses when facing difficulties.

Credit institutions need to focus credit on production and business sectors, priority sectors and economic growth drivers, digital transformation, green transformation, climate change response, circular economy, sharing economy, science, technology and innovation, etc.

At the same time, strictly control credit for risky areas, ensure safe and effective credit activities; continue to have policies to remove difficulties in accessing credit for businesses and people. Promote lending to serve production, business and consumer needs at the end of the year and the Lunar New Year 2025.

The State Bank also needs to direct credit institutions to continue to proactively review and summarize customers who are borrowing capital and are suffering losses due to the impact of storm No. 3 in order to promptly apply support measures and remove difficulties for customers through measures such as restructuring debt repayment terms, exempting and reducing loan interest.

In addition, the State Bank continues to provide new loans to restore production and business activities after the storm according to current regulations, and handle debts for damaged customers according to regulations.

The Prime Minister requested the State Bank to preside over and coordinate with relevant agencies to proactively, flexibly, promptly, and effectively manage monetary policy, closely and harmoniously coordinate with a reasonable, focused, and key expansionary fiscal policy and other macroeconomic policies.

In particular, the Government leaders noted to focus on implementing more drastically and effectively the tasks and solutions on interest rate management, exchange rate, credit growth, open market management, money supply, reducing lending interest rates... to supply capital to the economy at reasonable costs.

" Putting money out and withdrawing money in a rhythmic, synchronous, reasonable manner, without jerkiness and creating liquidity pressure for the banking system, in order to support people and businesses to quickly overcome the consequences of storm No. 3, restore and develop production and business, promote economic growth associated with macroeconomic stability, control inflation, ensure major balances of the economy, safety of banking operations and the system of credit institutions ," according to the telegram.

The State Bank is required to resolutely, effectively and promptly implement credit solutions in line with macroeconomic developments, inflation and to meet capital needs for the economy, remove difficulties for people and businesses, support production and business development, create jobs and livelihoods for people in the spirit of harmonious interests, shared risks, mutual love and support.

Besides, it is necessary to ensure that credit capital is brought into the economy in the most practical and effective way, absolutely not allowing congestion, delay, wrong timing, wrong address, creating a mechanism of asking for and giving, and negativity in the credit granting of the credit institution system.

The Prime Minister thoroughly grasped the implementation of the credit growth target of 15% in 2024.

The State Bank must continue to implement more effective and stronger solutions within its authority to reduce lending interest rates of the credit institution system, support people and businesses to have conditions to develop production and business, generate revenue, profit and repay loans to banks.

In addition, the State Bank has the responsibility to promote, strengthen inspection, examination, control and closely monitor the granting of credit and the announcement of interest rates by credit institutions, promptly and strictly handle violations according to regulations; and have effective solutions to promptly handle bad debts of the credit institution system.

The Prime Minister assigned Deputy Prime Minister Ho Duc Phoc to directly direct the State Bank and relevant agencies to carry out the tasks assigned in this dispatch.

English

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