On December 16, 2024, Prime Minister Pham Minh Chinh signed Official Dispatch No. 135/CD-TTg on continuing to strengthen solutions to manage interest rates and credit.
Photo: Thanh Binh
The content of the telegram stated: In order to further improve the effectiveness of monetary policy management, interest rates, credit, strengthen state management of the monetary sector, banking activities to further promote economic growth, accelerate, make breakthroughs to be determined to achieve and exceed all the main targets of the 2024 socio-economic development plan, at the same time, strive to achieve the highest results of the goals, targets, and tasks of the 2025 socio-economic development plan and the 5-year plan 2021 - 2025 in accordance with the policies, Resolutions, and Conclusions of the Party, National Assembly, and Government in the spirit of "The Party has directed, the Government has agreed, the National Assembly agrees, the People support, the Fatherland expects, then only discuss and do, not discuss back", the Prime Minister requested:
The State Bank of Vietnam shall preside over and coordinate with relevant agencies to continue to closely monitor developments in the international and regional situation, changes and adjustments to financial and monetary policies of major economies to assess, analyze, and have timely and effective policy responses; 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 accordance with the guidelines, Resolutions and Conclusions of the Party, the National Assembly, the Government, the direction of the Prime Minister in Official Dispatch No. 122/CD-TTg dated November 27, 2024 on strengthening credit management solutions in 2024 and the directions of the Government leaders, ensuring priority to strongly promote growth associated with macroeconomic stability, control inflation, ensure major balances, accelerate, break through to achieve an economic growth rate of 8% or more in 2025 and create momentum towards double-digit growth in the period of 2026 - 2030.
Along with that, focus on implementing more drastically and effectively the tasks and solutions on managing interest rates, exchange rates, credit growth, reducing lending interest rates, especially strictly controlling mobilization interest rates of commercial banks... to meet the capital needs of the economy at the end of 2024, the Lunar New Year of At Ty and right from the first months of 2025, removing difficulties for people and businesses, supporting production and business development, creating jobs and livelihoods for people in the spirit of harmonious interests, shared risks, mutual support, mutual affection, ensuring the most effective and substantial delivery of credit capital into the economy, absolutely not allowing congestion, delay, wrong timing, wrong address, creating a mechanism of asking for and giving, negativity in the credit granting of the credit institution system.
Continue to implement more effective and stronger solutions within the authority to reduce the lending interest rate level of the credit institution system, support people and businesses to have conditions to develop production and business, create revenue, profit and repay loans to banks. Resolutely handle strictly within the authority and legal regulations credit institutions that compete unfairly and against regulations on interest rates (including mobilization interest rates and lending interest rates).
Direct credit institutions to focus credit on production and business sectors, priority sectors and traditional economic growth drivers such as investment, consumption, export and new growth drivers such as digital transformation, green transformation, climate change response, circular economy, sharing economy, science, technology and innovation, etc.; strictly control credit for risky sectors, ensure safe and effective credit operations; reduce costs, increase the application of information technology, digital transformation, etc. to have room to reduce lending interest rates.
Further strengthen inspection, examination, control and close supervision of the activities of credit institutions, especially the announcement of mobilization interest rates, lending interest rates, and credit granting activities of credit institutions; promptly and strictly handle violations according to law.
Focus on implementing appropriate and effective solutions to handle bad debts of the credit institution system, prevent bad debts from arising and ensure the safe operation of the credit institution system.
The Prime Minister assigned the Ministry of Public Security, the Government Inspectorate and relevant agencies, according to their assigned functions, tasks and powers, to continue to grasp the situation, closely monitor the operations of the credit institution system, strengthen inspection, examination and strictly handle violations of legal regulations on banking activities, announcement of mobilization and lending interest rates, etc. Deputy Prime Minister Ho Duc Phoc directly directed the State Bank of Vietnam and relevant agencies to perform the assigned tasks in the Official Dispatch. The Government Office, according to its assigned functions and tasks, shall monitor and urge the implementation of this Official Dispatch; report to competent authorities on issues beyond its authority.
PV
Source: https://baohanam.com.vn/kinh-te/tai-chinh-ngan-hang/tiep-tuc-tang-cuong-cac-giai-phap-dieu-hanh-lai-suat-tin-dung-142307.html
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