The Prime Minister requested to find out the bottlenecks and reasons why businesses complain about lack of capital and difficulty in accessing credit capital while the amount of deposits of economic organizations and residents in the banking system is increasing.
On the morning of March 14, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired a conference to deploy monetary policy management tasks in 2024, focusing on removing difficulties for production and business, promoting growth and stabilizing the macro economy.
Attending the conference were: Deputy Prime Minister Le Minh Khai; Ministers, leaders of central ministries and branches; Chairmen and General Directors of commercial banks; leaders of industry associations.
Speaking at the opening of the Conference, Prime Minister Pham Minh Chinh thanked businesses and banks for working with the entire Party, the entire political system, and the people to overcome difficulties and challenges to achieve achievements in most areas in 2023.
Macroeconomic stability, inflation under control, growth promoted, major balances ensured; social security and people's lives improved; national defense and security strengthened; foreign affairs and international integration promoted; public debt, government debt, foreign debt, budget deficit under control; 560 trillion VND prepared for salary increase; payment guaranteed for policy beneficiaries...
In the first two months of 2024, the socio-economy continued to recover positively and grow well.
The Prime Minister said that the world situation in 2024 is forecast to still face many difficulties and challenges due to conflicts and the impact of the pandemic. Major economies in the world are still facing difficulties, affecting Vietnam's economy.
In that context, the Party, State, Government and Prime Minister have paid great attention, had many mechanisms, policies and specific, practical instructions and management so that the banking system can develop sustainably and safely, contributing to the cause of innovation, integration and development of the country. However, the economy still has shortcomings and limitations and continues to face many difficulties and challenges.
For the banking sector, credit growth in the first two months of 2024 decreased compared to the end of 2023 while the amount of deposits is still very large, people continue to deposit 14 million billion VND in banks, but businesses still lack capital for production and business; lending interest rates are still high; bad debt tends to increase; the handling of weak commercial banks is still slow; some credit programs are not effective.
Delegates attending the conference. (Photo: Duong Giang/VNA)
Therefore, the Prime Minister requested the delegates attending the conference to focus on discussions to come up with specific answers and solutions to manage monetary policy, remove difficulties for production and business, promote growth, control inflation, stabilize the macro economy, and ensure major balances.
The Prime Minister requested a clear analysis and finding of bottlenecks and reasons why businesses complain about lack of capital and difficulty in accessing credit capital while the amount of deposits of economic organizations and residents in the banking system is increasing, despite the continuous decrease in interest rates; the situation, bottlenecks, causes, and solutions to overcome the credit supply of the banking system to the economy, each industry and sector so that the credit supply is focused, key, and concentrated on production and business.
Delegates need to propose solutions to increase access to credit capital for businesses and people, especially solutions on interest rates, procedures, loan applications, collateral, guarantees, communication measures, technology, etc.; solutions for commercial banks to ensure annual credit growth of about 15% as assigned by the State Bank and continue to reduce lending interest rates, so that the banking system can share difficulties with people and businesses.
In particular, delegates proposed tasks and solutions for the Government, the State Bank, ministries, branches, localities, the business community and people to implement to stimulate investment and consumption, and increase the capital absorption capacity of people and businesses.
The Prime Minister requested in a frank spirit, without embellishment or blackening, clearly pointing out what has been done and what has not been done; objective and subjective causes, lessons learned; key issues that need to be resolved and proposing and recommending to the Government, the State Bank and ministries, branches and localities to continue to create momentum, strengthen trust, maintain positive momentum to overcome the consequences of the COVID-19 pandemic, overcome supply chain disruptions to promote rapid and sustainable socio-economic recovery, in the spirit of harmonious interests and shared risks.
Source: VNA/Vietnam+
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