Today (March 14), reporting at the Conference on implementing monetary policy management tasks in 2024, Permanent Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu said that in the coming time, the SBV will closely follow market developments, domestic and foreign economic situations, focusing on implementing the following solutions:
Firstly, study and amend legal documents to increase access to bank credit capital, such as extending the implementation period of Circular 02 until the end of 2024; completing the Circular amending and supplementing Circular 16 in accordance with the Law on Credit Institutions (amended) 2024 and market practices; synchronously amending Circulars regulating credit granting activities of credit institutions to be consistent with the provisions of the Law on Credit Institutions 2024.
Second, in the context of continued macroeconomic stability, controlled inflation, interest rates continue to be managed stably in the direction of gradually reducing the general interest rate level in the economy; harmoniously managing interest rates and exchange rates in accordance with the market situation, macroeconomic developments and monetary policy objectives; continuing to have solutions to encourage credit institutions to reduce costs to reduce the lending interest rate level, creating harmony between lending interest rates and mobilization interest rates; continuing to direct credit institutions to publicly announce average lending interest rates.
Third, proactively manage credit growth to contribute to controlling inflation, stabilizing the macro economy, and supporting economic growth.
Direct credit institutions to increase credit growth safely, effectively, correctly, and on target, promptly meeting the capital needs of the economy, directing credit to production and business sectors, priority sectors, and growth drivers; review and simplify procedures, loan applications, and collateral, creating favorable conditions for businesses and people to access bank credit; expand credit for production and business, serving life and consumption, and increasing consumer credit to contribute to limiting "black credit". Continue to resolutely and effectively implement credit programs and packages.
In the coming time, the State Bank will coordinate with the Ministry of Public Security, using data from Project 06 to facilitate consumer lending, limit "black credit". Coordinate with the Ministry of Construction, relevant ministries and branches to implement the VND 120,000 billion package, the program of 1 million social housing units.
Coordinate with the Ministry of Planning and Investment and the Association of Small and Medium Enterprises to develop mechanisms and policies to further support small and medium enterprises in accessing capital. Continue to work with the Ministry of Planning and Investment and the Cooperative Alliance to research and develop measures to support cooperative sectors in accessing credit capital.
Coordinate with the Ministry of Agriculture and Rural Development to preside over and coordinate with relevant ministries and agencies to soon complete agricultural development programs such as: 1 million hectare rice program; develop industrial processing production in the Central Highlands; apply high technology and participate in value chain production in localities...
Coordinate with ministries, branches, and the Ethnic Committee to effectively implement the National Target Program, including preferential credit programs. Coordinate with the Ho Chi Minh City People's Committee and associations to organize programs of the city and businesses...
In addition, regularly organize conferences connecting banks and enterprises. For some important sectors and fields of the economy such as real estate, petroleum, projects, key traffic works, continue to improve the legal corridor, create favorable conditions for customers to access capital; coordinate with local agencies, Associations, and Corporations with large projects to directly dialogue to remove difficulties and obstacles, direct credit institutions to proactively access information, consider and decide on lending based on the appraisal of project efficiency, customers' debt repayment ability and the ability to balance capital sources according to regulations.
Fourth, strengthen inspection and supervision work; focusing on monitoring credit quality, granting credit to areas with potential risks; granting credit to customers and related persons, large customer groups, granting credit to the board of directors, executive board and related persons of credit institutions, shareholders; investing in corporate bonds, etc.
The State Bank also proposed and recommended relevant ministries, sectors and localities to implement necessary solutions to enhance access to credit for businesses in the coming time. It is recommended that businesses actively implement measures to restructure operations, improve management and administration capacity, develop feasible production and business plans and projects, make financial situations transparent, and coordinate with banks to form a symbiotic relationship... so that credit institutions have a basis for appraisal and lending decisions.
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