Good news for those waiting for the 120,000 billion package

07/23/2024 13:57

Permanent Deputy Governor Dao Minh Tu chaired the press conference.

(PLVN) - According to Deputy Governor Dao Minh Tu, the State Bank of Vietnam is still evaluating and researching every day and every hour to find the best way to disburse the 120,000 billion package.

Credit growth has many positive factors

On July 23, the State Bank of Vietnam (SBV) held a press conference to inform about the banking performance in the first 6 months of 2024. According to SBV Deputy Governor Dao Minh Tu, 2023 has had a multi-dimensional impact, especially on businesses, leading to low capital demand in the economy. This is the main reason for negative credit growth in the first 2 months of 2024. However, since March, credit growth has tended to be more positive. It is estimated that it reached 6% by the end of June.

To achieve this result, according to Deputy Governor Tu, the Government has taken many measures to remove legal difficulties and create more favorable conditions for businesses to operate. This is a condition to help businesses operate well, then comes the capital story. In addition, the State Bank has been very determined and active in increasing credit for businesses, such as having many incentive packages to create a boost for credit growth. Along with that, implementing measures to organize and operate, connecting management agencies, banks and businesses to share and remove difficulties so that credit institutions (CIs) can boldly lend more. In addition, coordinating with local authorities to remove difficulties for each group, each industry, each field, even each large project, especially projects related to real estate and social housing.

“Credit growth in the first 6 months of the year is an objective reflection of the economy, proving that the economy has improved. The story of capital flow, cash flow, import and export, goods consumption, and consumer demand has many more positive factors,” said Deputy Governor Dao Minh Tu.

Notably, Director of the Department of Credit for Economic Sectors (SBV) Ha Thu Giang informed that the credit system has met the requirements of directing credit to production and business and priority sectors. In particular, there was a large credit growth in industry and construction with an increase of 4.2%; Credit for priority sectors has high growth rates, higher than the general level such as supporting industry increased by 9.8%, high-tech sector 18.16%, rural industry - the sector with the largest proportion in the priority credit component also grew by 2.57%; Real estate credit increased by 4.61%, of which real estate business increased by 10.29% - accounting for 40% of total real estate credit.

The credit package for the forestry and aquatic products sector worth VND30,000 billion has also been actively disbursed with a turnover of VND31,000 billion. Of which, Agribank leads in disbursement scale with VND6,738 billion; BIDV ranks second with VND6,000 billion and Vietcombank ranks third, reaching VND5,000 billion. Deputy Governor Dao Minh Tu affirmed that after this VND30,000 billion package ends, the State Bank will continue to direct an additional VND15,000 billion package for the forestry and aquatic products sector because this is a positive solution for this sector, helping to create conditions for processing production, rural agriculture and promoting exports of Vietnam's strengths.

There will be many new incentives for the 120,000 billion VND package

Ms. Ha Thu Giang shared that with the 120,000 billion VND credit package for social housing development, currently 34/63 provinces have announced the list and sent housing projects with 78 projects, commercial banks have disbursed 1,344 billion VND, of which 49 billion VND is for home buyers, the rest is for investors. Explaining the difficulty in disbursing this credit package, Ms. Thu Giang said that due to limited supply, many localities have not announced the project list; In addition, many localities have a project list but many projects do not have a need for loans.

Regarding the implementation of disbursement, according to Ms. Thu Giang, from the feedback of credit institutions, it shows that there are still many difficulties in legal procedures such as transferring land use rights, site clearance, etc. This is not enough for credit institutions to lend, thereby leading to low disbursement speed. Regarding home buyers, according to the feedback of the State Bank of Vietnam in localities, because many projects are under construction, there are projects that are selecting investors, have not cleared the site, have not started construction, so they are not eligible for sale.

According to Deputy Governor Dao Minh Tu, the State Bank of Vietnam is still evaluating and researching every day and every hour to find the best way to disburse the 120,000 billion VND package. The biggest goal is how to develop social housing, so the State Bank of Vietnam has proposed that the Government increase incentives for this package such as reducing interest rates by 3% (previously the interest rate was reduced by 2%) for a period of 5 years. After the first 5 years, the interest rate will be reduced by 1-2% for the next 5 years so that customers can feel secure when borrowing money to buy a house.

Mr. Tu added that currently, four more private joint stock commercial banks have registered an additional VND20,000 billion to participate in this package, bringing the scale of the credit package for social housing to VND140,000 billion. In addition, the State Bank also encourages banks with sufficient resources to participate with appropriate and reasonable policy mechanisms to ensure inflation control in the coming time.

Source: https://baophapluat.vn/se-co-nhieu-uu-dai-moi-cho-goi-120000-ty-dong-post519368.html