The Government of Vietnam requires the State Bank of Vietnam to reduce the loan interest rate, focus on dealing with weak banks, and increase the accessibility of capital for people and enterprises?
- The Government of Vietnam requires the State Bank of Vietnam to reduce the loan interest rate, focus on dealing with weak banks, and increase the accessibility of capital for people and enterprises?
- Submit the draft Law on amendment to the Law on Credit Institutions to the Government of Vietnam in March 2023?
- What are the difficulties and challenges in the coming time according to the Government's assessment?
The Government of Vietnam requires the State Bank of Vietnam to reduce the loan interest rate, focus on dealing with weak banks, and increase the accessibility of capital for people and enterprises?
The Government of Vietnam issued Resolution No. 31/NQ-CP dated March 7, 2023 at the Regular Government Meeting in February 2023.
In particular, the Government requested ministries, agencies and localities based on their assigned functions, tasks and powers to closely monitor developments in the international and regional situation, and the adjustment of policies of other countries, towards cooperation, especially fiscal, monetary, trade and investment policies to actively analyze and forecast for strategic research and timely administration, to have effective and appropriate policy responses to respond with problems that arise.
At the same time, focus on performing tasks to remove difficulties and obstacles to credit, corporate bond market, real estate market and petroleum management, ensuring stable and healthy operation. strong, transparent, safe and effective in accordance with the direction of the Prime Minister at Official Telegram No. 10/CD-TTg dated February 7, 2023;
Request to proactively and promptly report to the Prime Minister for consideration and direction matters beyond its competence.
The Government assigned the State Bank of Vietnam to assume the prime responsibility for, and coordinate with agencies and localities in, operating monetary policy instruments firmly, proactively, flexibly and effectively; closely and synchronously coordinate with fiscal and other policies, contributing to maintaining macroeconomic stability, controlling inflation, stabilizing money and foreign exchange markets, and promoting growth.
- Request the State Bank of Vietnam to manage credit growth in accordance with a reasonable structure, to promptly meet the credit capital demand for the economy.
- Directing credit institutions to apply credit-oriented measures to production and business fields, priority areas and growth drivers;
- Control credit risk for potential risk areas;
- Reducing the loan interest rate, increasing the access to capital of people and enterprises, ensuring a reasonable and effective interest rate and in line with the requirements of inflation control.
- Having appropriate credit solutions, contributing to removing difficulties for the real estate market and other markets.
Managing the appropriate exchange rate, ensuring the safety of the banking system.
At the same time, the Government required the State Bank to focus on effectively dealing with weak commercial banks, ensuring liquidity and system safety, focusing on handling bad debts and limiting new bad debts; strengthen inspection and supervision.
The Government of Vietnam requires the State Bank of Vietnam to reduce the loan interest rate, focus on dealing with weak banks, and increase the accessibility of capital for people and enterprises?
Submit the draft Law on amendment to the Law on Credit Institutions to the Government of Vietnam in March 2023?
This is the content emphasized by the Government in Resolution No. 31/NQ-CP in 2023.
According to that, the Government requested the State Bank of Vietnam to urgently finalize the draft Law on Credit Institutions (amended), and submit it to the Government in March 2023.
What are the difficulties and challenges in the coming time according to the Government's assessment?
At the Government's regular meeting in February 2023, held on March 3, 2023, Resolution No. 31/NQ-CP in 2023 recorded an assessment of the socio-economic situation in February and the first two months of 2023 as follows:
In addition to the main sectors and sectors of the economy continuing the trend of recovery, stability and development, members of the Government, opinions of participants and the Prime Minister's conclusion stated that:
- Vietnam’s economy still has limitations and inadequacies and continues to face many difficulties and challenges, macroeconomic stability is not really solid, inflation pressure is still high, and bad debt risks increase.
- Many industries decline or grow low. Total import and export turnover decreased over the same period.
- Disbursement of public investment capital is still slow and has not met the requirements.
- Production and business activities face many difficulties; the number of enterprises registering for new establishments and returning to operation in 2 months decreased by 11.2%, the number of enterprises withdrawing from the market increased by 14.5% over the same period; some enterprises continue to reduce working hours and cut workers.
- The corporate bond and real estate markets still face many difficulties.
- The shortage of drugs, equipment and medical supplies in some medical facilities has not been overcome.
- The situation of security and order in some areas and in cyberspace still has potential complicated factors.
- The coordination between a number of agencies and localities is still not close and effective; while pushing and avoiding the responsibility of a part of cadres and civil servants when performing official duties...
The Government believes that in the coming time, the world economic growth is forecasted to slow down, risks will increase; strategic and geopolitical competition among major countries is complicated and unpredictable; The Russian-Ukrainian conflict continues...
Domestically, production and business faced many difficulties; economic growth in the first quarter faced great challenges; liquidity pressure of the real estate market, corporate bonds increased, risks to the economy increased; While epidemics, natural disasters, and climate change continue to develop abnormally...
Faced with that situation, the Government requested the Ministers, Heads of ministerial-level agencies, Heads of Government-attached agencies, Presidents of People's Committees of provinces and centrally-run cities to continue to grasp and implement synchronously, substantively, effectively and comprehensively the tasks and solutions according to the conclusions of the Central Committee, the Politburo, the Resolutions of the National Assembly and the Government, and the direction of the Prime Minister, especially in the Resolution 01/NQ-CP dated January 6, 2023 of the Government, the Government's Action Programs implementing the Resolutions of the Party and the National Assembly, Directive No. 03/CT-TTg dated January 27, 2023 of the Prime Minister;
Consistently implementing the objectives of stabilizing the macro-economy, controlling inflation, promoting growth, and ensuring major balances of the economy; ensure proactive, drastic, accurate and closer, synchronous and rhythmic coordination in direction and administration, suitable to the situation, overcome difficulties and challenges, take advantage of time and opportunities for socio-economic recovery and development.
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