Prime Minister of Vietnam asked to speed up the process of removing difficulties for real estate projects?
Speed up the process of removing difficulties for real estate projects in Vietnam?
According to the urgent document No. 439/TTg-KTTH in 2023, the Prime Minister of Vietnam requested the Ministry of Construction to assume the prime responsibility for, and coordinate with other ministries, branches and localities in continuing to accelerate the review and removal of difficulties and obstacles for real estate projects in Vietnam; have feasible and effective solutions to remove and promote the safe, healthy and sustainable development of the real estate market, creating a driving force for economic growth.
In addition, the Government of Vietnam requested the Ministry of Planning and Investment to assume the prime responsibility for, and coordinate with other ministries, branches and localities in:
- Urgently complete to submit to the Government of Vietnam before May 25, 2023 for consideration and promulgation of a Resolution on tasks and solutions to remove difficulties for production and business, macroeconomic stability, control inflation, promoting growth, ensuring major obstacles to the economy and social security in the new situation according to the tasks assigned in Resolution No. 74/NQ-CP in 2023 of the Government of Vietnam.
- Continue to implement solutions to promote disbursement of public investment, soon put projects into operation, contribute to socio-economic development and promote growth.
- Urgently research and have specific and effective solutions to promote attraction of domestic private investment and public-private partnership, creating a driving force to support economic growth and stabilize the macro-economy.
Prime Minister of Vietnam asked to speed up the process of removing difficulties for real estate projects?
Develop a master plan for operating fiscal policy and submit it to the Government of Vietnam before May 30, 2023?
In the urgent document No. 439/TTg-KTTH in 2023 of the Prime Minister of Vietnam to the Minister of Planning and Investment, the Minister of Finance, the Minister of Industry and Trade, the Minister of Construction, the Governor of the State Bank of Vietnam, Chairman of the Committee for Management of State Capital at Enterprises in order to implement solutions to improve the capital absorption capacity of the current economy, the Government of Vietnam requested the above-mentioned units to implement Resolution No. 01/NQ-CP in 2023, the Prime Minister of Vietnam requested:
- The State Bank of Vietnam, the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Planning and Investment and the relevant ministries, branches and localities, according to their assigned functions and tasks, continue to implement drastically and effectively the solutions in Resolution No. 01/NQ-CP in 2023 of the Government and the Resolutions of the Government's regular meetings which focuses on monitoring the economic situation, financial market developments, precedents in the world, in the region and in the country to have appropriate policy responses;
- At the same time, continue to implement solutions to stabilize the macro-economy, control inflation, stabilize the value of the Vietnamese currency, promote growth, ensure major balances of the economy, and enhance capital absorption capacity of the economy.
Specifically, on fiscal policy, the Prime Minister of Vietnam assigned the Ministry of Finance to urgently develop and report before May 30, 2023 on the overall plan for operating fiscal policy in the current situation according to the tasks assigned in Resolution No. 50/NQ-CP in 2023 of the Government of Vietnam.
In addition, continue to review, supplement and perfect legal regulations to promote the stable, healthy, safe and sustainable development of corporate bonds and securities markets.
Continue to implement appropriate price management measures to stabilize the price level and control inflation, especially the prices of input materials for production and business.
Promote safe and sustainable development and remove difficulties for capital markets, stock markets, corporate bond markets, support the real estate market, create an effective medium and long-term capital mobilization channel for the economy; implement solutions to create and strengthen investors' confidence.
Assign the State Bank of Vietnam to continue to reduce loan interest rates?
In the urgent document No. 439/TTg-KTTH in 2023, the Government of Vietnam assigns the State Bank to assume the prime responsibility for, and coordinate with ministries, branches, localities and relevant agencies in, urgently implementing measures to increase the economy's capital absorption capacity, focusing on:
- Operating monetary policy firmly, flexibly, proactively, timely and effectively, ensuring liquidity and safety of the system of credit institutions; administering credit in accordance with macroeconomic developments, the goal of controlling inflation and meeting the capital needs of the economy and enterprises to develop production and business and support economic growth;
Concentrating credit capital for priority areas, key domestic production industries, fields of breakthrough development, diffusion, transmission, small and medium enterprises associated with improving the access to capital of people and enterprises.
- In particular, urgently direct credit institutions to continue to reduce costs and strengthen digital transformation to reduce loan interest rates; research solutions to have preferential credit programs for priority industries, fields, key domestic production and small and medium enterprises.
Review, comprehensively assess, classify and make complete statistics of the granted credits to determine the current average loan interest rate as a basis for appropriate management solutions.
- Urgently implement effective and feasible solutions to increase the accessibility of credit capital of people and businesses, promptly meet capital needs for production and business, and contribute to socio-economic development.
- Closely monitor and supervise the implementation of Circular No. 02/2023/TT-NHNN and Circular No. 03/2023/TT- NHNN of the State Bank of Vietnam in accordance with the law in association with the implementation of measures to enhance credit quality, promote bad debt settlement, set up risk provisions, ensure the safety of the system of credit institutions, not to seek profit; promptly guide and remove difficulties and problems arising (if any) during the implementation process according to regulations.
- Strengthen inspection, examination and supervision of credit institutions in implementing the policy of reducing loan interest rates, ensure the effectiveness, efficiency, and promptly handle strictly credit institutions that violate the provisions of law on credit extension.
- Further strengthen the work of information and communication, propaganda on monetary policy management, the policy of reducing the loan interest rate, creating favorable conditions for people and businesses to access credit to create social consensus, increasing confidence in the banking system.
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