Drastic solutions to enhance access to credit capital in Vietnam

Drastic solutions to enhance access to credit capital in Vietnam
Trần Thanh Rin

What did the Prime Minister request the State Bank of Vietnam to do to increase access to credit capital? – Huu Tri (Binh Thuan)

Drastic solutions to enhance access to credit capital in Vietnam

Drastic solutions to enhance access to credit capital in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

On November 23, 2023, the Prime Minister issued Official Telegram 1177/CD-TTg on continuing to drastically implement solutions to increase access to credit capital, promoting the development of effective, safe, healthy, and sustainable corporate bond and real estate markets.

Drastic solutions to enhance access to credit capital in Vietnam

To continue to effectively, promptly, and drastically implement the direction of the Government and the Prime Minister on solutions to increase access to credit capital, the Prime Minister has requested the State Bank of Vietnam to preside over and coordinate with relevant agencies to implement the following contents:

- Continue to drastically, effectively, and promptly implement tasks and solutions in Resolution 01/NQ-CP in 2023, Official Telegram 990/CD-TTg in 2023, Official Telegram 993/CD-TTg in 2023, and guiding documents of Government Leaders and legal regulations, closely following market developments to operate monetary policy proactively, flexibly, promptly, and effectively, giving priority to promoting economic growth and effective credit growth associated with macroeconomic stability, inflation control, ensuring major balances of the economy, safety of the credit institution system;...

- Manage credit growth reasonably and effectively, strive to achieve the highest possible target set, improve credit quality, direct credit to production and business sectors, and priority sectors, and be growth drivers of the economy (especially investment, consumption, export, digital transformation, green transformation, etc.), strict credit control and timely, appropriate, and effective handling of potentially risky areas.

- Closely monitor developments in the real estate market, corporate bonds, and real estate credit to have solutions that both ensure the safety of the banking system and contribute to solving difficulties, removing bottlenecks, promoting economic growth, and ensuring the healthy and sustainable development of the real estate and corporate bond markets.

- Continue to research thoroughly and find feasible solutions to drastically and effectively deploy the VND 120,000 billion credit program for investors and home buyers of social housing projects and worker housing projects to renovate and rebuild old apartments; continue to promote the implementation of a preferential credit package of VND 15,000 billion for the forestry and fisheries sectors, which further promotes the key role of state-owned commercial banks and encourages, motivates, and builds appropriate and effective policy mechanisms to promote active and creative participation of joint stock commercial banks.

Guide and create conditions for the Bank for Social Policies to well implement preferential credit programs for the poor and other policy beneficiaries.

- Urgently report to the Prime Minister in November 2023 on the results of implementing the 120,000 billion VND credit program for preferential loans for social housing development, housing for workers, and renovating and rebuilding apartments according to the direction of the Prime Minister in Official Dispatch 6745/VPCP-CN in 2023.

- Implement drastically, strongly, and effectively solutions to create favorable conditions for businesses and people to access credit capital, improve the economy's ability to absorb capital, and further strengthen connectivity, transparent sharing of information, mutual support, and assistance between banks and businesses.

Continue to direct credit institutions to review and reduce operating costs, simplify lending procedures and conditions, and enhance the application of information technology and digital transformation to continue reducing lending interest rates; promote the spirit, social responsibility, solidarity, mutual help, and business ethics of the system of credit institutions;...

- Urgently review and evaluate the implementation of Circular 02/2023/TT-NHNN, Circular 03/2023/TT-NHNN, Circular 06/2023/TT-NHNN and relevant Circulars and regulatory documents to proactively and promptly review, amend, supplement and promulgate new regulatory documents according to authority especially mechanisms and policies that expire in 2023, in order to promptly resolve problems that arise in practice, ensuring synchronization, efficiency, conformity with the actual situation, stability of the monetary market, and safety of the system of credit institutions in accordance with the Government's resolutions and directions of the Government Leaders and the provisions of law, definitely do not allow for disruption, lack of timeliness, or lack of initiative in building, supplementing, complete credit policies that are effective or will be effective in a sustainable, long-term, and realistic manner.

- Direct continued review, have practical and effective solutions, strengthen direction, inspection, urging, and guidance of commercial banks so that businesses, real estate projects, and home buyers can access more favorable credit sources and promptly remove difficulties in capital and cash flow.

Promptly detect and strictly handle commercial banks that impose additional conditions that are not feasible or do not comply with regulations, causing difficulties and inconveniences for businesses, real estate projects, and home buyers in accessing credit capital.

More details can be found in Official Telegram 1177/CD-TTg, dated November 23, 2023.

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