Intensifying credit management solutions for the year 2024 in Vietnam

Intensifying credit management solutions for the year 2024 in Vietnam​ (Image from the internet)

Intensifying credit management solutions for the year 2024 in Vietnam

To further enhance the effectiveness of credit management in 2024 and intensify state management in the field of currency and banking activities to strongly promote economic growth and strive to achieve the highest completion of all key targets of the economic-social development plan for 2024 according to the guidelines, Resolutions, and Conclusions of the Communist Party, National Assembly, and the Government of Vietnam, the Prime Minister of Vietnam requests the State Bank of Vietnam to preside, cooperate with related agencies:

- Continue to closely monitor international and regional developments, changes, and adjustments in the financial and monetary policies of major economies to analyze, have policy responses promptly and effectively; actively and flexibly manage monetary policy, promptly, effectively coordinate closely, harmoniously with fiscal policy, reasonably expanded, focused, and targeted and other macro policies.

In which, focus on more decisively and effectively implementing tasks and solutions in managing interest rates, exchange rates, credit growth, open market operations, money supply, reduce lending interest rate levels... to supply capital to the economy at reasonable costs; manage the influx and outflow of money in a synchronized, reasonable, and non-disruptive manner to prevent liquidity stress on the banking system, to support the people and businesses to quickly overcome the consequences of Storm No. 3, recover and develop production and business, promote economic growth associated with macroeconomic stability, control inflation, ensure the major balances of the economy, safety of banking operations and the system of credit institutions.

- Urgently and effectively implement appropriate credit solutions promptly according to macroeconomic developments, inflation, and meet the capital needs for the economy, remove difficulties for the people, businesses, support production, business development, job creation, livelihood for the people following the spirit of harmonized benefits, shared risks, solidarity, mutual support, ensuring credit is provided to the real economy, most effectively, absolutely no obstruction, delay, at the wrong time, to the wrong address, avoid creating preferential mechanisms, negatives in granting credit by the system of credit institutions. Achieve a credit growth target in 2024 at 15%.

- Continue to effectively and strongly implement solutions within authority to reduce the lending interest rate levels of the credit institutions system, support people, businesses to enable production and business development, generate revenue, profit, and repay loans to banks.

- Direct credit institutions:

+ Focus credit on business production sectors, priority areas, and economic growth drivers, digital transformation, green transformation, climate change response, circular economy, sharing economy, science, technology, and innovation...; strictly control credit in risk areas, ensuring safe and effective credit operations; continue to have policies to ease difficulties in credit access for businesses and people. intensify lending to serve production, business, and consumption needs at the end of the year and Lunar New Year At Ty 2025.

+ Continue more efforts to reduce lending interest rates by cutting costs, simplifying administrative procedures, enhancing IT application, digital transformation...

+ Promote effective deployment and ensure transparency of preferential credit packages suitable to each credit institution's characteristics for important sectors contributing to economic growth drivers per the Government of Vietnam's policy, especially social housing credit packages, worker housing packages, credits for forestry, aquaculture...; promote role, increase social responsibility, business ethics of credit institutions in sharing, supporting people and businesses when facing difficulties.

+ Continue proactively reviewing, compiling customers currently borrowing who are affected by Storm No. 3 to promptly apply support measures, ease difficulties for customers through measures particularly rescheduling debt repayment, waiving, reducing loan interest, continuing to extend new loans to recover production and business activities after the storm following current regulations, handling debts for affected customers according to regulations.

- Intensify, enhance inspection, examination, control, and strictly supervise credit granting, interest rate announcements by credit institutions, promptly and strictly handle violations according to regulations; have effective solutions to promptly handle bad debts of the credit institutions system.

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