Research on banking services exclusively for the consumer sector in Vietnam

Research on banking services exclusively for the consumer sector in Vietnam (Internet image)

Research on banking services exclusively for the consumer sector in Vietnam

According to Directive 29/CT-TTg dated August 27, 2024, on stimulating consumption, supporting business production, and developing the domestic market, our country’s socio-economic situation still faces many difficulties and challenges. The forecasted global economic growth may fall below the 3.1% increase of 2023. Domestically, the economy has mixed opportunities, advantages, and challenges, with more challenges than opportunities. Inflationary pressures and exchange rates continue to fluctuate; the financial and monetary markets still pose risks; certain production and business activities remain difficult; natural disasters, droughts, landslides, storms, and climate change are becoming increasingly complex.

To promptly address the difficulties for production and business activities, stimulate consumption, boost domestic market development, contribute to growth promotion, maintain macroeconomic stability, control inflation, and ensure the major balances of the economy, the Prime Minister of the Government of Vietnam requests the State Bank of Vietnam to implement the following tasks and solutions:

- Proactively, flexibly, promptly, effectively, harmoniously, and closely manage monetary policy with fiscal policy and other macroeconomic policies. Manage credit harmoniously with macroeconomic developments, administrate exchange rates flexibly according to the market to stabilize the foreign exchange market... contributing to economic growth promotion, inflation control. Continue directing the implementation of credit growth solutions, focusing credit on production, business, priority areas, and growth drivers.

- Direct credit institutions: research and develop credit products, banking services specifically for the consumer sector, intensify loans for living and consumption purposes. Promote the implementation of online and electronic loans; simplify loan and consumption procedures, creating favorable conditions for citizens and businesses to access loans to promote the consumption of domestically produced goods. Strengthen inspection and supervision of credit institutions' implementation to ensure the State's policies reach people and businesses promptly and to the right targets.

- Directly promote the implementation of preferential credit programs and policies such as: The 140 trillion VND credit package program for social housing development; the scheme "Investing in building at least 1 million social housing units for low-income people, industrial park workers during 2021-2030"; expand the 30 trillion VND loan program for the forestry and fishery sectors.

At the same time, implement the following common tasks and solutions:

- Promptly put into operation investment projects and constructions generating new production capacity. Focus on reviewing and prioritizing solutions to resolve difficulties in disbursing public investment capital, credit packages, land, and policies to attract social resources to participate in projects in line with scale and market signals.

- Boost the domestic market, implement policies to encourage consumption, and encourage investment in areas where domestic production has strengths and the domestic market has demand.

- Review and implement supportive policies for domestic enterprises to participate in the supply chains of supporting industrial products of foreign-invested manufacturing and exporting enterprises in Vietnam.

- Implement regional connectivity solutions to reduce transportation costs and create favorable conditions for goods circulation between regions; support businesses to shift investments to regions with competitive advantages in factors such as business production premises, abundant labor, and low labor costs to reduce production costs.

- Ministries, agencies, and localities should apply digital transformation technologies, artificial intelligence (AI), big data, and blockchain technology to continue promoting administrative procedure reform and simplification.

- Strongly promote trade promotion in the domestic market, supply-demand connection, market information provision, and legal advice to small and medium enterprises.

- Continue to seriously implement Directive 03-CT/TW dated May 19, 2021, and Directive 28/CT-TTg dated October 26, 2021.

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