To review and research open lending procedures and reduce lending interest rates in Vietnam

To review and research open lending procedures and reduce lending interest rates in Vietnam (Internet image)

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

On October 21, 2023, the Prime Minister issued Official Telegram 990/CD-TTg on continuing to drastically implement solutions to increase access to credit capital, remove difficulties for production and business activities, and carry out state budget collection tasks in 2023.

To review and research open lending procedures and reduce lending interest rates in Vietnam

To promptly remove difficulties and obstacles, clear and promote resources, improve the economy's ability to access and absorb credit capital, promote growth associated with maintaining macroeconomic stability, and strive to achieve the highest goals and targets set in the socio-economic development plan and state budget for 2023, the Prime Minister requested the State Bank of Vietnam to preside over and coordinate with relevant ministries and agencies to implement the following key contents:

- Continue to thoroughly research and implement drastically, effectively, and promptly the tasks and solutions in Resolution 01/NQ-CP of the Government in 2023, Resolutions of regular Government meetings, directive documents of Government Leaders and legal regulations closely follow market developments to manage monetary policy proactively, flexibly, promptly, and effectively, with priority given to promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, and the safety of the system of credit institutions;...

- Manage credit growth reasonably and effectively, strive to achieve the highest possible target set, improve credit quality, direct credit to production and business sectors, priority areas, growth drivers of the economy (especially investment, consumption, and export), and control credit for potentially risky areas. Have policies to encourage credit for feasible projects and businesses that serve growth drivers.

- Carefully review and research open lending procedures and reduce lending interest rates; drastically and effectively deploy a 120,000 billion VND credit program for investors and home buyers of social housing projects, worker housing, renovation projects, and reconstruction of old apartments;...

- Further promote reform of administrative procedures; review and resolutely reduce inappropriate administrative procedures that are costly, troublesome, and increase costs for people and businesses.

- Implement solutions drastically, strongly, and effectively to create favorable conditions for businesses and people to access credit capital, improve the economy's ability to absorb capital, and further strengthen bank-business connections; Continue to support and effectively share with customers in difficulty, promoting the recovery of production and business activities.

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

- According to functions and authority, 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, especially mechanisms and policies that expire in 2023. , in order to promptly remove practical problems arising in accessing capital of people and businesses, buying and selling corporate bonds of credit institutions, ensuring synchronization, efficiency, in accordance with the actual situation, stabilizing the monetary market, ensuring the safety of the credit institution system in accordance with the Government's resolutions, the directions of the Government Leaders and the provisions of law.

- 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, especially support packages of 120,000 billion VND for social housing and 15,000 billion VND for the forestry and fisheries sectors;...

More details can be found in Official Telegram 990/CD-TTg, dated October 21, 2023.

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