Resolution 43/2022/QH15 is a Resolution of the National Assembly on fiscal and monetary policies to support the recovery and development of the economy. Based on that, the Government issued Resolution 11/NQ-CP on the program of economic recovery and development and implemented Resolution 43/2022/QH15 in the period 2022-2023. In which, 10 tasks are assigned to the banking sector. At the local level, the implementation of policies on the banking sector in Ho Chi Minh City and the direct assessment of the results of implementing Resolution 43 of the National Assembly in the banking sector on the local area, after 2 years of implementation, Mr. Nguyen Duc Lenh – Deputy Director of the State Bank of Vietnam (SBV) Ho Chi Minh City branch evaluated that the banking sector in Ho Chi Minh City has achieved important and noteworthy results.
Organizations have implemented their responsibilities, seriously and fully followed the policy mechanism of the National Assembly, the Government, the State Bank of Vietnam (SBV), and the relevant City People’s Committee regarding banking activities. In which, directing credit institutions within the area to implement the policy mechanism on interest rates well; debt restructuring, maintaining debt groups; providing 2% support loans according to Government Decree 31 and Circular 03 of SBV. In the process, monitoring, grasping the situation of implementation to timely resolve difficulties and problems, reporting, reflecting, and suggesting to SBV in a timely manner; doing well in information dissemination and policy dialogue through the bank-enterprise connectivity program for people and businesses in the area to grasp the policy, easily access supportive policies, thereby putting the policy mechanism of SBV, Government Resolution 11 and National Assembly Resolution 43 into practical life with efficiency.
Implementing the tasks assigned to the banking sector in Ho Chi Minh City under Resolution 43 with the content of well implementing the policy mechanism on currency, credit, and interest rates in the area; ensuring stability in the monetary market and reducing interest rates to create favorable conditions for businesses to maintain recovery and growth, thereby promoting economic growth. In 2023 alone, the managed interest rates of SBV continuously decreased, creating favorable conditions to reduce the overall interest rate level in the market (both deposit and lending rates, with a reduction of 2-3%). This result creates conditions for businesses to reduce financial costs, borrowing costs, reduce costs to promote growth and development, thereby promoting socio-economic growth, in line with the assigned tasks in the resolutions.
Well implementing Resolution 43’s tasks, with the content of direct support for businesses through debt restructuring, maintaining debt groups for businesses; exempting, reducing interest rates, and providing 2% interest rate support loans. In 2 years (2022-2023), credit institutions in the area have supported more than 1.1 million customers (enterprises, business households, and cooperatives) with debt restructuring, maintaining debt groups, and reducing loan interest rates. Among them, 700 thousand customers have had their debt restructured, with total debt reaching 327 thousand billion VND, and more than 420 thousand customers have had their interest rates exempted or reduced, with a total debt of over 29 thousand billion VND. Implementing this mechanism not only supports businesses in reducing loan repayment pressure, reducing loan interest costs to maintain and recover production and business activities, establishing cash flow and repaying bank loans but also contributes significantly to the good implementation of the tasks assigned to the banking sector in accordance with Resolution 43 and promotes the role of policy resources in supporting the recovery and development of the economy.
Implementing and carrying out 2% interest rate support loans according to Government Decree 31 and Circular 03 of SBV. As a result, after 2 years of implementation, the total loan volume of 2% interest rate support loans in the area reached 84.5 thousand billion VND. By the end of 2023, the outstanding loan balance of this support loan reached 18,685 billion VND, with 428 customers supported in industries such as processing and manufacturing industry, aviation, warehousing and transportation, tourism, accommodation and catering services, education and training, agriculture, forestry and fisheries, computer programming and related activities, and social housing construction projects; the total amount of interest support provided (accumulated amount) reached 439.76 billion VND.
In comparison to the whole country, the outstanding loan balance of 2% interest rate support loans in the area accounted for 37%; the total number of customers supported accounted for 19% compared to the whole country, while the amount of interest support accounted for 35%.
From a local perspective, the results of organizing and implementing the above-mentioned policies have significant meaning, as they have reflected the correct and effective direction of policies and resolutions. Especially the appropriateness, timeliness, and high predictability if placed in the context of the impact of the pandemic and unpredictable, difficult-to-forecast developments from the economic, political, and international context in the past 2 years.
