On 4th March 2024, the National Assembly inspection team worked with the People’s Committee of Ho Chi Minh City on the implementation of Resolution No. 43/2022/QH15 of the National Assembly on financial and monetary policies to support the program of economic and social recovery and development, in order to review and assess the results after 2 years of implementation.
From the perspective of banking operations, in the role of implementing monetary policy tasks, with the content of using policy resources and providing support loans at an interest rate of 2%, Mr. Nguyen Duc Lanh – Deputy Director of the State Bank of Vietnam (SBV) branch in Ho Chi Minh City – assesses the positive impact of Resolution 43 on 3 main aspects.
Firstly, with the financial and monetary solutions and the use of resources to support the recovery and development program of the economy and society in the period of 2022-2023, set in the context of the economy being seriously affected by the COVID-19 pandemic and the timing of the issuance of the Resolution. Up to the present time, when reevaluating, it can be said that Resolution 43 of the National Assembly is a correct, comprehensive, and highly predictive policy direction. The solutions and orientations of Resolution 43 have contributed not only to limiting the impact of objective factors from the pandemic, the global market, recession, and inflation but also to creating conditions for the overall economy, and specifically the economy of the city, to grow and develop.
Secondly, Resolution 43 of the National Assembly and Resolution 11 of the Government, in terms of guiding ideology, have created a strong spirit of support for businesses, support for people, and improved the investment environment. They have brought high social effects and responsibilities throughout the whole economy, through the issuance of a system of mechanisms and effective use of policy resources to support businesses, as well as continuous administrative reforms to facilitate businesses and individuals’ access to policies. In which, the phrase “support for businesses” has become one of the important contents of the city’s theme of the year, as well as many action programs of industries and localities nationwide; districts and communes of the city. This is an important result for a specific and large policy orientation of the National Assembly and the Government.
Thirdly, the policy response is timely, responsible, and effective. With the direction of using resources and specific requirements for financial and monetary policies. The ministries have issued policy mechanisms to implement Resolution 43 of the National Assembly and Resolution 11 of the Government. In which, the State Bank of Vietnam (SBV) has issued a comprehensive credit policy mechanism to implement 2 main tasks: maintaining macroeconomic stability, stabilizing the monetary market and supporting businesses, promoting economic growth. Accordingly, SBV managed and implemented rational interest rate policies and reduced interest rates to support businesses in terms of capital usage costs, creating conditions for cost reduction; issued circulars on debt restructuring, maintaining debt groups to help businesses reduce debt repayment pressure, maintain and restore production and business activities, to promote growth and development; issued Circular 03, implementing Decree 31 of the Government to provide loans at 2% interest rate for businesses, cooperatives, and individual businesses in the following sectors: aviation; processing industries; manufacturing; warehousing and transportation; tourism, accommodation, catering services; education; computer programming and related activities; agriculture, forestry, and fisheries; social housing construction and rental housing for workers…
The stable macroeconomic, monetary market, and banking activities; support activities for businesses in terms of capital, interest rates, debt restructuring, maintenance of debt groups… in banking services and administrative reforms have achieved practical efficiency for businesses. In particular, in Ho Chi Minh City, with over 1.1 million customers being businesses, cooperatives, and individual businesses, they have been restructured, maintaining debt groups, and reducing interest rates, with a total outstanding loan balance of 356 trillion VND, thereby helping businesses recover and grow, contributing to promoting economic growth of the city in the past 2 years, maintaining a relatively high growth rate (9.03% GRDP in 2022; 5.81% in 2023).
With that significance, it can be said that the implementation of Resolution 43 of the National Assembly and Resolution 11 of the Government has achieved important results, positively impacting the overall program of national economic and social recovery and development, and specifically Ho Chi Minh City in 2022 and 2023.
