Prime Minister Pham Minh Chinh has just signed Official Dispatch No. 18 / CĐ-TTg on March 5, 2024 regarding the management of credit growth in 2024. In the Dispatch, the Prime Minister requested the State Bank of Vietnam to lead and coordinate with relevant agencies promptly review the comprehensive results of credit provision by the credit system organizations to the economy, by industry, and by sector; credit provision results of each credit institutions, commercial banks up to the present time to, according to its jurisdiction and the provisions of the law, have effective, feasible, and timely measures to manage credit growth and interest rates in 2024, ensuring the supply of sufficient credit to serve the economy and the safety of the credit system organizations absolutely avoiding obstacles, delays, misalignment; in case contents are beyond jurisdiction, report and propose authorities according to regulations; be responsible to the Government, the Prime Minister for the management of monetary policy and credit growth.
In addition, the Prime Minister requires the State Bank to closely monitor the developments and the state of the world and domestic economy to proactively, flexibly, timely, and effectively manage monetary policy; flexibly, harmoniously, and rationally manage interest rates and exchange rates appropriate to the market situation, macroeconomic conditions, and objectives of monetary policy according to major tasks and solutions stipulated in Resolution No. 01 / NQ-CP dated January 5, 2024 of the Government, prioritizing promoting economic growth, removing difficulties for production and business; efficient credit growth, meet foreign currency for production, business, associated with macroeconomic stability, inflation control, ensure major balance of the economy, safe operations of banks and credit system organizations, and ensure the implementation of credit growth targets set in 2024.
The State Bank of Vietnam immediately implements management measures to continue reducing lending interest rates, enhancing credit access capabilities to support people, and businesses in developing production and business, ensuring sufficient credit, healthy foreign exchange, with focus, emphasis, serving, meeting the capital needs of the economy and credit system organizations safely.
In addition, the Prime Minister requires strengthening, enhancing inspection, examination, control, and close monitoring of credit provision by credit institutions, ensuring credit flows, including foreign currency credits focused on priority, important areas, growth drivers of the economy (consumption, exports, investment), meeting the capital needs of production, business of businesses, people under conditions of expanding safe, healthy, sustainable production, but lacking capital. Prohibit credit provision that does not comply with legal regulations, improper subjects, credit provision for management boards, executive boards, and related parties of credit institutions, ecosystem firms, shadow businesses … at preferential interest rates while people, businesses have legitimate, legal needs, but face difficulties in accessing credit, foreign exchange. At the same time, implement tools to control inflation and minimize, limit bad debt increase for credit institutions.
The State Bank of Vietnam directs and requires credit institutions to continue reducing lending interest rates (reducing costs; simplifying administrative procedures, enhancing information technology application, digital transformation …); publicly announce the average lending rate for people, businesses to facilitate credit access, choose the bank to borrow capital.
Credit institutions need to effectively deploy preferential credit packages suitable for the characteristics of each credit institution for important fields, economic growth drivers according to the Government’s direction; promote the pioneering role, role model of efficient business credit institutions and state credit institutions; enhance corporate social responsibility, business ethics of credit institutions in sharing, supporting people, businesses.
