The Resolution of the Government’s regular meeting in November 2024 (Resolution No. 233/NQ-CP) highlights the imminent handling of two banks: GPBank and DongAbank.
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The resolution tasks the Ministry of Finance to collaborate with relevant agencies and localities in finalizing and submitting to the Government a decree on value-added tax reduction policies for the first six months of 2025, as per the resolution of the 8th session of the 15th National Assembly. This decree should be completed no later than December 15, 2024. Additionally, the ministry is instructed to continue researching and proposing tax, fee, charge, and land rent exemption and reduction policies to competent authorities. These policies aim to support people and businesses in production and business development, with an expected implementation from the beginning of 2025. The overall effectiveness of these policies will be evaluated to ensure a comprehensive, farsighted, and growth-oriented approach.
The State Bank of Vietnam is instructed to collaborate with relevant agencies to manage exchange rates and interest rates in alignment with macroeconomic developments and set goals. This includes maintaining stability in the monetary, foreign exchange, gold, and credit institution system markets. They are also tasked with directing timely credit growth to support production and business development, aiming for a 15% credit growth target for 2024. Furthermore, the State Bank should continue to instruct credit institutions to strive for lower lending interest rates, focusing on production, business, and priority areas, as well as economic growth drivers. At the same time, they must tightly control credit in potential risk areas.
Additionally, the State Bank of Vietnam is instructed to direct credit institutions to boost lending for production, business, and consumer needs during the end of the year and the 2025 Lunar New Year holiday. They should also develop dedicated credit products and banking services for the consumer sector, facilitating people’s and businesses’ access to loans to promote consumption and economic growth.
Notably, the Government requests the State Bank of Vietnam to urgently submit, by December 20, 2024, a mandatory transfer plan for the two remaining specially controlled banks (Global Petroleum Commercial Joint Stock Bank and DongA Bank). Furthermore, they are instructed to promptly implement, within their authority, or propose to competent authorities, a handling plan for Saigon Joint Stock Commercial Bank, without any further delay.
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