The PM ordered the central bank to enhance inspection, examination, control and close supervision of credit granting and interest rate announcements and to promptly and strictly handle violations, according to regulations.
 to strengthen credit management solutions in 2024, to ensure that credit capital is pumped into the economy in the most practical and effective way. Under Official Dispatch No. 122/CĐ-TTg, sent to the SBV’s Governor Nguyễn Thị Hồng, the PM noted the SBV must no longer have any bottlenecks, delays, incorrect timings or misdirected addresses or any misconduct in the credit granting of the credit institution system. The central bank must enhance inspection, examination, control and close supervision of credit granting and interest rate announcements and promptly and strictly handle violations according to regulations. Under the directive, the PM also requested the SBV to continually implement more effective and stronger solutions within its authority to reduce the lending interest rates of the credit institution system, with an aim of supporting people and businesses to create conditions fordevelop production and business, generate revenue and profit, and repay loans to banks. “Credit institutions must continue to make further efforts to reduce lending interest rates through cost reduction, simplification of administrative procedures, increased application of information technology, and digital transformation,” the directive urged. The SBV must direct credit institutions to focus credit on production and business sectors, priority sectors and economic growth drivers, digital transformation, green transformation, circular economy, sharing economy, science, technology and innovation. It must also strictly control credit for risky sectors to ensure safe and effective credit activities. Preferential credit packages for important sectors to promote the growth drivers of the economy according to the Government's policy, and for priority sectors such as social housing, workers' housing, forestry and aquatic products, must be implemented effectively and transparently. The PM also instructed banks to promote lending to serve production, business and consumer needs at the end of this year and the Lunar New Year. Following the PM’s move, the SBV on Thursday issued Official Letter No. 9774/NHNN-CSTT on stabilising deposit interest rates and striving to reduce lending interest rates. Specifically, the SBV directs credit institutions to maintain a stable and reasonable deposit interest rate level, contributing to stabilising the monetary market and the market interest rate level. In addition, credit institutions must continue to resolutely and effectively implement solutions to simplify lending procedures, enhance the application of information technology and digital transformation in the lending process to strive to reduce lending interest rates to support businesses and people to promote production and business. Credit institutions are also required to continually publicise average lending interest rates, the difference between average deposit and lending interest rates, and lending interest rates for credit programmes and packages on their websites. The SBV also requires its branches nationwide to direct credit institutions in their areas to maintain stable deposit interest rates and implement measures to strive to reduce the lending interest rate level. They need to actively announce information on lending interest rates and preferential credit programmes to support businesses and people in getting better access to bank loans. — VNS )
The central bank must enhance inspection, examination, control and close supervision of credit granting and interest rate announcement of credit institutions to promptly and strictly handle violations according to regulations. Photo sbv.gov.vn
Prime Minister Phạm Minh Chính has required the State Bank of Vietnam (SBV) to strengthen credit management solutions in 2024, to ensure that credit capital is pumped into the economy in the most practical and effective way.
Under Official Dispatch No. 122/CĐ-TTg, sent to the SBV’s Governor Nguyễn Thị Hồng, the PM noted the SBV must no longer have any bottlenecks, delays, incorrect timings or misdirected addresses or any misconduct in the credit granting of the credit institution system.
The central bank must enhance inspection, examination, control and close supervision of credit granting and interest rate announcements and promptly and strictly handle violations according to regulations.
Under the directive, the PM also requested the SBV to continually implement more effective and stronger solutions within its authority to reduce the lending interest rates of the credit institution system, with an aim of supporting people and businesses to create conditions fordevelop production and business, generate revenue and profit, and repay loans to banks.
“Credit institutions must continue to make further efforts to reduce lending interest rates through cost reduction, simplification of administrative procedures, increased application of information technology, and digital transformation,” the directive urged.
The SBV must direct credit institutions to focus credit on production and business sectors, priority sectors and economic growth drivers, digital transformation, green transformation, circular economy, sharing economy, science, technology and innovation. It must also strictly control credit for risky sectors to ensure safe and effective credit activities.
Preferential credit packages for important sectors to promote the growth drivers of the economy according to the Government's policy, and for priority sectors such as social housing, workers' housing, forestry and aquatic products, must be implemented effectively and transparently.
The PM also instructed banks to promote lending to serve production, business and consumer needs at the end of this year and the Lunar New Year.
Following the PM’s move, the SBV on Thursday issued Official Letter No. 9774/NHNN-CSTT on stabilising deposit interest rates and striving to reduce lending interest rates.
Specifically, the SBV directs credit institutions to maintain a stable and reasonable deposit interest rate level, contributing to stabilising the monetary market and the market interest rate level.
In addition, credit institutions must continue to resolutely and effectively implement solutions to simplify lending procedures, enhance the application of information technology and digital transformation in the lending process to strive to reduce lending interest rates to support businesses and people to promote production and business.
Credit institutions are also required to continually publicise average lending interest rates, the difference between average deposit and lending interest rates, and lending interest rates for credit programmes and packages on their websites.
The SBV also requires its branches nationwide to direct credit institutions in their areas to maintain stable deposit interest rates and implement measures to strive to reduce the lending interest rate level. They need to actively announce information on lending interest rates and preferential credit programmes to support businesses and people in getting better access to bank loans. — VNS
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