On May 19, 2023, in Hanoi, the State Bank of Vietnam (SBV) organized a virtual Conference on accelerating the implementation of the 2% interest rate support program in line with Resolution No.31/2022/ND-CP. First Deputy Governor Dao Minh Tu chaired the Conference.
First Deputy Governor Dao Minh Tu chairs the Conference
The whole banking sector has actively taken actions
In his opening speech, First Deputy Governor Dao Minh Tu said that, in order to implement the interest rate support program in accordance with Resolution No.31/2022/ND-CP, the SBV had immediately promulgated Circular No. 03/2022/TT-NHNN providing specific instructions for the implementation of Resolution No.31/2022/ND-CP and organized many conferences to disseminate widely the policy. All commercial banks have actively participated in the communications to beneficiaries through many channels and organized a series of Bank-Enterprise Connection Conferences.
As a result, as of the end of April 2023, the total amount of loans benefiting from the interest rate support had reached over VND 105,000 billion, the loan outstanding from the interest rate support was nearly VND 52,000 billion; the accumulated value of the interest rate support since the beginning of the program had reached over VND 409 billion.
An overview of the Conference
According to First Deputy Governor Dao Minh Tu, this value was relatively modest as compared to the total scale of the program; however, the whole banking sector had actively taken actions to implement the interest rate support program. Many banks have shown high senses of responsibilities, and have strongly implemented the program, reflecting their responsibility for the society.
Ms. Ha Thu Giang, Director General of the Department of Credit for Economic Sectors, said that, among 44 commercial banks which had received announcements of the interest rate support quotas, 32 banks have started to provide loans with the interest rate support.
Continuing to strongly conduct the 2% interest rate support program
Despite the strong actions in the implementation, the disbursement results of the 2% interest rate support program have not met the expectations. According to Ms. Ha Thu Giang, there were many reasons, such as the new changes in the socio-economic situations compared to the time when the Program was developed; many customers could not meet the conditions to access loans with the interest rate support, etc.
Ms. Ha Thu Giang, Director General of the Department of Credit for Economic Sectors, speaks at the Conference
Toward the end of the Conference, First Deputy Governor Dao Minh Tu requested the commercial banks to pay more attention to the credit operations in the coming time, and to accelerate the implementation of the 2% interest rate support program.
The SBV Deputy Governor also requested the relevant entities to enhance the information and communication on policies, strengthen the bank-enterprise connection conferences to receive information about the difficulties of the businesses for timely remedial actions.
For the SBV municipal and provincial branches, the SBV Deputy Governor requested these entities to enhance the inspection and supervision in order to promptly detect any violations and report to the local authorities, as well as to enhance the communication on this policy.
The SBV Deputy Governor also proposed that the relevant Ministries and agencies continue to coordinate closely with the SBV in particular and the banking sector in general to implement the interest rate support policy effectively; promptly resolve any arising obstacles in the implementation process; create favorable conditions for the commercial banks to make payment and liquidation of the interest rate support amounts.
Le Hang