On November 8, 2022, the State Bank of Vietnam (SBV) issued Document No. 7881/NHNN-TD to be sent to the Chairpersons of the Boards of Directors, the General Managers of all commercial banks, requesting those banks to implement strongly credit measures and make favorable conditions to meet the capital demands of the key oil and gasoline businesses.
The Document clearly stated that oil and gasoline are strategic and important commodities, with direct impacts on the macro-economic stability, the production and business operations of enterprises, and the living conditions of the people. Since the beginning of 2022, the SBV has issued several documents providing guidance on the credit and foreign exchange measures for the oil and gasoline business. In the context of complicated developments in the global oil and gasoline market with unstable supplies and frequent price fluctuations, the Government and the Prime Minister have set out tasks and measures to ensure a stable oil and gasoline supply for the domestic market.
Implementing the Prime Minister’s directions in Document No. 1039/CD-TTg dated November 2, 2022 on the oil and gasoline management, the SBV Governor has requested the commercial banks to urgently implement the following measures:
Firstly, continue to implement strongly the measures as directed in Document No. 1509/NHNN-TD dated March 15, 2022 on granting credit to the key oil and gasoline businesses in line with the current credit principles and the applicable provisions of law.
Secondly, proactively balance capital resources to promptly and fully meet the capital demands of the key oil and gasoline businesses (as listed on the website of the Ministry of Industry and Trade) to ensure stable supplies of oil and gasoline for the domestic market, and to prevent any potential law infringements.
Thirdly, the Chairpersons of the Boards of Directors/the General Managers of the commercial banks are requested to provide clear guidance for their entire networks; strengthen the leadership, inspection and supervision, ensuring that all capital demands of the key eligible oil and gasoline businesses are promptly met; strictly handle with any law infringements and lack of responsibility which causes any delay in the credit granting.
Fourthly, report on a monthly basis to the SBV on the situation of the credit granting to the oil and gasoline businesses; during the implementation process, if any problems arise, they should be promptly reported to the SBV Governor for consideration and resolution.
Le Hang