On May 23, 2023, the State Bank of Vietnam issued Directive 02/CT- NHNN requesting the relevant entities to enhance credit operations and implementation of the policy on the rescheduling of debt payment and the maintenance of debt groups in order to support the customers in difficulties as stipulated in Circular No. 02/2023/TT-NHNN dated April 23, 2023.
Accordingly, the SBV Governor has requested the SBV entities, the credit institutions and the associations in the banking sector to implement urgently and seriously the following tasks:
For the SBV entities and the credit institutions: showing the determination and making utmost efforts to implement the objectives as set out in Directive No. 01/CT-NHNN dated January 17, 2023, focusing on implementing the measures to control the inflation, maintaining the stability of the money and the forex markets, and the stability of the macro-economy; concentrating credit on the priority sectors, the production and business operations, as well as on the drivers of growth in order to meet promptly the capital demand of the people and businesses, contributing to recovering and developing the production and business operations; helping to reform the administrative procedures; improving the credit accessibility; reducing the operational costs to allow further reductions of the lending interest rates;
Proactively and synchronously implementing the policy on the rescheduling of debt payment and the maintenance of debt groups in accordance with Circular No. 02/2023/TT-NHNN, ensuring the close coordination between the SBV and the credit institutions, as well as the cooperation of the borrowers in order to improve the policy implementation performance;
Ensuring full compliance with the applicable laws on lending activities by the credit institutions to their customers, the regulations on the rescheduling of debt payment and the maintenance of debt groups in line with Circular No. 02/2023/TT-NHNN, and other relevant regulations; ensuring the credit quality.
For the SBV departments: continuing to advise on the measures for the management of the monetary policy, the credit operations, the interest rates, etc., as assigned in Directive No. 01/CT-NHNN dated January 17, 2023 on the implementation of the key tasks of the banking sector in 2023;
Continuing to coordinate with the relevant Ministries, agencies, competent authorities, associations and enterprises to enhance the implementation of the Bank-Enterprise connection conferences; to advise on the implementation of the tasks of the banking sector as assigned in the Socio-economic Recovery and Development Program, including the 2% interest rate support policy;
Monitoring the implementation of the policy on the rescheduling of debt payment and the maintenance of debt groups; regularly reporting to the SBV Board of Management on the implementation results; inspecting and supervising the implementation of the policy on the rescheduling of debt payment and the maintenance of debt groups; enhancing the communication on the policy on the rescheduling of debt payment and the maintenance of debt groups, helping people and enterprises to better understand the policy, etc.
For the SBV municipal and provincial branches: directing the credit institutions and branches in their areas to accelerate the implementation of Directive No. 01/CT-NHNN dated January 17, 2023; proactively implementing the credit programs and policies in accordance with the directions of the Government and the Prime Minister; accelerating the VND 120,000 billion credit package for investors and buyers of social housing projects, or projects on housing for workers, in line with Resolution No. 33/NQ-CP dated March 11, 2023; continuing to implement strongly the interest rate support program in accordance with Resolution No. 31/2022/NĐ-CP; etc.
Strictly implementing the policy on the rescheduling of debt payment and the maintenance of debt groups; enhancing the communication on this policy; strengthening the bank-enterprise connection events; monitoring the implementation of the policy on the rescheduling of debt payment and the maintenance of debt groups;
Strictly and promptly handling with any violations; monitoring the situation and the results of the rescheduling of debt payment and the maintenance of debt groups by the credit institutions and branches in their areas; reporting to the SBV as required by the applicable regulations; continuing to monitor, evaluate the difficulties of the people and businesses, and the implementation results of the policy on the rescheduling of debt payment and the maintenance of debt groups in order to coordinate with the relevant agencies to resolve any problems based on their respective mandates and functions; promptly reporting and proposing to the Municipal/Provincial People's Committees and the SBV Governor to take appropriate actions to address any arising problems beyond their powers and functions, etc.
For the credit institutions: continuing to implementing effectively Directive No. 01/CT-NHNN dated January 17, 2023, focusing on implementing the solutions for a safe and effective credit growth, improving the credit quality, controlling and handling with bad debts;
Continuing to reduce the operational costs to allow further reductions of the lending interest rates and banking fees to support businesses and the people to recover and develop their production and business operations;
Proactively implementing the credit programs and policies for a number of sectors and areas in accordance with the direction of the Government and the Prime Minister; including the VND 120,000 billion credit package for investors and buyers of social housing projects, or projects on housing for workers, in line with Resolution No. 33/NQ-CP dated March 11, 2023; implementing the interest rate support program from the state budget in accordance with Decree No.31/2022/ND-CP; promoting the bank-enterprise connection events; promptly resolving any difficulties, creating favorable conditions for the people and enterprises to access credit resources;
Regarding the implementation of Circular No.02/2023/TT-NHNN, the credit institutions are requested to urgently develop and implement the internal regulations on rescheduling debt payment and maintaining debt groups. It is strictly forbidden to apply additional conditions and procedures which are different from the regulations in Circular No. 02/2023/TT-NHNN;
The Chairpersons of the Boards of Members/Boards of Directors, the General Directors of the credit institutions are requested to directly supervise the rescheduling of debt payment and the maintenance of debt groups, and take fully responsibility for the implementation results; take measures to strictly handle with any violations.
In addition, the credit institutions are also requested to promote the communication and information dissemination on the required documents and procedures for the rescheduling of debt payment and the maintenance of debt groups so that their customers can understand correctly and fully about the policy; promptly answer any queries on the required documents and procedures, creating favorable conditions for customers to prepare the required documents and to access the support policies at an early stage;
Classifying debts, making risk provisioning in accordance with the laws; promptly reporting on the results of the rescheduling of debt payment and the maintenance of debt groups; proactively resolving any difficulties and obstacles, and reporting and proposing to the SBV, the relevant Ministries, agencies and the Municipal/Provincial People's Committees in order to take prompt actions to resolve any difficulties and obstacles that are beyond their powers and functions, etc.
The associations in the banking industry: Continuing to promote the role of connecting the credit institutions, creating consensus among the member credit institutions for the implementation of the credit programs and policies and other activities, as well as the solutions to remove difficulties for the people and businesses in accessing credit capital for recovering and developing their production and business, contributing to the economic development; promptly reporting on any difficulties and obstacles faced by the credit institutions in the implementation of those policies for prompt remedial actions.
Directive No.02/CT-NHNN took effect from the date of signing.
Le Hang