Implementing the Government’s and the Prime Minister’s directions and continuing with the tasks as mentioned in Directive No. 01/CT-NHNN dated January 15, 2024 on the key tasks of the banking sector in 2024, on May 29, 2024, the State Bank of Vietnam (SBV) issued Document No. 4462/NHNN-CSTT requesting the credit institutions and the foreign bank branches to implement a number of solutions on credit and the interest rates.
The SBV Headquarters
Accordingly, the credit institutions are requested to implement the following solutions:
Continuing to implement strongly the solutions to reduce the costs, simplify the lending procedures, enhance the application of the information technology and the digital transformation in lending processes in order to cut down the lending interest rates by 1-2% p.a., especially for the growth drivers, the emerging sectors, the green transition, the circular economy, social housing, etc., supporting businesses and the people to develop their production and business activities, improving the credit accessibility in accordance with the Government’s and the Prime Minister’s directions; maintaining the mobilizing interest rates at reasonable and stable levels in line with the capital balance, the healthy credit extension and the risk management of each credit institution, as well as the stability in the money market and the common market interest rates.
Continuing to effectively implement the solutions for the credit growth, promptly meeting the credit demand of the economy, focusing credit on production and business activities, the priority sectors and the economic growth drivers; determining to effectively implement practical measures to achieve the target credit growth rate of the entire banking sector of 5-6% by end of the second quarter of 2024 in accordance with the Government’s and the Prime Minister’s directions; controlling strongly credit for the potentially risky sectors, ensuring safe and effective credit operations.
Actively reviewing the projects to ensure timely credit provision to the feasible projects, accelerating the lending appraisal, applying flexible types of collaterals in the lending operations in compliance with the laws, creating favorable conditions for borrowers; diversifying credit products and services, focusing on developing new credit products serving the people’s needs for consumption; proactively, promptly, clearly and fully communicating on the policies, products and services to help the people and businesses to easily access banking products and services.
Continuing to accelerate the participation in the Bank-Enterprise Connection Conferences; proactively coordinating with the local authorities and the socio-political organizations to exchange and engage in dialogues with the borrowers, thereby promptly resolving their customers’ difficulties and removing any obstacles, expanding the credit accessibility for the businesses and the people.
Le Hang