On March 30, 2022, in Hanoi, the State Bank of Vietnam (SBV), in coordination with the relevant Ministries and state agencies, organized a virtual meeting to review the implementation of Directive No. 06/CT-TTg dated March 12, 2019 on enhancing measures to ensure the prudent operations and firmly strengthen the system of people’s credit fund (PCFs).
Governor Nguyen Thi Hong speaks at the meeting
In her opening speech, SBV Governor Nguyen Thi Hong stathared that after three years implementing Directive No. 06, the system of PCFs has developed toward higher stability, safety and better performance, gradually meeting the State’s principles, purposes and regulations for PCFs. The growth in both the scale and the performance quality of the PCFs’ operations has contributed to the socio-economic development, ensuring social security, reducing poverty and improving the development of the collective economy in the provinces.
An overview of the meeting
At the meeting, a representative of the Banking Supervision Agency made a presentation reviewing the implementation of Directive No.06. The participants at the meeting also shared about the difficulties, limitations and obstacles in the implementation process, and recommended possible solutions to resolve those difficulties in the coming time in order to accomplish the tasks as assigned in the Directive No.06.
First Deputy Governor Dao Minh Tu speaks at the meeting
After having listened to the comments and recommendations by representatives of the relevant Ministries and agencies, SBV First Deputy Governor Dao Minh Tu responded that, in the coming time, the SBV would continue to strengthen and restructure the system of PCFs, ensuring safe and sound operations of all PCFs, as well as successful implementation of Directive No.06. In this regard, the SBV proposedsuggested that the Prime Minister instruct the relevant Ministries and agencies to conduct consistently the following measures: reviewing the regulations and propose to the competent authorities to identify clearly the mandates and responsibilities of the Ministries, state agencies and local governments with regard to the management of the PCF system; reviewing and recommending to revise the existing regulatory framework on PCFs, with a view to creating more favorable conditions for the management and operations of the PCF system; reviewing the existing regulations and making recommendations to the competent authorities to allow the PCFs to access preferential capital resources and support policies for the PCFs’ provision of loans in the priority areas, i.e. clean and green agriculture for environmental protection, agriculture and rural development to limit “black credit” recommending measures to enhance and develop the PCF system safely and effectively, etc.
In addition, the local authorities also need to further coordinate with the SBV provincial and municipal branches to strengthen the management and supervision over the PCFs, and resolve any emerging difficulties in the operations of the PCF system; promptly handling with any violations in the operations of the PCFs.
Le Hang