On August 16, 2022, the Governor of the State Bank of Vietnam (SBV) issued Directive 03/CT-NHNN on the implementation of the 2% interest rate subsidy policy from the State budget with the total package of VND 40,000 billion in accordance with Decree No.31/2022/ND-CP of the Government and Circular No. 03/2022/TT-NHNN of the SBV.
SBV Headquarters
On May 20, 2022, the Government promulgated Decree No. 31/2022/ND-CP on the interest rate support subsidy policy from the State budget, which is applicable to loans of enterprises, cooperatives and household businesses. Accordingly, the SBV has issued Circular No. 03/2022/TT-NHNN providing guidance for the commercial banks’ implementation of the interest rate subsidy upport policy. After three months of implementation, many commercial banks have actively implemented this policy and have achieved some initial results. However, there are still some commercial banks which have not really focused on or implemented strongly the policy, or provided clear written guiding documents for the implementation.
Therefore, in order to effectively implement Decree No.31/2022/ND-CP and Circular No. 03/2022/TT-NHNN, the SBV Governor has requested the whole banking sector to recognize that the interest rate support subsidy is an important policy of the Party and the State, a key task to be urgently implemented in order to support the economic recovery. All of the credit institutions and the foreign bank branches are requested to facilitate the lending and disbursement operations regarding the funding resources allocated from the State budget to the eligible subject, while still strictly complying with the applicable laws on lending activities, and not lowering the standards or easing the credit requirements when providing loans within the interest rate support package.
The SBV entities are also directed to actively implement and closely coordinate with the Ministry of Investment and Planning, the Ministry of Construction, the Ministry of Finance and the State Audit Office of Vietnam to promptly address any arise issues raised by the commercial banks; announce the interest rate subsidypport limits, and conduct rapid disbursement of the loans within the interest rate subsidyupport package, and create the most favorable conditions for the commercial banks’ implementation; closely monitor the implementation results of the interest rate subsidypport; regularly report to the SBV Board of Management, the Government, the Prime Minister, and the relevant Ministries and agencies on the progress and the results of disbursement, the difficulties and obstacles in the implementation of the interest rate subsidyupport policy; develop plans for the supervision and inspection for the lending activities within the interest rate subsidypport package by the commercial banks; strengthen the communication to help enterprises, cooperatives and household businesses to understand clearly about the interest rate subsidypport policy through the credit institution system.
The SBV municipal and provincial branches are directed to monitor and direct the commercial bank branches underin their jurisdictions to accelerate the implementation of the interest rate support subsidy policy in line with the applicable laws; to supervise and inspect the lending activities within the interest rate subsidy pport package; promptly correct any misconduct or evasion of implementation for the eligible customers; proactively coordinate with the relevant authorities to resolve any difficulties and obstacles emerging within their jurisdictions; promptly recommend and report to the respective People’s Committees and the SBV Governor to resolve any arising issues that go beyond of their authority.
The SBV Governor has also requested the Chairpersons of the Boards of Directors/Members, the General Directors of the commercial banks to strictly implement the SBV Governor’s directions on the key tasks of the banking sector, including the 2% interest rate supportbsidy policy; urgently issue their internal guiding documents on the implementation of the interest rate support subsidy in line with Decree No. 31/2022/ND-CP and Circular No. 03/2022/TT-NHNN; organize training programs for their staff and employees on the effective implementation of the interest rate support subsidy package; provide their customers with instructions on the interest rate subsidypport policy in order to minimize any complaints or arguments from the customers; promptly disburse the interest rate support subsidy resources as announced in Decree No. 31/2022/ND-CP and Circular No. 03/2022/TT-NHNN; ensure the transparency in the implementation of the interest rate support policy; balance the capital resources in order to provide loans to good quality business projects and plans, especially for the priority sectors and areas as mentioned in Decree No. 31/2022/ND-CP; not create any unnecessary, cumbersome or different requirements and procedures from those which are already stipulated in Decree No. 31/2022/ND-CP and Circular No. 03/2022/TT-NHNN; enhance the communication about the interest rate support subsidy policy.
The Directive took effect from the date of its signing.
Le Hang