On September 6, 2022, the State Bank of Vietnam (SBV) issued Document No. 6221/NHNN-TD directing the credit institutions to accelerate the implementation of the interest rate support program in line with Decree No. 31/2022/ND-CP.
Before that, on May 20, 2022, the Government had issued Decree No. 31/2022/ND-CP on the interest rate support package from the state budget applicable to loans of enterprises, cooperatives and household businesses. After that, the SBV had issued Circular No. 03/2022/TT-NHNN directing the commercial banks to implement the interest rate support package as required in Decree No. 31. After 3 months of implementation, on August 26, 2022, the SBV, in collaboration with the relevant Ministries, agencies and several commercial banks, organized a virtual National Conference on Decree No. 31/2022/ND-CP in order to disseminate the information, answer the relevant questions, and remove the difficulties and obstacles in the process of implementing the interest rate support program.
In order to speed up the implementation of the interest rate support program as directed by the National Assembly, the Government and the Prime Minister, the SBV Governor has requested the Chairpersons of the Boards of Directors/Boards of Members, the General Directors of the commercial banks, the Directors of the SBV municipal and provincial branches, to urgently and drastically direct the affiliated units, the branches and transaction offices of the commercial banks to focus on implementing the following tasks:
The commercial banks are requested to:
Review the lists of all existing customers who are eligible for the interest rate support to find out about their needs; Notify and provide guidance to those customers on the required dossiers and procedures to access the interest rate support in line with the regulations.
Review their internal regulations and guidelines to ensure compliance with the requirements stated in Decree No. 31/2022/ND-CP and Circular No. 03/2022/TT-NHNN; not to issue any additional conditions and procedures other than those prescribed in the Government’s Decree and the SBV’s Circular to limit the eligible subjects of the interest rate support, ensuring that no eligible customers will be rejected access to the interest support package.
Disseminate the specific contents and tasks regarding the implementation among all branches and transaction offices in their systems, identifying that this is a key political task, which needs to be urgently, decisively and promptly implemented with the highest sense of responsibility.
Strengthen the communication on the interest rate support policy through the media, the local authorities, business associations, helping enterprises, cooperatives, household businesses to understand thoroughly and fully the policy, and have the necessary information and means to access the interest rate support package through the commercial banks.
Establish their own hotlines (telephone numbers, emails) at the headquarters of the commercial banks to receive the feedbacks of customers, and timely handle with any customers’ complaints to avoid any case of customers having to complain to the State agencies or the media about not being allowed access to the support package by a commercial bank.
Proactively and promptly address any emerging difficulties and obstacles in the systems; Promptly report to the SBV, the relevant Ministries, agencies on any difficulties and obstacles beyond their authority; Come up with proposals and recommendations in the implementation process.
Continue to effectively implement the tasks as stated in Directive No. 03/CT-NHNN dated August 16, 2022 of the SBV on the implementation of the 2% interest rate support program from the State budget worth VND 40,000 billion in line with Decree No. 31/2022/ND-CP of the Government and Circular No. 03/2022/TT-NHNN of the SBV.
The SBV municipal and provincial branches are requested to:
Follow and monitor the implementation of this interest rate support package by the commercial banks in their areas of jurisdiction; Proactively provide guidance and address any problems arising in their areas of jurisdiction, and promptly report to the respective People's Committees, the SBV Governor on any issues that are beyond their authority.
Coordinate with the local departments, agencies and associations to organize Bank-Enterprise Connection Conferences to share information on the interest rate support policy in order to enhance the information exchanges and the direct dialogues between the commercial banks and the customers in their areas of jurisdiction, especially those customers eligible for the interest rate support; Find out about the practical needs of the businesses, the difficulties and obstacles in their access to the support policy in order to handle and address promptly.
Establish and publicize their own hotlines (telephone numbers, emails) at the SBV municipal and provincial branches to receive the feedbacks about the policy. Strictly penalize any cases of evasion or refusal of providing the interest rate support to any eligible customer.
Continue to effectively implement the tasks as stated in Directive No. 03/CT-NHNN dated August 16, 2022 of the SBV on the implementation of the 2% interest rate support program from the State budget worth VND 40,000 billion in line with Decree No. 31/2022/ND-CP of the Government and Circular No. 03/2022/TT-NHNN of the SBV.
LK