On April 5, 2024, Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) attended a virtual workshop themed “Unlocking Capital Resources for the Market”, which was organized by the Tuoi Tre (Youth) Newspaper.
In his opening speech, Deputy Governor Dao Minh Tu shared that, in order to promote the credit growth, right from the beginning of this year, the banking sector has conducted synchronous measures aimed at enabling enterprises and the people to access bank capital. Up to now, the average mobilization and lending interest rates have decreased by 0.4 percentage points p.a. and 0.6 percentage points p.a. respectively as compared to those of the end of 2023. The increase of the credit outstanding in the recent months shows a recovery of the production and business operations.
Moreover, the SBV has managed the policy instruments to support the businesses, enabling them to access bank capital, aiming at a long-term goal of developing the economy. The SBV has also conducted a lot of technological solutions to support the lending operations, helping the banks to save time for their lending procedures, and enabling enterprises to have quicker access to bank capital. In the coming time, the SBV would continue to direct the credit institutions to reschedule the debt payment and maintain the debt categories. In this regard, the SBV has submitted to the Government for approval of an extension of the effectiveness of Circular 02 until the end of 2024, instead of the current termination on June 30, in order to continue supporting the banks’ customers to recover their production and business operations. The SBV Deputy Governor affirmed that, apart from seeking solutions to unlock capital resources, it is necessary to consider the capital absorbability of the businesses.
At the Workshop, representatives from several associations and enterprises also shared their views and ideas, and made several recommendations.
Toward the end of the Workshop, Deputy Governor Dao Minh Tu asserted that the SBV would continue to accompany the Ministries and agencies to support the businesses to access bank capital. However, the SBV Deputy Governor also emphasized that although seeking solutions to unlock capital resources is necessary, it could not result in lowering the required standards for credit support conditions.
The SBV would continue to conduct the solutions to support the businesses to overcome their difficulties; direct the relevant entities to advise and recommend new policies to maintain the macro-economic stability; use the SBV’s available instruments to stabilize the exchange rate and to ensure a prudent banking system, as well as to ensure the credit quality and safety. The SBV branches have been requested to proactively make recommendations and coordinate with the relevant departments and agencies to organize conferences to listen, and to provide guidance and support to the businesses to address any existing obstacles, as well as to promote the credit growth.
The SBV Deputy Governor also requested the commercial banks to take responsibility for sharing with the economy, their customers and businesses; simplifying their procedures and processes to support the enterprises to have easier access to bank capital.
Le Hang