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Prime Minister requests to boost access to credit capital |
According to PM, access to credit capital is still difficult and credit growth is low. Specifically, as of October 11, credit growth only reached 6.29 percent, much lower than the same period in 2022 with 11.12 percent and operating orientation for the year 2023 from 14 percent to 15 percent; State budget revenue for 9 months is estimated to reach 75.5 percent of the yearly estimate.
Therefore, for prompt removal of difficulties and obstacles, and promote resources, improve the economy's ability to access and absorption of credit capital while still promoting growth associated with maintaining macroeconomic stability to achieve the highest goals and targets of the socio-economic development plan and state budget for 2023 set out, the Prime Minister requested the State Bank of Vietnam to preside over effective monetary policy, with priority given to promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy, and safety of credit institutions.
At the same time, the state bank should manage monetary policy tools such as exchange rates, interest rates, and money supply synchronously and effectively to continue to remove difficulties and meet the highest possible demand for capital in promoting business and production creating jobs and livelihoods for people.
The Prime Minister requested to manage credit growth reasonably and effectively as well as improve credit quality, and direct credit to production and business sectors, especially in priority areas and growth drivers of the economy including investment, consumption, export, and credit control for potentially risky areas.
In addition, PM urged to formulate policies to encourage people to pour credit into feasible projects and businesses serving growth drivers by developing open lending procedures and reducing lending interest rates for a drastic implementation of a VND 120,000 billion (US$ 4,892,983,243) credit program for investors and homebuyers of social housing projects, worker housing projects, apartment renovation projects.
In addition, related agencies should continue to promote the implementation of a credit package of VND 15,000 billion for the forestry and fisheries sector.
The Prime Minister also directed responsible agencies to effectively implement solutions to create favorable conditions for businesses and people to access credit capital and strengthen more connections between banks and businesses.
Simultaneously, the Bank for Social Policies should implement preferential credit programs for the poor and other policy beneficiaries while solving problems to help people and businesses to get access to financial sources.
The Prime Minister also requested credit institutions to reduce operating costs, simplify lending procedures and conditions, and increase the application of information technology and digital transformation to reduce lending interest rates, especially support packages of VND 120,000 billion for social housing and VND 15,000 billion for the forestry and fisheries sectors.
The Prime Minister also directed the Ministry of Finance to have an eye on the implementation of effective expansionary fiscal policies in harmony with monetary policy to promote investment, especially non-state investment. Furthermore, the Ministry should promote public investment to serve growth, stabilize the macroeconomy, control inflation, and ensure major balances of the economy.
Last but not least, the Ministry of Finance must have good measures to increase revenue and reduce expenses and solutions for exemption, reduction, and extension of taxes, fees, charges, and land rent to support people and businesses.
People's Committees of provinces and cities and credit institutions nationwide ought to have solutions to boost access to credit capital for people and businesses in addition to supporting businesses’ development.
