credit institutions

On the afternoon of March 14, many investors were left startled when the State Bank of Vietnam decided to reduce the operating interest rate and the short-term lending interest rate of credit institutions.

The Government convened a thematic meeting on law building under the chair of Prime Minister Pham Minh Chinh in Hanoi on March 27.

Prime Minister Pham Minh Chinh stressed the importance of creating an open legal corridor that is suitable to the country's conditions and circumstances while chairing the Government’s monthly law-making session in Hanoi on March 27.

It is estimated that the revenue of unlicensed games in the Vietnamese market is nearly VND5,000 billion (US$212,240,359) annually, accounting for 30 percent of the revenue of the country’s game market.

The State Bank of Vietnam (SBV) on March 14 issued two decisions to reduce regulatory interest rates by 0.5 percent to 1 percent, which will come into force on March 15.

The Prime Minister (PM) has just issued Decision 213/QD-TTg to establish a steering committee for restructuring the system of credit institutions.

The Government has decided to implement a low-interest credit package of about VND120 trillion for social housing development.

Commercial banks have agreed to lower deposit interest rates by about 0.5 percent starting from March 6, while State-owned banks will only reduce their rates by 0.2 percent because they are already at the lowest level in the market.

Many experts said that interest rates in Vietnam are currently too high, so it is necessary to reduce them to support people and enterprises to recover and develop production and business activities.

Vietnam's lending interest rates are higher than many countries in the world, while last year, Vietnam was one of the countries with the lowest inflation level. This paradox needs to be explained to find solutions to ease the burden on businesses.

Through the Bank-Business Connection program, commercial banks disbursed VND568.34 trillion, equal to 131 percent of the preferential credit package registered since the beginning of the year, an increase of 16.6 percent compared to 2021.

The State Bank of Vietnam (SBV) announced on February 23 that it had issued Official Letter No. 953/NHNN-TD, which outlines the continuation of the bank-business connection program.

Following the Minister of Finance’s request, the State Bank of Vietnam set up a hotline to receive complaints relating to credit institutions’ activities.

According to the State Bank of Vietnam (SBV), credit growth is expected to be about 14 percent this year.

The State Bank of Vietnam’s (SBV) Ho Chi Minh City (HCMC) branch will continue to prioritize credit for production and business, especially in priority sectors, to boost economic recovery.

The Ho Chi Minh City Real Estate Association (HoREA) recently submitted a written proposal to the Ministry of Finance for submitting to the Government for further consideration and amendment of Decree 65/2022/ND-CP.

The State Bank of Vietnam (SBV) has never issued any documents or statements ordering credit for real estate be tightened, Deputy Governor Dao Minh Tu said on February 8.

In order for Vietnam to achieve the economic growth target in 2023, it will be necessary to have a much better synchronized coordination between fiscal and monetary policies so as to increase resilience in the economy and remove bottlenecks.

Ho Chi Minh City authorities made a proposal to clear bottlenecks for healthy and sustainable development of the real estate market.