PM Pham Minh Chinh worked with Ho Chi Minh City on the task of socio-economic development, disbursement of public investment capital, and the progress of key projects in the city on the afternoon of November 27.
The Ministers of Construction, Minister of Science and Technology, Minister of Health, Minister of Transport, and deputy ministers of ministries attended the meeting. On the side of HCMC, there was Mr. Nguyen Van Nen, Politburo Member, Secretary of the HCMC Party Committee; Mr. Phan Van Mai, Member of the Party Central Committee, Standing Deputy Secretary of the HCMC Party Committee, Chairman of the People's Committee of HCMC; deputy secretaries of the HCMC Party Committee, and the representatives of departments and agencies.
At the meeting, Mr. Phan Van Mai, Chairman of the People's Committee of HCMC, proposed to the PM ten important issues, including the expansion of the credit room and the situation of corporate bonds.
Regarding credit and credit limit, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said that credit growth this year was at a high level compared to the same period in previous years. In the past 11 months, the credit growth rate is about 12 percent, the credit balance is about VND10.7 quadrillion, and loans are about 1.7-1.8 times higher than that figure. It is estimated that the credit balance is about VND12 quadrillion this year, and the loan outstanding balance is about VND20 quadrillion. HCMC alone accounts for about 27-28 percent of the whole country.
Up to now, the credit system has grown by about 12 percent. Currently, some banks still have room for growth, so the SBV has asked them to boost lending, at the same time, continue to regulate, consider, and adjust credit limits for the remaining months of the year to ensure capital supply for the economy.
Regarding credit institutions investing in corporate bonds, a representative of the SBV said that, at present, the SBV does not have any prohibitions or restrictions, so credit institutions and banks make their own decisions. The investment or purchase of corporate bonds is regulated by the SBV as a credit grant, so the processes must comply with the credit process.
Regarding corporate bonds, PM Pham Minh Chinh suggested that the SBV should strengthen inspection and checking to detect problems, and not let banks and enterprises issue corporate bonds uncontrollably. It cannot be blamed for not having a law.
“All the corporate bonds that face troubles are due to uncontrolled issuance. The two agencies responsible for controlling bond issuance are the Ministry of Finance and the SBV," emphasized the Prime Minister.
According to the Prime Minister, in terms of State management, the Ministry of Finance and the SBV must be responsible for checking banking operations to see if they are following the policy or not. If no tools are available, units must design control tools and submit them to competent authorities for approval.
Commenting on the socio-economic development of HCMC, Vice Chairman of the State Capital Management Committee Nguyen Ngoc Canh said that the committee worked with the Ministry of Transport and the People's Committee of HCMC on researching and building Can Gio international transit container port. According to him, with a long coastline and many competitive advantages, if this port cannot be included in the international seaport network, it cannot develop.
In addition, Mr. Nguyen Ngoc Canh also suggested that the Ministry of Transport cooperate with HCMC to study and build an international maritime passenger port at Nha Rong Wharf to develop tourism and maritime. According to him, these two ports will contribute to increasing budget revenue and socio-economic development in the area.