PM orders measures to increase businesses’ credit access

The Prime Minister orders measures to increase businesses’ credit access (Photo: baochinhphu.vn)

Hanoi – Prime Minister Pham Minh Chinh on July 27 signed to issue a document clarifying measures to enhance businesses’ access to credit.

The leader requested the State Bank of Vietnam (SBV) to coordinate with relevant agencies to continue implementing tasks and solutions stated in relevant resolutions of the Government, regulating monetary policies in an active, timely and flexible manner to suit the reality, ensuring a systematic, close and harmonious combination with expanded fiscal policies, thus removing difficulties for business and production, promoting growth in parallel with stabilising the macro-economy, controlling inflation and ensuring major economic balances.

The central bank was ordered to roll out concerted and drastic measures to reduce interest rates, especially those for lending.

The PM asked for prompt inspection and supervision over commercial banks in credit provision activities, as well as the reviewing of all procedures and conditions for credit granting, thus rolling out strong, substantial and effective solutions to quickly improve people and businesses’ access to credit and the capital absorption capacity of the economy, while ensuring the operational safety of credit institutions. This task must be completed within July, the PM ordered.

He also asked the SBV to cooperate with relevant agencies to promptly come up with feasible and effective measures to disburse the 40-trillion-VND (1.69 billion USD) credit support package and the 120-trillion-VND social housing support package. It is necessary to review lending conditions, he added.

At the same time, the PM stressed the need to inspect, examine and supervise the implementation of regulations on rescheduling debt repayment and maintaining the same debt group of credit institutions, thus supporting enterprises to quickly reduce current difficulties and restore production and business activities. The work must also be finished in July, ordered the leader.

The PM asked the SBV to work with the Ministry of Finance in inspecting, examining and supervising the provision of insurance services and the selling of insurance products through banks.

Meanwhile, the Ministry of Finance was requested to coordinate with the bank and relevant agencies to promptly conduct inspections, examinations and supervision over the provision of insurance services and selling of insurance products through banks as well as activities of insurance firms to discover law violations and frauds and apply settlement and adjustment measures. This work must also be completed within July, he stressed.

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