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Monday, June 17, 2024

Government calls on banks to further cut lending rates

The Saigon Times

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HCMC – The Government has urged commercial banks to make things easier for residents and businesses to take out loans.

These measures include cutting costs, streamlining procedures, and lowering lending rates. This directive is detailed in Resolution No. 1, which outlines the responsibilities and solutions for the 2024 Socio-Economic Development Plan, issued by the Government recently.

The State Bank of Vietnam (SBV) reported that lending rates in 2023 decreased by nearly two percentage points compared to the previous year. However, despite this reduction, residents and businesses still had difficulty gaining access to bank loans.

By the end of 2023, credits in the economy had increased by 13.71% compared to 2022 to VND13.5 quadrillion, which fell below the Government’s credit growth target of 14% to 15%.

The Government emphasizes that better credit availability will meet the economy’s capital requirements and help curb usury practices, ultimately contributing to achieving targets for economic growth, macroeconomic stability, and inflation control.

Measures to facilitate lending will be consistently implemented in monetary policy management, prioritizing capital for producers, and controlling risks in the financial sector.

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