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Saturday, June 22, 2024

Messages from the SBV

By An Nhien

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At a conference held on February 20, 2024 to find ways to boost credit to ride out difficulties and fuel economic growth, the State Bank of Vietnam (SBV) sent out some important messages, such as reducing lending rates, extending Circular 02/2023 on debt restructuring, and expanding the preferential credit package for forestry and aquatic products to VND30 trillion. The conference took place soon after the Lunar New Year holiday, with the participation of most bankers, indicating that credit is a focal issue for the banking sector this year. In fact, since the beginning of the year, the Government and the Prime Minister have issued many directives to fuel credit growth. Most recently, in Directive 06/CT-TTg dated February 15 on key tasks after the 2024 Lunar New Year holiday, the Prime Minister assigned the SBV to facilitate credit growth of about 15% in 2024; direct credit institutions to simplify procedures, loan applications, and paperwork on collateral assets, to facilitate access to capital; reduce lending interest rates; continue implementing a credit package of VND120 trillion for social housing development and a credit line of VND15 trillion for forestry and aquatic sectors. The SBV has also implemented many solutions. Notably, at the end […]
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