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PM urges banks to help struggling realty market out

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has told the State Bank of Vietnam and the banking system to focus on removing obstacles facing the real estate sector.

Banks should eliminate the hindrances of home sellers and buyers to boost property development, the prime minister said at a meeting with the central bank yesterday, January 27

Chinh said that helping the real estate market deal with its difficulties will contribute to solving issues with bad debt, corporate bonds and cross-ownership, the local media reported.

To stabilize macroeconomic development, control inflation well and ensure the economic balance, the prime minister asked banks to closely watch global economic conditions, prices and inflation to adopt appropriate measures and follow effective monetary and fiscal policies.

The central bank was told to manage credit growth and ensure banks have enough capital to lend to production firms at reasonable interest rates.

Ensuring liquidity and currency in circulation is a key role of the banking system, said the prime minister.

The prime minister also ordered the central bank to improve its capacity and efficiency of inspection and supervision of the banking system to promptly discover wrongdoing and impose harsh sanctions on violators.

Furthermore, the prime minister urged the central bank to restructure the banking system to effectively handle bad debt and give loans in line with regulations.

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