Vietnam seeks to promote credit loans for economic development | Economy | Vietnam+ (VietnamPlus)

Hanoi (VNA) – Prime Minister Pham Minh Chinh of Vietnam proposed not lowering credit standards, but indicated that national banks must be flexible in their policies to “push” capital to companies with feasible projects.

During a meeting today with the State Bank (BEV) and national commercial banks to discuss solutions aimed at boosting credit growth for production and business, the head of Government underlined the close relations between banks and companies in the economic ecosystem, and said that each subject must have the same responsibility to help the country overcome difficulties and develop.

The session took place in a context of difficult access to credit and capital absorption in the economy. According to official data, so far this year, credit lending has increased by 9.15% (equivalent to about $541 billion), which represents three percentage points less than the same period in 2022.

By continuing to effectively, practically and decisively implement solutions to increase access to credit capital and promote banking capital to serve economic development in the coming times, the Prime Minister called on the BEV to closely monitor the evolution of the situation to adopt a monetary policy in a proactive, flexible and effective manner.

Specifically, the state financial entity must carry out credit solutions in accordance with macroeconomic evolution and inflation; meet the capital needs of the economy; improve the quality of credit and direct it to the productive and business sectors, priority fields, engines of growth of the economy; and control credit for economic areas with risks.

Also, the BEV will continue to lead the dramatic and effective implementation of the credit program of some five billion dollars for preferential loans for social housing development, as well as the credit package of more than 625 million dollars for forestry and aquaculture.

In a complementary manner, the BEV coordinates with the relevant ministries and branches in seeking to continue adopting measures to effectively, safely, healthy and sustainably develop the corporate bond, real estate and securities markets in order to support the promotion of economic growth./.