On May 24, Deputy Prime Minister Le Minh Khai chaired a meeting with ministries and several state-owned commercial banks on solutions to improve access to capital and reduce interest rates.
According to the report of the State Bank of Vietnam (SBV), as of May 16, capital mobilization of credit institutions reached over VND 12.4 million billion , up 2.1% compared to the end of 2022 and up 6.28% compared to the same period in 2022. Outstanding loans of the whole economy reached over VND 12.25 million billion , up 2.72% compared to the end of 2022 and up 9.32% compared to the same period in 2022. SBV assessed that credit growth in recent times is still low compared to the same period in previous years.
Many businesses do not dare to borrow, cannot borrow.
Regarding the reality of enterprises, Deputy Minister of Planning and Investment Tran Quoc Phuong said that currently there are groups of enterprises that do not dare to borrow because they are afraid of business losses. There are groups of enterprises that ensure they meet the conditions to borrow capital, but do not want to borrow because orders have decreased, there are many goods in inventory, and no production so there is no need to borrow capital.
" The remaining group is the group that cannot borrow capital - this is the largest group, mostly small and medium enterprises, lacking conditions for borrowing capital... Therefore, the banking system should consider and research to have appropriate solutions for this group of enterprises ," Deputy Minister Tran Quoc Phuong proposed.
Meanwhile, Deputy Minister of Finance Nguyen Duc Chi cited the fact that "banks are also looking for businesses to lend to". Every bank wants to find good customers to disburse loans.
" No bank wants to keep money in the safe. Because if they cling to capital, it will be difficult for banks to survive, " Deputy Minister Chi emphasized.
Many businesses are eligible for loans, but do not want to borrow because orders have decreased, inventory is high, and there is no production so there is no need to borrow. Photo: Viet Linh.
Mr. Chi likened credit access to the midpoint of the road, both businesses and credit institutions must proactively seek each other, there must be initiative from both sides. However, he recognized that in the context of reduced "demand", many businesses cannot sell their products so they do not have the need to borrow capital, so solutions need to be patient, not hasty.
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Deputy Minister Tran Quoc Phuong suggested that the banking system consider and research to find suitable solutions. Currently, inflation is under control, the macro economy is stable, so it is possible to promote credit growth to help businesses overcome this difficult period.
Deputy Prime Minister Le Minh Khai emphasized that banks and businesses "must go the same way". However, banks are particularly important institutions, so they must ensure the safety of the system; the management of the monetary market must also comply with market rules...
The Deputy Prime Minister requested the State Bank to absorb opinions, continue to review regulations and procedures, and immediately remove any subjective issues to best serve the borrowing needs of businesses and people, especially small and medium-sized enterprises.
" The State Bank and the banking system continue to implement solutions to reduce operating costs and lower deposit interest rates to establish a reasonable interest rate level to support businesses in accessing capital, overcoming difficulties, and developing production and business ," Deputy Prime Minister Le Minh Khai suggested.
According to the Deputy Prime Minister, it is necessary to establish a reasonable deposit interest rate level so that the lending interest rate will be suitable. Enterprises develop, banks develop. He suggested that the State Bank continue to implement solutions to manage credit growth, interest rates, exchange rates, and connect banks and enterprises...
Deputy Governor Dao Minh Tu said that the State Bank of Vietnam will revise some points of Circular 39/2016 regulating lending activities of credit institutions and foreign bank branches to customers in the direction of "being more open but not lowering standards".
(Source: Zing News)
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