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The Vietnam Government asked the State Bank of Vietnam to reduce the operating interest rate in June

The Government Office has just issued Document No. 225/TB-VPCP dated June 15, 2023, announcing the conclusions of the Government Standing Committee at the meeting on major tasks and solutions to stabilize the macro-economy, control inflation, promote growth and ensure major balances of the economy in the current situation.

Citing sources from the Government Newspaper, the Government Standing Committee requested the State Bank of Vietnam according to its assigned functions, tasks, and competence to urgently and synchronously and effectively implement monetary policy instruments; urgently take practical and specific solutions to reduce interest rates; in which reducing the operating interest rate in June 2023 and orienting to reduce the deposit and lending interest rates for customers of credit institutions in order to actively support businesses and people to restore production and business. business, promote growth; effectively overcome the low credit growth in the past 5 months.

Determining the necessary and reasonable credit growth limit in 2023, allocating the credit limit, and making a public announcement right in June 2023 so that credit institutions can actively extend credit from now until the end of the year. end of 2023; pay attention to real estate credit and business credit to support the market, and contribute to restoring and opening up investment and business capital flows for the economy.

Focusing on operating the interbank market, creating liquidity conditions for credit institutions in the direction of gradually reducing interest rates, ensuring capital for credit institutions, and promoting the leading role of commercial banks. government.

Continue to reform, cut administrative procedures, reduce costs, further improve the ability to access capital for businesses and people; resolutely cut unnecessary fees and charges to support borrowers.

Urgently review, consider, and amend a number of criteria, conditions, and guidelines for lending in the direction of enhancing credit access of enterprises, especially small and medium-sized enterprises.

There are solutions to remove credit difficulties for businesses and real estate projects, especially for feasible and effective projects and capable businesses;

Research and propose practical solutions to support businesses; at the same time strengthen the inspection, examination, supervision, and safety assurance of the system of credit institutions;

Reviewing credit packages of VND 40 trillion and VND 120 trillion with more timely, favorable, open, flexible, feasible, and reasonable lending conditions;

Expeditiously propose a credit package of VND 10 trillion to support enterprises in the production and processing of forest and aquatic products and appropriate credit packages for other necessary fields.

Directing and calling on commercial banks to uphold social responsibility, and business ethics, promote the spirit of companionship, and share difficulties with businesses and people.



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