Hanoi (VNA) – All stakeholders from theGovernment, ministries, sectors, to banks, people and businesses must join handstogether with highest responsibility in promoting national economic growth,ordered Prime Minister Pham Minh Chinh at a conference in Hanoi on December 7to discuss way to tackle difficulties in credit growth for production and business, and promote economic growth and macro-economic stability.

Credit access conditions will not be lowered but should beapplied flexibly to suit the reality, while fiscal policies related tocapital, fees, charges, public investment and other areas should bestrengthened to support monetary policies, the PM said.

According to the State Bank of Vietnam (SBV), as of November30, credit provided to the economy had reached 13 quadrillion VND (535.49billion USD), up 9.15% over the end of 2022. Of the total, outstanding loans inthe agro-forestry-fisheries sector was about 918.6 trillion VND, while that inthe industry-construction sector reached more than 3.32 quadrillion VND, anincrease of 7.31%, and the service industry nearly 8.6 quadrillion VND, a riseof 7.9%.

PM Chinh said that as the credit growth target for the whole2023 is 14%, there is plenty of room for credit institutions to expand theircredit with about 700 trillion VND to be provided to the economy.

He held that in order to effectively and drasticallyimplement measures to strengthen credit access and increase bank’s capitalserving economic growth, the SBV should continue to make active and flexible regulationof monetary policies, prioritising the promotion of economic growth and creditgrowth in parallel with ensuring the safety of the banking and creditinstitution system, and harmonising the interest rates and exchange rates tomatch the market situation, macroeconomic developments, and goals of monetarypolicies.

Along with rolling out suitable credit solutions, it isnecessary to enhance credit quality and drive credit to production and businessactivities as well as prioritised areas and motivations of the economy, whilecontrolling credit in areas with potential risks, asked the PM.

He suggested that the SBV consider making public the averageinterest rates of the credit institution system and the average lending interestrates of each credit institution as well as the gap between deposits andloans, thus creating favourable conditions for businesses and people to makedecision on borrowing money from banks.

At the same time, the central bank should continue to directthe drastic and effective implementation of the 120-trillion-VND package forsocial housing and the 15-trillion-VND package for the forestry-fisheries sector,requested the Government leader.

Alongside, it is necessary to review, adjust, supplement, andextend the implementation of issued circulars to suit the reality, he said,stressing the need to continue building new legal documents to amendregulations regarding credit activities.

The SBV was ordered to coordinate with relevant ministriesand sectors to continue realising measures to develop the business bond andsecurities markets, and remove difficulties for the real estate market.

PM Chinh also asked credit institutions to continue cutting cost and simplifying lending procedures and conditions, thus reducing lendinginterest rate and increasing the credit access for people and businesses.

At the conference, the Government leader also assignedspecific tasks to particular ministries, agencies, sectors, and localities./.