The State Bank of Vietnam (SBV) has issued a document requesting credit organisations and branches of foreign banks to expand credit activities serving production, business and consumption as part of efforts to limit “black credit”.
Hanoi (VNA) – TheState Bank of Vietnam (SBV) has issued a document requesting creditorganisations and branches of foreign banks to expand credit activities servingproduction, business and consumption as part of efforts to limit “blackcredit”.
Under document 10340/NHNN-TD, theSBV Governor asked credit organisations to increase lending to prioritizedproduction and business sectors, and accelerate credit programmes under theinstruction of the Government, the Prime Minister and the SBV.
Credit organisations shoulddesign credit products with suitable interest rates meeting the borrowing needsof enterprises and individuals, while continuing to reform lending proceduresto facilitate credit access of people and enterprises.
The VietnamBank for Agriculture and Rural Development is urged to intensify theimplementation of its 5 trillion VND consumer credit programme while the Bankfor Social Policy is told to review its lending programmes so as to timelyadvise the Government in making appropriate adjustments. The bank should focusattention on areas with large numbers of poor households, and mountainous areasinhabited by ethnic minority people.
Financialcompanies must strictly follow regulations on consumer lending, ensuretransparency of interest rates, fees and methods to calculate interest, andprovide full and accurate explanations on the basic contents of consumerlending contracts to customers for them to make decision before signing.
Creditorganisations must intensify verification and examination work before, duringand after lending, and regularly assess customers’ financial and payment capacity,as well as take initiative in supporting customers who face difficulties inpaying debt in line with the law.
They arealso urged to provide information on lending services on their websites and themass media to help more customers access credit./.
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