Gov’t chairs meeting to spur credit growth
VGP - Prime Minister Pham Minh Chinh presided over a meeting in Ha Noi on Thursday to seek ways to boost credit growth in favor of business and ecconomic growth.
Prime Minister Pham Minh Chinh speaks at meeting in Ha Noi on Thursday to seek ways to boost credit growth in favor of business and economic development
Participants to the event include policy makers and leaders of commercial banks and business giants.
As of February 29, credit growth rate experienced a drop of 0.72 percent against last December despite huge deposit volume of VND14 quadrillion. The economy is coping with other problems including high lending rates, rising non-performing loans, stagnant handling of weak banks and slow disbursement of credit support packages.
Given the situation, the Prime Minister tasked his inferiors to seek measures to ensure the credit growth rate as set at 15 percent for the full year, achieve 6-6.5 percent GDP growth rate and keep inflation rate at 4-4.5 percent.
Specific tasks
Prime Minister Pham underlined the necessity to raise credit access, especially for small and medium enterprises; increase traditional driving forces and legal quality; improve credit quality; boost linkages among banks and businesses; better management and administration capacity; openness, transparency, mobilization and lending interest rates and shark loan prevention, strengthen supervision, inspection, risk prevention, and negative corruption.
He urged banks to continue to cut rates, operation costs, administrative procedures, and prevent group interests in banking operations.
The Government chief also asked for speeding up the implementation of five breakthroughs including digitalization; service quality; human resources quality; banking infrastructure; serving production and business, job and livelihood creation for people.
Earlier, the central bank set a credit growth target of 15 percent for the domestic banking system in 2024, with possible adjustments in line with the development of the macro-economy and inflation rates.
Viet Nam’s credit growth reached around 13.5 percent in 2023 although unprecedented developments of the global economy posed formidable challenges to the country’s monetary policy./.
