Vietnam System Credit Tender

On the morning of June 9 2022 at the 3rd session of the 15th National Assembly Deputy Prime Minister Le Minh Khai made a speech to clarify a number of issues concerned by the National Assembly deputies during the questioning session on the third group of issues in the field of law. banking sector.Speaking to clarify some contents at the questioning session Deputy Prime Minister Le Minh Khai said that during the questioning session yesterday afternoon and this morning National Assembly deputies asked many good questions covering the following areas The area related to the questionable content belongs to the state management functions and tasks of the State Bank of the State Bank such as ensuring the safe operation of safe banking and credit institutions the national payment system as well as guarantee with value for money The questions asked were explained and answered quite fully by the Governor of the State Bank.Regarding monetary policy management Deputy Prime Minister Le Minh Khai said that in implementing the Resolutions of the National Assembly the Government and the Prime Minister have directed the SBV to operate monetary policy flexibly and coordinately over the past time. closely coordinate with other policies and solutions to stabilize the macro-economy and control inflation in the context of rising world prices. The operating policies in the past time did not have much influence on the increase in the inflation target but mainly due to the increase in commodity prices.The Government will continue to closely follow the Resolutions of the National Assembly closely monitor the domestic situation to continue to operate proactively flexibly and synchronously with monetary policy tools to control inflation according to the target. to stabilize the currency and foreign exchange markets implement monetary policy solutions to support the implementation of the economic recovery and development program manage interest rates in line with the macro balances inflation and monetary policy goals. At the same time the Government encourages credit institutions to continue reducing operating costs to strive to reduce lending interest rates. Effectively implement interest rate support policies with enterprises cooperatives and business households to manage credit growth appropriately in order to fully and promptly meet capital for production and business. directing credit to priority areas associated with improving credit quality. Continue to remove difficulties support customers affected by the COVID-19 pandemic ensure the safety of banking operations.Regarding the restructuring of credit institutions and weak banks Deputy Prime Minister Le Minh Khai stated that over the past time the Government and Prime Minister have directed the State Bank and relevant agencies to drastically implement implemented solutions to restructure the system of credit institutions and achieved important results basically the legal framework continued to be perfected.The system of credit institutions has made positive changes in terms of scale financial capacity credit quality and operational efficiency. Promoting the role of providing credit to the economy making an important contribution to mobilizing resources to promote socio-economic development especially priority sectors and fields for production and business. contributing to limit the credit situation being recognized and appreciated by international rating agencies and organizations.In order to continue to improve the quality operational efficiency and safety of credit institutions Deputy Prime Minister Le Minh Khai said that after reporting to the Politburo the Prime Minister issued Decision 689QD-TTg approving the project Restructuring the system of credit institutions in association with bad debt settlement for the period 2021 - 2025 which contains a number of provisions such as completing the legal framework monetary management banking operations restructuring and dealing with bad debts improving financial capacity competitiveness credit quality efficiency of governance and administration transparency in banking cycle...At the same time promote the application of information technology and digital transformation in banking activities. Continue to take measures to strengthen financial capacity and safety of banking operations. Implement the trend towards reaching the development level of the group of 4 leading countries in ASEAN by 2025. Accelerate the handling of bad debts and improve credit quality for credit institutions. Consolidate and perfect the model and improve the financial capacity of Vietnam Asset Management Company.Regarding the strengthening of coordination between ministries branches and related agencies in handling bad debts credit institutions have dealt with weak banks so far on the basis of opinions of the Ministry of Finance. The Government will direct the SBV to urgently develop a specific plan approved by the competent authorities for implementation in the near future.Regarding credit control and the fields of securities bonds and real estate implementing the Resolutions of the National Assembly and the Governments Resolutions on the 2022 socio-economic development plan the Government the Prime Minister The Government has directed the SBV to administer a credit policy that fully and promptly responds to production and business activities directing credit to priority areas and strictly controlling potential areas for businesses. If projects and plans to borrow capital in the real estate sector are feasible have good liquidity and customers are able to repay their loans in full and on time they will continue to provide credit in accordance with regulations.