The 2% interest rate support package will increase demand and credit volume

The 2% interest rate support package will increase demand and credit volume

According to Standing Deputy Governor of the State Bank of Vietnam Dao Minh Tu, the implementation of the 2% interest rate support package will increase credit demand and credit volume, so the State Bank has calculated and researched to appropriate amount of additional credit to meet the needs of economic recovery so that the 2% package has enough credit space.

Customers make transactions at BAOVIET Bank, 8 Le Thai To, Hanoi. Illustration: Tran Viet/VNA

However, Deputy Governor Dao Minh Tu emphasized that the State Bank always adheres to the principle of credit management on the basis of inflation control.

Deputy Governor Dao Minh Tu also said that not only in terms of total credit demand in general, many commercial banks are also proposing to increase the credit growth limit (room) to deploy the support package. This has also been taken into account by the State Bank and will be considered and calculated in the management to come up with an appropriate room level, meeting the objectives in the overall relationship of the macro-economy.

Right from the beginning of the year until now, after coordinating to develop a mechanism to implement interest rate support policies, the State Bank has always identified bank capital as an important channel to supply capital for the economy and businesses. to focus on supporting the fastest, most effective economic recovery missions. Therefore, the State Bank always directs commercial banks to expand credit, but must direct credit to all key areas, requiring more focus to recover quickly. Therefore, credit to the end of May has increased by 7.75% compared to the beginning of 2022. Compared to this time in 2021, most of it has doubled.

Credit is increased spread across all necessary fields, priority areas. For example, the agricultural and rural sector will increase 2.3 times over the same period in 2021. Industry, trade, services, traffic, transportation, customers, restaurants... have a growth rate of up to 8.24%, nearly double 2021. These are positive signs that these industries and fields have restored production and business.

In addition, banks also boosted credit with solutions such as debt deferral, debt restructuring, interest rate lowering, etc., thus contributing to achieving the set targets on macroeconomic development.

The Deputy Governor affirmed that the task of the banking industry is to manage the implementation of 2% interest rate support to the right subjects, according to regulations, transparently and clearly, not to take advantage of policies.

Accordingly, Circular 03/2022/TT-NHNN on guiding the support of 2% interest rate for enterprises of the State Bank clearly stipulates the levels of responsibility, including localities in handling violations. If it is determined that the enterprise or business household has borrowed the loan but has not used the capital for the right purpose, the loan may be recovered. During the implementation process, the State Bank will send inspection and supervision teams as well as coordinate with auditing and state audit agencies... so that the implementation process of credit institutions achieves the objectives. stated title.

In addition, the State Bank has also directed commercial banks not to lower credit standards, to ensure the implementation of interest rate support in accordance with regulations and right subjects. This is the policy of the Government, the Ministry of Finance takes care of budget issues, the Ministry of Planning and Investment regulates beneficiaries, and provides support through the commercial banking system. Therefore, the initial implementation may cause confusion or inconsistency, so ministries and branches need to actively coordinate to resolve early to avoid causing congestion.

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