Could you tell about local results of implementing monetary policy in accordance with the Government’s Resolution 13 and the State Bank’s Instruction 01?
Implementing the Government’s resolution and the State Bank’s Instruction, the State Bank of Vietnam’s Binh Duong branch has steered its affiliates to excel the set measures. Accordingly, from July 15 to Sept. 30, there were 177 clients enjoying debt re-structure in line with Decision 780 with the total outstanding loan of about VND1tril. Meanwhile, in terms of lending, the sector reached the outstanding loan of VND9,687bil out of VND51,861bil, accounting for 18.6%.
Does adjustment of old credit contract reach the set targets?
Implementation on lending rate reduction mainly focused on bloc of state-run banks. Reportedly, the state-run commercial banks excelled preferential policies for businesses.
As of the end of Sept., loans with interest rates of below 13 per cent accounted for 31.8%; 13-15 per cent accounted for about 41.2 per cent; over 15 per cent represented 26.8 per cent. As such, credit interest rate of over 15% in the locality remains high.
Credit growth won at low level, so what concrete measures will help increase credit growth?
The state-run banks have decreased lending interest rates whilst commercial banks have actively spurred credit growth and searched potential clients.
In the remaining months, pace of lending will be improved when companies enter peak business season.
In order to promote credit growth in the rest of this year, the State Bank of Vietnam’s Binh Duong branch will continue steering its affiliates to focus on encouraged areas, reduce lending rates and adjust old loans to 15 per cent and below…
We will implement measures synchronously to meet credit safe index.
Thanks a lot.
Reported by T.Hong – Translated by A.C
