National Assembly delegates discuss removing credit problems in localities | Finance

2023-11-01 11:18:26

State Bank Governor Nguyen Thi Hong explained and clarified a number of issues raised by National Assembly delegates. (Photo: Doan Tan/VNA)

Implement fiscal and monetary policies synchronously; reduce interest rates, stimulate consumer demand; Strengthening security solutions and removing credit problems in localities… are topics of interest to many delegates in the discussion session on the morning of November 1 taking place at the National Assembly Hall.

Reduce interest rates, stimulate consumer demand

Referring to fiscal and monetary policies and support for the Economic Recovery and Development Program, delegate Nguyen Tam Hung (Ba Ria-Vung Tau) basically agreed on asking the National Assembly to extend the disbursement time. Development investment capital allocated for investment projects of the Program until the end of 2024.

The delegate said that if Disbursement The contents of the Program will have a great effect in promoting the country’s economic development. However, the disbursement of the Program’s capital is still quite slow, as of September 30, it only reached 28.9% of the assigned capital plan.

Regarding support for businesses, cooperatives, business support with interest rate of 2%/year, maximum 40,000 billion through the commercial banking system but currently clogged, slow, encountering problems, delegate Nguyen Tam Hung Request the Government to pay close attention and resolve to implement this policy; At the same time, it is necessary to clarify responsibilities in implementing limited implementation results.

[Kinh tế đang phục hồi, có nên tiếp tục giảm lãi suất điều hành?]

Regarding the situation of business operations and employment for workers, delegate Nguyen Tam Hung said that on average, 15,000 businesses withdraw from the market every month, while the number of newly established businesses tends to increase. decrease in registered capital and labor.

The number of workers losing jobs, reducing working hours, and withdrawing one-time social insurance has increased locally, the number of workers in the informal sector is still large, and the unemployment rate among young people as reported by the Government is still quite high.

Therefore, delegate Nguyen Tam Hung requested the Government to promptly evaluate this situation, pay attention to have solutions to correct the situation of enterprises dissolving, going bankrupt, withdrawing from the market and have policies to support businesses. industry, creating jobs for workers more effectively.

Tra Vinh province National Assembly delegate Thach Phuoc Binh expressed his opinion. (Photo: Doan Tan/VNA)

Delegate Thach Phuoc Binh (Tra Vinh) said that although Vietnam’s economy has shown signs of recovery, there are still many difficulties to promote towards maximum implementation of the 2023 economic growth target that has been set. Congress through.

Delegate Thach Phuoc Binh proposed that the Government synchronize fiscal and monetary policies, including VAT refund to release and clear backlogged capital sources, creating liquidity for businesses to implement credit policies. suitable to production and business characteristics and needs of each industry and field.

At the same time, identify key production and export industries and sectors of the economy, businesses that have affirmed their brands to enjoy preferential credit packages; Continue to implement solutions to reduce costs, limit inspections that cause difficulties and harassment for businesses, and do not issue additional documents that burden administrative procedures for businesses.

Delegates suggested urgently implementing effective solutions to stimulate demand by directly supporting people in consumption to increase purchasing power, reduce prices of consumer goods, reduce interest rates, reduce Personal Income taxes and Corporate income tax; increase consumer lending; At the same time, debt freezing is extended, social welfare support is increased, and subsidy procedures for the poor are simplified.

Responding to National Assembly delegates on the overview of monetary policy management, Governor of the State Bank of Vietnam Nguyen Thi Hong emphasized that 2023 continues to be a year full of difficulties and economic challenges. The world continues to develop in a complex and unpredictable manner, with more challenges than predicted, and one difficulty leads to another. Domestically, the internal difficulties of the economy cannot be resolved in a short time.

Therefore, these are issues that create pressure on the State Bank of Vietnam’s monetary policy management. In particular, when monetary policy must perform many tasks such as: controlling inflation, supporting economic growth, reducing interest rates, stabilizing the currency and foreign exchange markets, and ensuring operational safety. of the banking system in all situations.

Faced with the difficult context and tasks mentioned above, the State Bank has closely followed the direction of Government, Prime Minister and closely follow the situation developments to proactively and flexibly respond; Synchronize solutions and tools monetary policy at the right time and dosage to contribute to the overall success of the economy, that is, controlling inflation, supporting economic growth and ensuring major balances of the economy.

When designing monetary management policies, the State Bank has always thoroughly grasped the instructions in the Government’s Resolution, which is: policies need to respond to immediate urgent developments but must also be implemented. present basic tasks and solutions in the medium and long term. Only then can we aim to ensure sustainable macroeconomic balance.

Strengthen solutions to ensure and promote credit growth

Regarding credit management and access to credit, the Governor of the State Bank of Vietnam said that this is not only an issue of concern at this session, the issue of access to credit is an issue of concern in many sessions. National Assembly meeting.

In early 2023, the State Bank set a target for credit growth for the whole year of 14%, and by the middle of the year, it had allocated and notified all credit institutions in the entire system with the target. about 14%,; At the same time, the State Bank has operated flexibly to support the system’s liquidity, to create conditions for credit institutions to promote increased credit supply for the economy.

Ms. Nguyen Thi Hong said that although world interest rates have increased, the State Bank has boldly adjusted the operating interest rate 4 times to guide and bring the interest rate level of new loans down by about 2%. % compared to the end of last year. If we include the outstanding balance of old and new loans, it is down about 1% compared to the end of last year; Compared to before the COVID-19 pandemic, it has returned to the same level, or even decreased by about 0.3%.

The State Bank has issued a circular on restructuring debt repayment terms and maintaining the same debt group as well as proactively proposing credit packages, such as a VND 120,000 billion loan credit package for housing for people with income. low income and workers, credit package for seafood of 15,000 billion VND.

“All of these solutions have contributed to boosting credit demand,” the Governor of the State Bank of Vietnam emphasized.

The State Bank has coordinated with localities to organize many conferences connecting banks and businesses to remove credit difficulties and obstacles in localities. However, credit is still growing slowly, updated as of October 27, credit increased by 7.1% compared to the end of last year. The Government and the State Bank have organized many seminars to analyze and dissect the causes leading to low credit growth.

Currently, under the drastic direction of the Government, the Prime Minister, ministries, branches and the State Bank are implementing synchronous solutions in parallel with solutions from the banking industry. That is trade promotion to increase export orders and enhance domestic demand so that businesses with output and feasible projects can access credit.

The Prime Minister has established a working group to remove difficulties for real estate. The working group of the Ho Chi Minh City Real Estate Association has identified about 70% of the causes leading to these difficulties as legal issues.

Governor of the State Bank of Vietnam Nguyen Thi Hong said that currently, ministries, branches and localities are drastically implementing solutions to overcome these difficulties. When legal factors are removed, credit will certainly increase through this process. Specifically, Vietnam’s small and medium enterprises account for 95% of the total number of enterprises in the country.

These small and medium-sized enterprises also have difficulties in competition as well as financial potential, so the State Bank has repeatedly proposed to strengthen solutions such as guarantees and loans for businesses. small and medium enterprises. Only then can we accompany and promote credit growth./.

Do Binh (VNA/Vietnam+)