Banks told to rollout low-interest businesses loans
Commercial banks were told to launch a 40 trillion VND support package with a 2 percent yearly rate cut for businesses in a meeting with the State Bank of Vietnam (SBV) last week.
State Bank of Vietnam deputy governor Dao Minh Tu speaks during a meeting with executives from commercials banks in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - Commercial banks were told to launch a 40 trillion VNDsupport package with a 2 percent yearly rate cut for businesses in a meetingwith the State Bank of Vietnam (SBV) last week.
"Now is the right time to start the support package, which will boostbusiness confidence to ramp up production and commercial activities," saidSBV's deputy governor Dao Minh Tu.
By May 20, Vietnam economy's credit growth was at 7.66 percent, double thefigure from the same period last year. More importantly, the growth has beenrecorded in all major economic sectors including those that have beenstruggling since the start of the COVID-19 pandemic, such as tourism, transportand services.
It has been vital during a time when businesses desperately require capital toresume operations after a long hiatus and recent turbulence in the stockmarket.
"However, how fast the banks can roll out the support depends on theirability to maintain financial sustainability," he said.
The support package, approved under the 15th National Assembly's Decree No43/2022, is the first to use State funds to support post-pandemic economicrecovery through commercial banks. It was designed to include and grant capitalaccess as well as low-interest loans to small-to-medium sized enterprises(SMEs), cooperatives and economic households.
The package, said to be working in tandem with current stimuli, aims to helpbusinesses and households resume business operations, restore supply and demandand jumpstart the economy, according to the central bank.
During the meeting, the SBV asked local authorities to closely coordinate withcommercial banks to ensure the process's transparency, fairness and efficiency.On the other hand, the central bank said it was to step up inspection andoversight to minimise abuses and exploitations of State capital./.
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State Bank of Vietnam deputy governor Dao Minh Tu speaks during a meeting with executives from commercials banks in Hanoi. (Photo: VNA) 
