SBV urges lenders to not relax credit approval conditions
The State Bank of Vietnam (SBV) has urged lenders to not relax credit approval conditions but set tighter control on foreign currency lending and granting loans in high-risk sectors.
A bank teller is counting money at a branch of Bao Viet Bank. (Photo: VNA)
Hanoi (VNA) – The State Bank of Vietnam (SBV) hasurged lenders to not relax credit approval conditions but set tighter controlon foreign currency lending and granting loans in high-risk sectors.
The central bank has encouraged the creditors to further cutcosts in order to reduce lending interest rates, and prioritise loans for priorityproduction and business areas outlined by the Government.
It said it will deploy flexible monetary policieswhich will be closely incorporated with fiscal and other macro-economicpolicies to boost economic recovery. It will also pay particular attention to keepinginflation under control and stabilising macro-economy.
The SBV has also called on the banks to accelerate digitaltransformation, modernise their payment and operation systems, and promote theuse of contactless transactions, given that the pandemic is likely to linger onand technology is deemed as key to boost economic growth in the “new normal”.
The bank has requested the lenders to take better measures so as torestructure and handle bad debts to ensure the banking security, following thenewly-approved project on restructuring credit institutions and non-performingloans from 2021 – 2025./.
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong has issued Directive No.01/CT-NHNN on organising the implementation of the key tasks of the banking sector, with a focus on improving credit quality and tightly controlling loans to potentially risky industries.
As Vietnam has become a middle-income country and will gradually depend more on foreign commercial loans, the improvement of the sovereign credit ratings will help the Government, businesses, and financial and credit institutions be more cost-effective when mobilising loans or issuing bonds to international capital markets, according to the Ministry of Finance.
The Ministry of Finance has coordinated with relevant agencies to complete a report on the development the National Credit Rating Improvement Project for the 2021-2030 period to submit to the Prime Minister for approval.
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A bank teller is counting money at a branch of Bao Viet Bank. (Photo: VNA)
