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Speaking at the deployment task conference Bank In 2021, this morning, December 26, Prime Minister Nguyen Xuan Phuc assessed that last year, the banking sector has operated an active, flexible and skillful monetary policy, helping to maintain stability and macro control. inflation and economic growth. Credit growth is almost 11%. The Prime Minister especially thanked the State Bank of Vietnam (SBV) for lowering the operating rate 3 times from the beginning of the year to now with around 1.5-2% / year, the deepest decrease in the region.
Prime Minister Nguyen Xuan Phuc Speaks at the 2021 Banking Duty Implementation Conference – Photo: VGP
However, the Prime Minister said that while the State Bank and credit institutions have made great efforts to reduce lending interest rates, they have not yet met the expectations of businesses (companies) and individuals, especially . Interest rates on old loans, medium and long-term rates. Many commercial banks have quite large profits, taking profits to the maximum.
Due to the influence of Covid-19, the risk of bad debts increases. Therefore, along with credit expansion to support economic recovery, Banco del Estado and credit institutions need solutions to manage bad debts and limit bad debts that arise recently. There are still many shortcomings, weaknesses and mistakes of credit institutions that need to continue to be rectified and handled promptly, especially for compulsory buy-out banks, weak banks and the fund system. people’s credit.
Emphasizing that the international financial and monetary situation can develop in a complicated way, necessitating appropriate plans and policies on time, the Prime Minister asked the State Bank to have specific strategies and plans to deal with the new situation. sectors, especially financial and banking.
The SBV needs to calculate how much credit growth will be in 2021 to contribute to growth because for Vietnam, credit remains an important channel for development. It is necessary to focus on perfecting the monetary, credit and banking institutions in accordance with the development requirements in the new stage.
Continue to actively and flexibly manage monetary policy tools, coordinating closely with fiscal and other policies to control inflation, stabilize the macroeconomy, and promote economic development. – society. Along with that, “the banking industry definitely does not miss the lack of credit capital for productive and commercial establishments, especially in the fields of agriculture, rural and peasant areas, export sectors, high technology …” – The Prime Minister he pointed. The bank not only lends money but also provides practical support to help companies have an efficient and sustainable production plan that is both beneficial to the bank and beneficial to companies, at the same time, it is necessary to continue to strictly control risk.
The Prime Minister expressed his hope that, in this difficult context, the banking sector would not aim to make a profit, but would continue to share with investors, companies and individuals to support the development of production. The question the Prime Minister posed to the bankers was “how did they share with the people this year, how did they lower interest rates, how to lend to subjects, not the huge profits.” much “.
It is necessary to continue promoting the restructuring of credit institutions, handling bad debts from weak banks. This is a key task in the coming times. The Prime Minister raised the problem and requirements for banks that reduce the rise in bad debts, successfully handle outstanding bad debts and ensure that the system of credit institutions and each institution is developed in a stable manner. sustainable, in which the goal is to have a number of commercial banks at the top of the largest, best quality and most effective banks in the region.
“We have 49 commercial banks, 51 branches of foreign banks, credit funds of 1,182 people with a credit balance of 9 trillion dong, a very large number, so how to monitor and inspect” – The prime minister raised the issue.
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