Thursday , February 2 2023

Let credit flow into investment, exports, consumption: PM


Bank loans need to be accessible by three growth-driving areas of investment, exports, consumption while only suitable property projects can borrow, said Prime Minister Pham Minh Chinh.

After the State Bank of Vietnam extended the credit growth limit by 1.5-2 percentage points to 15.6-16% this year, the bank should operate reasonably with focus on investment, exports and consumption, he said at a meeting on fiscal, monetary and macroeconomic policies on Tuesday.

The banking system needs to ensure liquidity and stability and find the balance between exchange rate and interest rate and between controlling inflation and promoting growth.

Banks need to review property projects that are eligible for loans; and come up with policies to support buyers of social housing.

The PM said that only when people put their money into banks can lenders grow. The central bank therefore needs to re-evaluate its policy to support companies with loans.

Vietnamese markets are stabile again, he said, adding that market confidence is growing even though the fluctuating global economic situation remains complicated, unpredictable and risky.

The stock market is healthy again, he said, with its benchmark index, the VN-Index, increasing by more than 100 points last week.

The corporate bond market is still facing many difficulties, but businesses and investors have agreed to overcome challenges in the spirit of sharing both benefits and sharing risks, said the PM.

The government working group on fiscal policy has worked with property developers and localities nationwide to identify their problems and consider recommendations.

“Unexpected and complicated issues, especially dealing with some weak banks, have been handled calmly, firmly and effectively,” said Chinh.

The prime minister urged ministries, sectors and localities to realize, or even surpass, the target of achieving GDP growth of 6.5% while keeping the inflation rate below 4% in 2022.

In October, he told legislators that the economy is likely to grow 8% this coming year.

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