State Bank: 4 State-owned commercial banks already have capital ready to lend
- 174
- Business
- 00:04 09/05/2023
DNHN - The State Bank has issued guiding documents for the VND 120,000 billion credit package, and four state-owned commercial banks have prepared capital to lend when the project is announced locally.
Governor of the State Bank - Nguyen Thi Hong stated that credit increased by 2.75 percent between April 25 and the end of 2022. As a result of low capital absorption, credit growth is sluggish because businesses are not placing fewer orders, which reduces the demand for loans. Or, some businesses require capital but are ineligible for loans during the period affected by Covid-19 due to economic weakness. Due primarily to legal factors, the increase in real estate credit was not as significant as in the past (real estate credit increased by 3.51%).
For the VND 120,000 billion credit package, the State Bank has issued documents to guide banks, and four state-owned commercial banks have prepared capital to lend when localities announce projects (the Ministry of Construction has drafted a document). guide localities on project identification criteria and conditions).

Regarding the exchange rate and foreign exchange market, the SBV closely monitored the situation and acted proactively based on a combination of monetary policy instruments and flexible management of the central exchange rate. The results indicate that the exchange rate is stable, as the SBV has purchased approximately 6 billion USD since the beginning of the year. This means that the SBV, along with other channels of monetary policy, injects money into the economy.
According to the Governor, domestic demand should be exploited to promote economic growth because Vietnam's economic growth is highly dependent on exports (nearly 100 percent of GDP is derived from exports). Therefore, if countries continue to implement stringent monetary policies, the ability to increase foreign demand cannot occur rapidly.
The data indicates that the total retail sales of consumer goods and services have a higher growth rate than the same period last year, excluding the price increase of 8.3%, while the first four months of 2022 only increased by 3.9% (international visitors to Vietnam increased 19.2 times during the same period last year). This factor has contributed to economic growth in the past and must be exploited to maximize domestic demand.
In addition, the Governor stated that the goal of ensuring the safety of the credit institution system should be in harmony with the promotion of credit to support economic growth. In recent years, credit growth has been sluggish not only in Vietnam but also in many other nations. When the collapse of American banks spread to Europe, banks in many nations became more cautious when lending to ensure liquidity and were more willing to pay depositors.
Four state-owned commercial banks have deployed a VND 120 trillion credit package for loans to develop social housing, and housing for workers, and to renovate and rebuild old apartments.
While appreciating the VND 120,000 billion loan package for the development of social housing and worker housing, many experts believe that the 8.2% annual interest rate for purchasers of social housing is still too high for their ability to pay. ability to pay.
Moreover, given that the lending interest rate for social housing is between 1.5% and 2% per year, and that the interest rate for medium- and long-term loans fluctuate every six months, home borrowers would face several risks if commercial interest rates increased, and the preferential period was too short, lasting only 5 years.
P.V (t/h)
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