State Bank issued Directive No. 03 on implementing 2% interest rate support

DNHN - The Governor of the State Bank of Vietnam has signed and promulgated Directive No. 03/CT-NHNN on the implementation of the 2% interest rate support program from the state budget of 40,000 billion VND according to Decree 31 2022/ND-CP of the Government and Circular 03/2022/TT-NHNN of the SBV.

According to the content of the Directive, on May 20, 2022, the Government issued Decree No. 31/2022/ND-CP on interest rate support from the state budget for loans to enterprises, cooperatives, and business households, and the State Bank issued Circular No. 03/2022/TT-NHNN guiding commercial banks to implement interest rate support under the Decree.

At the same time, the State Bank of Vietnam has issued documents to answer and answer questions within the scope and management of the State Bank and transferred them to the Ministry of Planning and Investment and the Ministry of Construction to answer questions related to the interest rate support. After nearly 3 months of implementation, several commercial banks have actively implemented the policy and have had initial results; However, there are still several commercial banks that have not focused and drastically implemented, have not fully issued internal guiding documents, and have not organized sufficient communication and guidance to policy beneficiaries.

To effectively implement Decree 31/2022/ND-CP and Circular 03/2022/TT-NHNN, the Governor of the State Bank of Vietnam requested units in the whole industry to identify this as an important undertaking and policy of the Party and the State, which is a key task that must be performed urgently to support the rapid recovery of the economy.

Proactively implement policies to support interest rates synchronously from the central to local levels, from the State Bank to commercial banks, from the Head Office to branches and transaction offices of commercial banks; The implementation process has close and timely coordination between the State Bank, relevant ministries, branches and commercial banks to improve the effectiveness of policy implementation.

Deploying loans and disbursing loans in a timely and efficient manner from the funds allocated from the state budget to support interest rates for businesses, cooperatives, and business households, creating favourable conditions for borrowers. subject to the conditions of interest rate support as prescribed.

At the same time, ensure compliance with current legal regulations on lending activities of credit institutions and foreign bank branches to customers, regulations on interest rate support in Decree 31/2022/ND-CP of the Government. Government, Circular 03/2022/TT-NHNN of the State Bank of Vietnam and relevant legal regulations. Do not lower standards, and loosen credit conditions in the process of lending interest rate support.

The Governor requested units at the Central Bank to Actively implement and closely coordinate with the Ministry of Planning and Investment, the Ministry of Construction, the Ministry of Finance, and the State Audit to promptly respond to the problems of the Government. commercial banks; implement the notification of interest rate support limit, payment and settlement of interest rate support quickly, creating maximum convenience for commercial banks;

Closely monitor the results of interest rate support of commercial banks; regularly report to the Board of Directors of the State Bank, the Government, the Prime Minister, ministries and branches on the progress and results of disbursement, difficulties and obstacles in the process of implementing interest rate support.

Develop a program to inspect and supervise the interest rate support loans of commercial banks by regulations.

In addition, strengthening coordination with press agencies inside and outside the industry to inform and communicate about interest rate support policies, especially about subjects eligible for interest rate support according to National regulations. Association, Government; to help businesses, cooperatives, and business households to understand and have early access to information about interest rate support policies from the state budget through the commercial banking system.

For SBV branches in provinces and cities: Understand clearly and fully the contents and regulations of Decree 31/2022/ND-CP and Circular 03/2022/TT-NHNN to monitor and direct the branches of commercial banks in the area to promote the implementation of loan policy to support interest rates as prescribed.

Coordinate with media agencies, departments, agencies, socio-political organizations, associations, and commercial banks in the area to strengthen information and communication on interest rate support policies; promote the implementation of banking-enterprise connection activities to promptly grasp and handle arising difficulties and problems to improve the efficiency of policy implementation.

Carry out inspection and supervision of interest rate support loans in the area according to regulations; Timely handling of cases of non-strict implementation, contravention of regulations, evasion or refusal of interest rate support for customers who are eligible for interest rate support.

Monitor the situation and results of interest rate support of branches of commercial banks in the area; proactively coordinate with relevant agencies to answer and handle difficulties and problems within their competence in the locality; promptly report and propose to the People's Committees of provinces and cities and the Governor of the State Bank to handle arising issues beyond their competence.

The Governor also requested the Chairman of the Board of Directors/Board of Members, and the General Director of commercial banks to seriously and effectively implement the instructions of the Governor of the State Bank on the organization and implementation of key tasks of the banking industry, in which credit work needs to be associated with the implementation of the 2% interest rate support program.

Urgently issue internal documents guiding the implementation of interest rate support according to the provisions of Decree No. 31/2022/ND-CP and Circular 03/2022/TT-NHNN, and send it to the State Bank (through the Inspection Agency, banking supervision); organize training, guide and train the units, departments and officials responsible for implementing the policy to unify and effectively implement in the whole system.

Actively approach customers, accompany and guide customers, and help customers understand the policy correctly to minimize customer recommendations and complaints.

Timely disbursement of interest rate support funds announced by the provisions of Decree No. 31/2022/ND-CP and Circular 03/2022/TT-NHNN; ensure the implementation of interest rate support openly, transparently, by regulations, for the right subjects, for the right purposes, to prevent risks and take advantage of policies.

Balancing capital sources to lend to projects and efficient production and business plans, especially sectors and fields that are supported with interest rates in Decree 31/2022/ND-CP. Ensure the harmony between the implementation of loans supporting a 2% interest rate and lending to other subjects, in line with the business strategy and credit growth targets of the bank. In addition to implementing support loans with a 2% interest rate, continue to effectively implement solutions to support and remove difficulties for customers under the direction of the State Bank.

On the other hand, it is strictly forbidden to act causing difficulties and troubles, to issue additional conditions and procedures different from those in the Government's Decree and the SBV's Circular to limit the beneficiaries of interest rate support, cases that the right customer meets the conditions without interest rate support. Proactively and promptly handle difficulties and problems in the system and promptly report to the State Bank, ministries, branches and People's Committees of provinces and cities on difficulties and problems beyond their competence; suggestions and recommendations during implementation.

In addition, promoting communication about interest rate support policies so that customers can grasp information and have early access to policies.

P.V