Prime Minister directs the promotion of credit policies for forestry and fishery products

Prime Minister Pham Minh Chinh has just signed and issued Directive No. 14/CT-TTg dated May 2, 2024, on deploying the task of operating monetary policy in 2024, focusing on removing difficulties for production and business and promoting growth and macroeconomic stability.

In 2023, Vietnam achieved positive results in most fields: the macroeconomy was basically stable; inflation was controlled, promoting growth and ensuring major balances of the economy; Vietnam's currency was basically stable; public debt, government debt, foreign debt, and budget deficits were under control, etc.

In early 2024, signals continue to show that the economy is recovering in all sectors. These achievements were thanks to the great efforts of the entire political system under the leadership of the Party, headed by General Secretary Nguyen Phu Trong, along with the consensus and support of people and businesses. 2024 is the year of acceleration and breakthrough, which is especially important for the successful implementation of the Five-Year Plan (2021–2025).

In the context of forecasting that the world economy still has many difficulties, achieving the set goals requires great determination and effort from the entire political system, with the motto "5 increases." This motto includes: increasing the ability to access and absorb credit, especially for small and medium businesses, traditional growth motivations, and new growth motivations; increasing the removal of legal problems and the quality of credit; increasing close and effective coordination between the State, banks, and businesses and the management capacity of banks and financial markets; increasing publicity and transparency on deposit and lending interest rates and anti-black credit; and increasing risk supervision, inspection, and prevention, anti-corruption, and anti-negativity.

Along with that is the motto "5 reductions," including: reducing lending interest rates at a reasonable level; reducing transaction and operating costs; reducing administrative procedures; reducing troubles and exaction; and reducing negativity, group interests, and "backyard".

In addition, there is the motto "5 accelerations, breakthroughs," including: accelerating and breaking out in digitalization; accelerating and breaking out in service quality; accelerating and breaking out in human resource quality; accelerating and breaking out in banking infrastructure; accelerating and breaking out in serving production and business, creating jobs and livelihoods for people, and contributing to economic growth.

The Prime Minister requested the State Bank to promptly review, develop, and perfect guiding documents on the Law on Credit Institutions 2024 for synchronous implementation from July 1, 2024, when the Law is in effect. At the same time, promote communication on mechanisms and policies on monetary policy and banking operation management, focusing on new policies and policies directly impacting people and businesses, such as policies on exchange rates, credit, interest rates, savings, loan stock, payment, etc., in diverse and rich communication forms, ensuring transparency and compliance with international commitments and legal regulations.

Chair and coordinate with the Ministry of Agriculture and Rural Development (MARD) and relevant Ministries and branches to evaluate implementation results and propose amendments and supplements to Decree No. 55/2015/ND-CP dated June 9, 2015 and Decree No. 116/2018/ND-CP dated September 7, 2018 of the Government on credit policies for agricultural and rural development in accordance with reality, meeting the requirements of sustainable agricultural and rural development.

The State Bank directs credit institutions to actively deploy credit growth solutions, directing credit to production, business, priority sectors, and growth motivations; strictly control credit for potentially risky sectors, ensuring safety and efficiency; and control liquidity risks.

Continue to reduce costs and strive to reduce the lending interest rate level to a reasonable level; seriously implement the public and transparent announcement of average lending interest rates so that businesses and people can conveniently choose lending banks with low interest rates suitable to the requirements for using credit capital.

Increase lending to serve living and consumption; promote lending through electronic and online forms. Diversify banking credit products and services to suit each customer and market segment, form, production and business demand of people, businesses, and cooperatives, especially people’s legitimate capital loan needs to serve living and consumption.

Promote the implementation of credit programs, projects, and policies such as the VND 30,000 billion credit program for the forestry and fishery sectors; the credit program contributing to implementing the project "Sustainable development of 1 million hectares specializing in high-quality and low-emission rice cultivation associated with green growth in the Mekong Delta until 2030" according to Decision 1490/QD-TTg dated November 27, 2023 of the Prime Minister; the VND 120,000 billion program to lend social housing, worker housing, and renovate old apartments to contribute to the implementation of the project "Investment in building at least 1 million social housing units for low-income people and industrial park workers in the 2021–2030 period", etc.

The Ministry of Industry and Trade continues to diversify export markets, products, supply chains, and production chains; consolidate and expand the market share of Vietnamese goods in traditional markets, thereby creating a breakthrough in expanding market share in new, potential markets.

Organize promotional programs nationwide to coordinate with localities to strengthen supply and demand connections, stimulate domestic consumption, and promote domestic market development.

The Ministry of Public Security coordinates with the State Bank of Vietnam to urgently have solutions to prevent and handle cross-ownership and manipulation at credit institutions, ensuring the safety of the system of credit institutions and financial and currency security.

MARD chairs and coordinates with relevant agencies to focus on removing difficulties and obstacles related to procedures for declaration and conformity of veterinary medicines; closely monitor market developments, proactively direct flexible solutions to remove difficulties, ensure production, and promote consumption and export of agricultural, forestry and fishery products.

The People's Committees of provinces and municipal cities closely coordinate and create favorable conditions for credit institutions, people, and businesses in banking activities, especially credit activities and payment services.

At the same time, prioritize resources to remove difficulties in production and business activities; support people and businesses in appropriate forms; and focus on preventing the black credit problem.