The Official Telegram on continuing to drastically implement solutions to increase access to credit capital, remove difficulties for production and business activities and carry out the task of collecting state budget in 2023

On 21/10/2023, the Prime Minister issued the Official Telegram No. 990/CD-TTg on continuing to drastically implement solutions to increase access to credit capital and remove difficulties for production and business activities and carry out the task of collecting state budget in 2023.

According to the Official Telegram, in order to promptly remove difficulties and obstacles, clear and promote resources, improve the economy's ability to access and absorb credit capital, and boost growth associated with maintaining macroeconomics stability, striving to achieve the highest goals and targets of the socio-economic development plan and state budget for 2023 set out, the Prime Minister requests as follows:

- The State Bank of Vietnam presides and coordinates with relevant ministries and agencies:

+ To continue to thoroughly research and implement drastically, effectively and promptly the tasks and solutions in Resolution No. 01/NQ-CP dated January 6, 2023 of the Government, Resolutions of Government's regular meetings, written directives from Government leaders and legal regulations, closely follow market developments to manage monetary policy proactively, flexibly, promptly and effectively, with priority given to boosting growth associated with macroeconomic stability, inflation control, ensure major balances of the economy, and safety of the credit institution system; operate monetary policy tools: exchange rates, interest rates, money supply... smoothly, synchronously and effectively to continue to remove difficulties and meet the capital needs of the economy as much as possible to promote production and business, create jobs and livelihoods for people.

+ To manage credit growth reasonably and effectively, strive to achieve the highest possible target set, improve credit quality, direct credit to production and business sectors, and priority sectors, growth drivers of the economy (especially investment, consumption, export), credit control for potentially risky areas. To make policies to encourage credit to feasible projects and businesses that serve growth drivers.

+ To carefully review and research open lending procedures and reduce lending interest rates, drastically and effectively implement a 120,000 billion VND credit program for investors and home buyers of social housing projects, worker housing, projects to renovate and rebuild old apartments; continue to boost the implementation of a credit package of VND 15,000 billion for the forestry and fisheries sectors; which promotes the key role of state-owned commercial banks and the active and creative participation of joint stock commercial banks.

+ To further beef up the reform of administrative procedures, review and resolutely reduce inappropriate administrative procedures that are costly, troublesome, and increase costs for people and businesses. To implement drastic, strong and effective solutions to create favorable conditions for businesses and people to access credit capital, improve the economy's ability to absorb capital, and further strengthen banking - enterprise connections; continue to support and effectively share with customers in difficulty, bolster the recovery of production and business activities. To guide and create conditions for the Bank for Social Policies to well carry out preferential credit programs for the poor and other policy beneficiaries.

+ According to functions and authority, urgently review and evaluate the implementation of Circular No. 02/2023/TT-NHNN, Circular No. 03/2023/TT-NHNN, Circular No. 06/2023/TT- SBV and relevant Circulars and regulatory documents to proactively and promptly review, amend, supplement and promulgate new regulatory documents, especially mechanisms and policies that expire during the year 2023, in order to promptly remove practical problems arising in accessing capital for people and businesses, buy and sell corporate bonds from credit institutions, ensure synchronization, efficiency and suitability with the actual situation, stabilize the monetary market, and secure the system of credit institutions in accordance with the Government's resolutions, the directions of the Government leaders and the provisions of law.

+ To continue to direct credit institutions to review and reduce operating costs, simplify lending procedures and conditions, enhance the application of information technology and digital transformation to further reduce the cost of loans interest rate level, especially the support package of 120,000 billion VND for social housing and 15,000 billion VND for the forestry and fisheries sectors; deploy appropriate credit packages from commercial banks to support people and businesses to overcome difficulties and boost production and business, focus on priority areas and growth drivers of the economy; promote the spirit, social responsibility, and business ethics of the credit institution system, be more proactive and active in participating in implementing policies, promotion programs, and socio-economic development plans, hunger eradication and poverty reduction, ensure social security.

- The People's Committees of provinces and centrally-run cities:

+ Based on the Government's Resolutions and the Prime Minister's direction to coordinate closely with the State Bank of Vietnam and credit institutions in the area to well implement solutions to improve credit capital accessibility for people and businesses, support businesses to develop production and business, promote the implementation of a 120,000 billion VND credit program for investors and home buyers of social housing projects, worker housing, projects to renovate and rebuild old apartments, a credit package of VND 15,000 billion for the forestry and fishery sectors, contributing to economic recovery and growth; further promote administrative procedure reform, digital transformation, and strengthen administrative discipline in performing public duties.

+ To closely coordinate with tax and customs authorities to strengthen state budget revenue management, ensure correct, complete and timely collection, prevent revenue loss, and handle tax arrears; proactively propose solutions and organize direction and implementation, strive to exceed the 2023 assigned state budget revenue estimate.

In addition, the Prime Minister assigned specific tasks to the Ministry of Finance and the Government Office.

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