The credit package was initiated by the Prime Minister in late March, following the positive results of the earlier credit package for agriculture, forestry, and fisheries, which was quickly expanded from its initial 15-trillion-VND scale.
At the State Bank of Vietnam (SBV)’s meeting with commercial banks on April 10 to discuss the direction of implementing the credit package, the banks said they will participate in the package to show the proactiveness and determination of the banking sector to support businesses and promote economic growth.
As of June 30, credit expanded 6% compared to the end of 2023 while total outstanding loans approximated 14.4 quadrillion VND (563.3 billion USD), a positive signal showing this year's credit growth target of 14 - 15% is within reach, experts said.
Prime Minister Pham Minh Chinh on March 16 urged the plan on building at least 1 million social housing units for low-income earners and industrial workers in the 2021 - 2030 period to be implemented quickly and effectively.
As many as 531 billion VND (21.7 million USD) under the 120 trillion VND credit package for social housing development has been disbursed, according to Director General of the State Bank of Vietnam (SBV)’s Department of Credit for Economic Sectors Ha Thu Giang.
Policies are in place to tackle difficulties and increase support to facilitate the development of social housing, which include those issued to boost the building of accommodations for workers of industrial parks and members of the armed forces.
After four months of implementing a 120 trillion VND (5.11 billion USD) credit package for investors and buyers of social homes, only 95 billion VND was disbursed, and 950 billion VND was committed for lending.
The State Bank of Vietnam (SBV) on July 19 issued a document guiding commercial banks to implement a credit package, worth 15 trillion VND (641 million USD), for businesses in the forestry and fishery sector.
Deputy Prime Minister Le Minh Khai has requested the State Bank of Vietnam (SBV) and relevant ministries and organisations to consider solutions to solve financial difficulties of enterprises in the fishery sector.
Prime Minister Pham Minh Chinh held a working session with the State Bank of Vietnam (SBV), the Ministry of Finance and the Ministry of Justice on April 22 to review and step up the issuance of two important circulars related to the finance-banking sector.
Affordable home buyers can access preferential loans at rates 1.5-2 percentage points lower than the market average as part of a credit package worth around 120 trillion VND (5.02 billion USD).
Of the credit package worth 110 trillion VND (over 4.6 billion USD), about half will be allocated as concessional loans to investors of social and workers’ housing projects while the rest will be allocated to buyers and renters.
Vietnam needs an estimated 220 trillion VND (9.6 billion USD) to build about 294,600 units of social housing for low-income earners in urban areas and industrial parks in the 2021-2025 period, according to the Ministry of Construction.
The Ministry of Finance has proposed to the Government a credit package to support poor pupils and students in buying computers and equipment serving their online learning amid the COVID-19 pandemic.
Saigon - Hanoi Commercial Joint Stock Bank (SHB) has just become the only Vietnamese representative to be honoured as “Bank of the Year 2020” by The Banker magazine.
The Vietnam Aviation Business Association (VABA) has proposed the Government lend domestic airlines a credit package of between 25-27 trillion VND (1.08-1.17 billion USD) at a preferential interest rate for a three-four year term.
The Government needs to do more to revive the business sector, Dr Tran Hung Son, Deputy Director of the Institute for Development and Research in Banking Technology under the Vietnam National University-HCM City has said.
The Agriculture and Rural Development Bank (Agribank) has said it will increase the support level for its credit package worth 100 trillion VND (4.3 billion USD).
