PM chairs conference seeking ways to ease capital difficulties
Prime Minister Pham Minh Chinh on December 7 chaired a conference to seek measures to remove difficulties in credit for production and business activities, aiming to promote growth and macro-economic stability.
Prime Minister Pham Minh Chinh addresses the conference (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh onDecember 7 chaired a conference to seek measures to remove difficulties incredit for production and business activities, aiming to promote growth andmacro-economic stability.
The event drew leaders of ministries and sectors, as well asheads of 38 commercial banks, and representatives from the Vietnam BanksAssociation.
Opening the conference, PM Chinh underlined that belongingto the same economic ecosystem, the development of banks and businesses isclosely related to each other as well as to the growth of the whole economy.
As Vietnam is building a socialist-oriented market economy,the country aims to reduce the use of administrative tools and increase markettools to operate the market, he said.
The Government leader asked participants to contribute ideas so as to overcome current difficulties for the common development with the motto of “harmonisedinterest, shared risks”.
According to the State Bank of Vietnam, as of November 30, credit provided to the economy had reached 13 quadrillion VND (535.49 billionUSD), up 9.15% over the end of 2022. Of the total, outstanding loans in the agro-forestry-fisheriessector was about 918.6 trillion VND, while that in the industry-construction sectorreached more than 3.32 quadrillion VND, an increase of 7.31%, and the serviceindustry nearly 8.6 quadrillion VND, a rise of 7.9%.
The government considers the property market an important pillar of the economy and measures are underway to address the sector's difficulties in recent years, said policymakers and industry insiders at a conference on credit policy in Hanoi on November 13.
The Ministry of Finance has recently granted credit rating permission to one more enterprise, bringing the total number of credit rating agencies in Vietnam to three, namely FiinRatings, Saigon Ratings, and VIS Rating.
The State Bank of Vietnam (SBV) must ensure sufficient credit supply for the economy in the rest of this year, requested Prime Minister Pham Minh Chinh in a recent dispatch.
Despite deposit interest rates at banks have reached historically low levels, it is premature to anticipate a significant influx of capital from banks into the securities market at this time.
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Prime Minister Pham Minh Chinh addresses the conference (Photo: VNA) 
