Can’t the bank’s credit “space” be eliminated?According to Investing.com

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©Reuters

According to Lanya

Investing.com – This morning (November 6), at the Parliament Building, under the chairmanship of the President of the National Assembly Ong Dinh Hue, the National Assembly held a question event.

Therefore, regarding the banking sector, State Bank of Vietnam Governor Nguyen Thi Hong said that the lower credit growth reported by the State Bank was mainly due to lower credit demand, lower business orders and lower credit growth for people. .Consumption has declined due to Covid-19. In addition to reviewing loan procedures and providing support to people, a number of solutions have been proposed. Relevant ministries and commissions have put forward a number of suggestions to improve credit conditions for small and medium-sized enterprises.

Regarding the credit “room”, the Governor of the National Bank said that when a congressional resolution requires study, the National Bank organizes discussions with interested experts and representatives. “However, under the current circumstances, this target cannot be eliminated. If it is eliminated, credit growth will be high. When other sectors such as corporate bonds can meet the requirements, the ability to eliminate the credit “space” will be more feasible.” SBV Governor Nguyen Thi Hong emphasized.

There are many problems in the disbursement of the 120 trillion VND package

Regarding the VND120 trillion credit support plan for low-income people and workers. Nguyen Thi Hong, Governor of the State Bank of Vietnam, said that this is a response plan for the banking industry and is specified in the government resolution to achieve the goal of having 1 million social housing units in the next 10 years. This credit plan is a package plan that uses funds raised by credit institutions from the private sector and the financial resources of participating banks to provide preferential interest rates. After the government resolution, the National Bank issued instructions to credit institutions to implement them, and also issued documents to interested provincial and municipal people’s committees to build projects that meet the loan conditions of the program.

As for credit institutions, the National Bank also directed banks to issue internal procedures to implement the scheme.

In terms of results, currently 18/63 provincial people’s committees have sent documents announcing the list of projects participating in the program and published it on the electronic portal. There are a total of 53 projects with a total loan demand of VND 27 trillion. To date, banks have disbursed nearly VND 105 billion for 3 projects in 3 provinces. Disbursement of this credit program remains limited, and we are evaluating this for a number of reasons:

  • First, the supply of housing under the scheme is also limited. In particular, the demand for housing is very large, but people’s needs determine whether to borrow again, which is a matter that requires careful consideration.
  • Secondly, the conditions for enjoying national policies are also inconsistent with reality, such as: personal income tax income subjects; prohibition on housing…
  • Third, the program was implemented over a 10-year period, and real estate loans tended to last longer, so disbursements remained lower over time.

In view of the above restrictions, the National Bank also recommends that interested provincial and municipal people’s committees announce the housing projects in the plan as soon as possible so that the bank can actively deploy it, while also focusing on increasing housing projects. Strengthen publicity work to let the masses understand this plan.

Furthermore, regarding non-cash payments, the State Bank of Vietnam has recently implemented many solutions, such as reviewing legal corridors to facilitate non-cash payments. Until now, many activities have been conducted through digital channels, applying technology to ensure the security of payment activities.

In the past nine months, non-cash payment indicators have grown rapidly. For example, the number of non-cash payment transactions increased by 49%, online transactions increased by 60.3%, mobile channel transactions increased by 60.8%, and QR codes increased by 105%…

The decline in ATM transaction volume points to a growing trend in non-cash payments. In September 2023, cash payments accounted for 11.73% of total payments, a decrease of 9.17% compared with 2020, showing remarkable results.

Regarding the difficulties in promoting cash payments, such as: due to the habit and psychology of using cash, fear of contact with new technology for payment, and the trend of high-tech crime makes people scared.

In the next step, the National Bank will continue to review documents and coordinate with various agencies to improve legal corridors and take preventive measures to ensure information security, ensure customer safety, and strengthen information communication.

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