Reducing interest rates in the spirit of "harmonizing interests"
Regarding monetary policy, the Prime Minister requested the State Bank of Vietnam (SBV) to preside over and coordinate with relevant agencies to closely monitor developments and the global and domestic economic situation to proactively, flexibly, promptly, and effectively manage monetary policy in accordance with macroeconomic developments and monetary policy objectives. Closely coordinate with fiscal policy and other macroeconomic policies to promote growth, control inflation, stabilize the macro economy, and ensure major balances of the economy.
Credit institutions continue to reduce loan interest rates. PHOTO: NGOC THANG
The State Bank of Vietnam directs credit institutions to continue to reduce costs, simplify administrative procedures, promote digital transformation, etc. to reduce lending interest rates, support production and business of enterprises and people in the spirit of "harmonized benefits, shared risks"; direct credit to priority areas, traditional growth drivers of the economy (investment, export, consumption) and new growth drivers ( science and technology, innovation, digital economy, green economy, circular economy, etc.); strengthen measures to handle bad debts, limit bad debts arising; strive for annual credit growth of about 16% compared to 2024. By 2026, credit growth will be managed according to market tools and quotas will be eliminated.
Also in the telegram, the Prime Minister requested the State Bank to manage exchange rates in a flexible, harmonious and reasonable balance between interest rates and exchange rates; closely monitor developments in the domestic and international economic situation, financial and monetary markets, especially policy adjustments by the FED and central banks, improve the quality of analysis and forecasting and have timely and effective policy responses; diversify foreign currency supply channels, stabilize the value of the Vietnamese Dong, and improve the international balance of payments.
The State Bank of Vietnam urgently reviews, analyzes, assesses the impact, studies international experience, urgently considers removing administrative tools in credit growth management through allocating credit growth targets to each credit institution; transfers credit growth management to market mechanisms and assesses the risks of each credit institution, develops a set of criteria for credit safety control, ensures the promotion of proactive, timely and effective credit capital allocation, contributes to promoting sustainable economic growth associated with macroeconomic stability, safety of the credit institution system, national financial and monetary security; to be completed in July 2025.
Promote credit programs for young people under 35 years old to buy, rent, and hire-purchase social housing; credit programs of VND500,000 billion for enterprises investing in infrastructure, science, technology, innovation, and digital transformation; credit programs to support the linkage of production, processing, and consumption of high-quality and low-emission rice products in the Mekong Delta... At the same time, strengthen appropriate, timely, and effective gold market management measures; urgently submit to the Government a Decree amending Decree No. 24/2012 on the management of gold trading activities before July 15, 2025.
Submit draft Resolution on piloting crypto asset market before July 15
Regarding fiscal policy, the Prime Minister assigned the Ministry of Finance to preside over and coordinate with relevant agencies to continue to operate a reasonable, focused, and key expansionary fiscal policy, closely, harmoniously, and effectively coordinating with monetary policy and other macroeconomic policies. Strengthen the management of state budget revenue; continue to expand the revenue base, especially revenue from e-commerce and food services; modernize tax management, resolutely implement regulations on electronic invoices generated from cash registers; strive to increase state budget revenue in 2025 by at least 20% compared to the estimate. Thoroughly save regular expenditures, including saving an additional 10% of the regular expenditure estimate for the last 7 months of 2025 according to the direction of the Government and the Prime Minister to support social security and build boarding and semi-boarding schools for students in remote, border, special economic zones, and islands.
The Ministry of Finance shall fully and promptly allocate funds to pay for policies and regimes according to Decree No. 178/2024 and Decree No. 67/2025 and tasks serving the arrangement of administrative units and the implementation of two-level local government.
Effectively implement policies on tax, fee, land rent exemption and extension and other mechanisms and policies to facilitate people and businesses, promote production and business, create jobs and livelihoods for people. Build effective mechanisms to selectively attract foreign investment, focus on promoting and attracting large-scale, high-tech FDI projects, and keep the environment clean; promptly grasp and handle difficulties and problems of FDI enterprises, especially cutting administrative procedures to speed up the progress of projects in Vietnam.
In addition, the dispatch also requested the Ministry of Finance to urgently submit to the Government draft Decrees detailing laws and resolutions in the financial sector approved by the 15th National Assembly at the 9th session, ensuring that they take effect simultaneously with the law; submit to the Government a draft Resolution on piloting the crypto asset market before July 15, 2025. At the same time, review and assess the impact of the US's reciprocal tax policy on Vietnam; develop support policies for businesses and workers in industries and sectors affected by the US's tariff policy, and report to competent authorities before July 15, 2025./.
According to Thanh Nien Newspaper
Source: https://thanhnien.vn/yeu-cau-giam-lai-vay-cho-nguoi-dan-doanh-nghiep-18525070614335413.htm
Source: https://baolongan.vn/chinh-phu-yeu-cau-ngan-hang-nghien-cuu-giam-lai-vay-a198219.html
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