Experts offer advice on 'rescuing' money stock in the banking system

Need to respect the "risk appetite" of commercial banks

On September 7, Deputy Prime Minister Le Minh Khai chaired a meeting on solutions to improve the efficiency of businesses' access to credit capital and increase the economy 's ability to absorb capital. The meeting was attended by many leaders of the State Bank, representatives of banks, experts, business associations, etc.

Deputy Prime Minister Le Minh Khai assigned the State Bank to coordinate with ministries, branches, localities and relevant units to find solutions to improve the capital absorption capacity of people and businesses.

Speaking at the meeting, Dr. Vo Tri Thanh, former Deputy Director of the Central Institute for Economic Management Research, said that the banking industry alone will find it difficult to solve the problem of excess money in the banking system.

According to Mr. Thanh, we should not equate the roles of state-owned banks and commercial banks, but clearly distinguish the policy capabilities of state-owned banks and the operations of commercial banks. In particular, the State Bank skillfully manages monetary policy in conjunction with the safety of the credit system. Commercial banks need to comply with the law and market rules.

Management policies need to direct cash flow to areas with the potential to recover, develop, lead the economy, stimulate consumption, promote exports, support businesses, etc.

Dr. Vo Tri Thanh believes that we should not equate the roles of state-owned banks and commercial banks.

According to Dr. Le Xuan Nghia, member of the National Financial and Monetary Policy Advisory Council, regarding lending conditions, it is necessary to respect the rights of commercial banks. Specifically, the right to choose according to the "risk appetite" of each bank. The State Bank should only recommend, not require.

Associate Professor - Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, expressed his opinion: the most difficult problem for businesses today is the market. It is necessary to open markets for businesses with new orders to promote production loans and increase credit absorption capacity.

In addition, continue to promote fiscal and budget policies to support businesses. Mr. Thien also proposed solutions to support credit for businesses developing digital economy, green transformation, renewable energy, etc.

Banks can accept risks, but must earn capital

From the business perspective, a representative of the Vietnam Textile and Apparel Association expressed that production activities of enterprises are not only facing difficulties in credit but also lack of orders and low unit prices. Enterprises without viable production and business opportunities will not borrow money, even at low interest rates.

In the short term, the demand for textiles and garments cannot increase overnight. However, in the long term, there are many business opportunities and a huge need for capital, especially in green transformation. The association representative proposed that there should be policies to support land and capital for textile and garment enterprises to invest in technology transformation to meet future market needs.

Representatives of some commercial banks said they are ready to talk directly with businesses to find common ground.

The representative of the Vietnam Association of Seafood Exporters and Producers said that the seafood export market is currently showing signs of recovery, proposing to review and have a credit mechanism suitable for farming households and small businesses; simplify lending procedures in accordance with the reality of the seafood industry; continue to have a mechanism to reduce interest rates...

At the meeting, representatives of several commercial banks also shared the difficulties with the business community. In the context of having surplus money but credit capital not being released to the economy and still having to mobilize capital and pay interest on loans, banks are also having a "headache", the pressure on credit growth is very high.

Regarding credit, representatives of some commercial banks said that they can accept more risks, but capital must be recovered and projects must have a solid legal basis... In the context of mechanisms related to credit policies being opened, banks can directly discuss with businesses to clarify their "taste", and at the same time advise businesses on how to find a common voice.

Concluding the meeting, Deputy Prime Minister Le Minh Khai assigned the State Bank to preside over and coordinate with ministries, branches, localities and relevant agencies to urgently implement measures to improve people and businesses' access to credit capital. Focus credit capital on priority sectors; key domestic production sectors; sectors that create breakthrough, spillover and transmission development; implement effective measures to reduce lending interest rates...

The Deputy Prime Minister requested the State Bank to review all conditions related to credit, listen to opinions of experts, associations, and public opinion, accept reasonable recommendations, and consider any solutions that can be resolved, with timely adjustments in accordance with legal regulations and the actual situation.

The Deputy Prime Minister requested the Ministry of Finance to operate appropriate fiscal policies with focus and right targets to support stimulating aggregate demand in the economy; effectively implement policies to extend and reduce taxes, fees, charges, and land rents that have been issued; and further accelerate value-added tax refunds for businesses and people.

At the same time, the Ministry of Finance needs to urgently study measures to increase the economy's capital absorption capacity through fiscal policies to support people and businesses; carefully calculate the level, duration, form, and method of capital mobilization to stimulate economic growth, ensure effective use of loans, debt repayment capacity, and national financial stability, safety, and sustainability.

The Ministry of Construction shall preside over and coordinate with ministries, branches and localities to continue to speed up the review and removal of difficulties and obstacles for real estate projects; have feasible and effective solutions to remove and promote the safe, healthy and sustainable development of the real estate market, creating momentum for economic growth.

The Ministry of Planning and Investment shall preside over and coordinate with ministries, branches and localities to continue implementing solutions to strongly promote public investment disbursement, promptly put projects into operation, stimulate investment and spending in the private sector...

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