The 2% interest rate support package has only disbursed 1.7%, lower than expected.

The 2%/year interest rate support package from the state budget with 40,000 billion VND applied from 2022 has not met expectations. (Photo: PV/Vietnam+)

According to the report of the State Bank of Vietnam , commercial banks have implemented 2% interest rate support of about 681 billion VND, which means only about 1.7% of the total support package of 40,000 billion VND has been disbursed.

Specifically, the interest rate support revenue reached nearly 140,000 billion VND, the outstanding interest rate support debt reached more than 56,000 billion VND for nearly 2,100 customers. The State Bank estimated that by the end of this year, the amount of interest rate support of 2%/year from the state budget with 40,000 billion VND is expected to only reach about 2,570 billion VND.

Thus, the implementation of Decree 31 on the 2%/year interest rate support package from the state budget with 40,000 billion VND applied from 2022 has not achieved expectations.

The main reason for the slow disbursement of this support package is the fear of inspection and audit work, considering the benefits of the 2% interest rate support and the costs incurred when receiving interest rate support such as tracking records, documents, complying with inspection and audit procedures; difficulty in assessing the ability to "recover" in the context of the world and domestic economy still having many risky and uncertain factors; the socio-economic situation has changed compared to the time of policy issuance, so the support needs of businesses have changed...

Previously, the State Bank sent a document to the Ministry of Planning and Investment on the results of the implementation of this program to have a basis for developing a plan to propose to competent authorities to adjust the task of spending on unused interest rate support to other forms and support policies that are feasible and have room for implementation.

While the policy credit package is disbursed slowly, the VND120,000 billion commercial credit package for social housing loans is being implemented better. Currently, 12 localities have announced a list of 25 eligible projects with a loan demand of more than VND13,000 billion. Of which, Binh Duong has 4 projects with a loan demand of VND1,181 billion, Bac Ninh has 6 projects with a loan demand of VND3,381.33 billion, and Bac Giang has 1 project with a loan demand of VND1,838.6 billion.

In addition, the Department of Construction of localities has reviewed the documents and submitted them to the Provincial People's Committee for consideration, such as Ho Chi Minh City (6 projects, loan demand of about 2,776.6 billion VND), Binh Dinh (6 projects, loan demand of 1,832 billion VND)...

In addition, the VND15,000 billion credit package for forestry and fishery products has also been actively disbursed. By August 10, after 20 days of implementation, banks had disbursed nearly VND800 billion of this credit package.

This is highly appreciated by many businesses and localities and is expected to create a breakthrough momentum for exports in the last months of the year./.

Thuy Ha (Vietnam+)

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