500,000 billion credit package to promote infrastructure development...

In an effort to promote infrastructure and digital technology development, the State Bank of Vietnam (SBV) has coordinated with many commercial banks to implement a preferential credit package worth VND500,000 billion.

Specifically, on the afternoon of May 6, at the regular Government press conference, Permanent Deputy Governor of the State Bank Dao Minh Tu informed about the VND500,000 billion credit package for businesses investing in infrastructure and digital technology .

The VND500 trillion credit package is expected to be a strong boost for investment in infrastructure, digital technology and key sectors. The current disbursement scale has reached nearly VND100 trillion, increasing the number of lending subjects, not only in the field of agriculture, forestry and fisheries but also expanding to agriculture .

Permanent Deputy Governor of the State Bank Dao Minh Tu

According to the State Bank's Standing Deputy Governor Dao Minh Tu, the VND500,000 billion preferential loan package for businesses investing in infrastructure and digital technology is a very specific and correct direction in focusing resources on two areas considered key, creating important conditions for sustainable economic development in the next stage.

Mr. Tu said: “This is a period that requires a huge amount of capital for development investment in response to the requirement of rapid economic development, aiming for double-digit GDP growth. To have investment, there must be capital, especially preferential capital. Investment for key projects includes many different sources of capital, such as the budget, FDI capital... but among them, bank credit is still an important source of capital.”

Regarding the lending mechanism in this credit package, the Deputy Governor said that resources from commercial banks will mainly be used. Banks will balance mobilized capital to lend appropriately. Currently, 21 banks have registered to participate in the specific credit package, such as: Vietcombank, VietinBank, BIDV and Agribank, each bank registered 60,000 billion VND, while 12 large-scale private banks each registered 20,000 billion VND and 05 smaller-scale commercial banks each registered 4,000 billion VND (in total, 21 banks have committed to fully participating in the limit of 500,000 billion VND).

The package aims to support businesses investing in infrastructure and digital technology with preferential interest rates at least 1% lower than the market, with a minimum loan term of 2 years. Banks have committed to many incentives for projects, such as preferential interest rates and medium and long-term loans.

However, during the implementation process, banks encountered a number of difficulties. The most common of which is capital balance, when most of the mobilized capital of the banking system is still short-term, the demand for loans for infrastructure projects often lasts 10-20 years, or even longer. Therefore, without a special support mechanism, the problem of "short-term mobilization - long-term lending" will continue to be a barrier.

In addition, the identification of the subjects also needs to be clarified. Therefore, Mr. Dao Minh Tu emphasized the importance of coordination between units and functional ministries to work together to clarify which subjects, projects, components, and enterprises need capital support... to ensure the set goals. In May, the State Bank will continue to promote this work./.

Source: https://baodaknong.vn/goi-tin-dung-500-000-ty-thuc-day-phat-trien-ha-tang-va-cong-nghe-so-251719.html