Dozens of banks participate in 500,000 billion VND credit package

Commercial banks are urgently implementing a preferential credit package worth VND500,000 billion to support businesses investing in infrastructure, digital technology and key industries, following the direction of the Prime Minister. Deputy Prime Minister Ho Duc Phoc has assigned the State Bank of Vietnam (SBV) to develop a mechanism to implement this credit package with low interest rates.

Immediately after the directive, the banking sector organized discussions to specify the content and implementation mechanism. Commercial banks will base on the list of key projects in the fields of transportation, energy and digital technology provided by the Ministry of Construction , Ministry of Industry and Trade, Ministry of Science and Technology to determine the lending subjects. The appraisal will be carried out in accordance with legal regulations, and the lending interest rates will be made public and flexibly adjusted by banks in each stage.

Many banks are actively contributing capital to implement the VND500,000 billion credit package. Photo: TAN THANH

In fact, the demand for investment in infrastructure and technology in Vietnam is very large. According to the Power Plan VIII, Vietnam needs about 266.3 billion USD in the next 10 years to develop power sources and transmission systems. The Ministry of Construction is proposing to expand the Ho Chi Minh City - Long Thanh expressway with a total investment of more than 16,310 billion VND. Binh Duong province also proposed that the Government submit to the National Assembly for approval the metro line connecting Binh Duong - Suoi Tien with a total investment of 56,000 billion VND...

At a recent meeting, Ms. Ha Thu Giang, Director of the Department of Credit for Economic Sectors (SBV), said that 21 banks have registered to participate in the VND500,000 billion credit package, with preferential interest rates at least 1% lower than the market and a minimum loan term of two years.

Mr. Le Quang Vinh, General Director of the Bank for Foreign Trade of Vietnam (Vietcombank), said that Vietcombank, Agribank, BIDV and VietinBank each committed to contribute VND60,000 billion, along with the participation of many other banks, forming a credit package of up to VND500,000 billion. However, Ms. Phung Thi Binh, Deputy General Director of the Bank for Agriculture and Rural Development (Agribank), said that in order to disburse effectively, ministries and branches need to provide a specific list of projects soon. According to her, the bank is ready to provide capital but needs clear information from investors, including capital use plans and financial responsibilities.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu emphasized the important role of bank capital in investing in key infrastructure projects. The State Bank of Vietnam has worked with ministries, sectors and four major commercial banks to implement this credit package, with full commitments on capital sources and incentives on medium and long-term interest rates. However, Mr. Tu also said that there needs to be closer coordination between ministries and sectors.

These agencies must develop specific plans on capital needs, clearly identify preferential subjects and key projects, thereby creating conditions for banks to proactively prepare capital sources, ensuring the implementation of credit packages on target.

Besides, Mr. Tu suggested that ministries and sectors participate in solving difficulties in the fields of transportation, energy, electricity and other key sectors to ensure investment efficiency and contribute positively to economic growth.

Source: https://nld.com.vn/hang-chuc-ngan-hang-tham-gia-goi-tin-dung-500000-ti-dong-196250425213639085.htm