Overcoming the shortcomings of the 2% interest rate support package

Businesses are waiting for specific instructions to access preferential capital sources.

The State Bank must have a plan to effectively implement the policy.

Resolution 198/2025/QH15 of the National Assembly on a number of special mechanisms and policies for private economic development clearly states that enterprises in the private economic sector, business households, and individual businesses are supported by the State with an interest rate of 2%/year when borrowing capital to implement green, circular projects and apply the environmental, social, and governance (ESG) standards framework.

Businesses are waiting for specific instructions to access this preferential capital source. “Although the Resolution has been issued, businesses still cannot access preferential capital. I hope the State Bank will soon issue specific and detailed instructions for commercial banks to implement,” Mr. Dinh Hong Ky, Vice Chairman of the Ho Chi Minh City Business Association (HUBA) suggested.

National Assembly Delegate Hoang Quoc Khanh ( Lai Chau ) said that the guidance on implementing preferential policies and supporting 2% interest rates for businesses undergoing digital transformation and green transformation must be carefully studied, otherwise it will fall into the "rut" of implementing the previous 2% interest rate support policy (economic recovery interest rate support package according to Resolution 43/2022/QH15).

During the question-and-answer session last week, Minister of Finance Nguyen Van Thang said that the Ministry of Finance has learned from experience with the 2% interest rate support policy. The Government has issued Resolution 139/NQ-CP promulgating the Government's Plan to implement Resolution 198/2025/QH15. Accordingly, the implementation of this interest rate support policy will be carried out from financial funds and the banking system.

“The Ministry of Finance will coordinate with the State Bank of Vietnam to develop a decree to overcome shortcomings in the previous 2% interest rate support policy, ensuring feasibility in implementation. The Government will allocate appropriate and sufficient resources to implement this policy,” Minister Nguyen Van Thang affirmed.

It is known that Resolution 139/NQ-CP of the Government assigned the State Bank to submit to the Government for promulgation a document guiding the State policy of supporting interest rates of 2%/year through the commercial banking system for enterprises in the private economic sector, business households, and business individuals to borrow capital to implement green, circular projects and apply the ESG standard framework; to be completed in 2025.

According to SBV Governor Nguyen Thi Hong, the resources to implement the policy of supporting 2% interest rate when borrowing capital to implement green and circular projects and apply the ESG standard framework as required by Resolution 68-NQ/TW of the Politburo on private economic development come from the budget. The Ministry of Finance is building a lending channel from funds.

Businesses also need to improve management capacity and financial transparency.

- Mr. Nguyen Quang Huy, CEO of Faculty of Finance - Banking, Nguyen Trai University

To access preferential capital from funds and commercial banks, enterprises themselves need to improve their management capacity, financial transparency and have a clear investment plan. Building standard financial reports and transparent capital usage plans will be the key for enterprises to convince credit institutions and investment funds. Only when there is synchronous coordination between policies, financial institutions and enterprises themselves, can this preferential credit flow promote the efficiency of the private economy.

In case of borrowing from commercial banks, the State Bank will coordinate with the Ministry of Finance to provide clear instructions to overcome the shortcomings of the 2% interest rate support package in the previous economic recovery program.

“The State Bank of Vietnam has sent a document to the Ministry of Finance to consider incorporating it into the corporate income tax policy for enterprises borrowing capital from banks under Resolution 68-NQ/TW. In the coming time, we will continue to closely coordinate to implement the policies of the Party Central Committee, the Politburo, and the National Assembly,” said Governor Nguyen Thi Hong.

National Assembly Chairman Tran Thanh Man requested the Governor of the State Bank of Vietnam, immediately after the National Assembly session (expected to end at the end of June 2025), to have an effective plan and solution for the 2% support policy in the spirit of Resolution 198/2025/QH15.

Economic experts recommend that the implementation of the 2% interest rate support policy for businesses implementing green and circular economy projects needs to be transparent and clear about the subjects and criteria; and simple in procedures so that businesses and banks can easily implement, avoiding the mechanism of asking and giving.

Allocate sufficient preferential resources to support small and medium enterprises

In addition to the 2% interest rate support, in accordance with the spirit of Resolution 198/2025/QH15, small and medium enterprises, innovative startups, etc. will have access to preferential capital from the Small and Medium Enterprise Development Fund. The Ministry of Finance said that it is urgently drafting a guiding document and will allocate resources to the Small and Medium Enterprise Development Fund so that the Fund can provide new loans at preferential interest rates.

In addition, the Government encourages commercial banks to increase preferential loans to small and medium enterprises.

It is known that Decree 139/NQ-CP of the Government assigned the Ministry of Finance to submit to the Government for promulgation a document guiding the State policy of supporting interest rates of 2%/year through non-budgetary state financial funds for enterprises in the private economic sector, business households, and business individuals to borrow capital to implement green and circular projects and apply the ESG standard framework; to be completed in 2025. At the same time, review the current decree on the organization and operation of the Small and Medium Enterprise Development Fund to enhance the Fund's business support activities.

Mr. Mac Quoc Anh, Vice President and General Secretary of the Hanoi Small and Medium Enterprises Association, said that in addition to strengthening the role of the Small and Medium Enterprise Development Fund, it is necessary to perfect the model of Credit Guarantee Funds for small and medium enterprises at both the central and local levels. Only when the Fund participates in the guarantee will banks be bold enough to lend to small and medium enterprises.

Source: https://baodautu.vn/khac-phuc-nhung-bat-cap-cua-goi-ho-tro-lai-suat-2-d312847.html