Unblocking capital stagnant in projects

Kinhtedothi - On the afternoon of March 5, at the regular Government press conference, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the task of achieving GDP growth of over 8%, and if there is a chance, double-digit growth from this year, is a task that all levels and sectors must actively participate in.

According to Deputy Governor of the State Bank of Vietnam Dao Minh Tu, on the part of the banking sector, this is a huge responsibility in creating conditions to support capital for the economy , especially capital for businesses to expand investment. To grow, we must expand investment, to expand investment there are two issues: One is to have investment capital; two is to increase the capacity and conditions for capital absorption of businesses and investors. Investment capital is growing, there are many sources: Budget sources, government resources, private social investment capital, investment capital through the banking system, foreign capital...

"Regarding the banking sector, to have 8% support, we set this year's growth rate at about 16%, so at least the additional outstanding debt at the end of the year will be about 2.5 million billion. If the economic growth rate is higher than 8%, then with the current investment capital structure ratio, between bank capital and other capital sources for economic development investment must increase by more than 2.5 million billion" - Mr. Dao Minh Tu said.

The State Bank has also determined the capital level and responsibilities. To have such a year-end capital growth, the loan turnover during the year must be faster, clearing the difficult and blocked capital sources. Currently, the State Bank is coordinating with ministries and branches to present to the Government solutions to clear the capital sources that are stuck in projects.

Regarding interest rates, if we want to expand investment, we must lower interest rates. It can be said that in 2024 alone, compared to the end of 2023, interest rates will decrease by an average of about 1.1%. Commercial banks with state capital and playing a leading role even have some banks that have decreased by about 1.6% compared to the beginning of 2024. The average capital of commercial banks has decreased by 1.4%.

Particularly in the first two months of 2025, it can be said that the direction of the Government, the Prime Minister , as well as the banking industry and credit institutions is to continue to reduce interest rates in a stable direction. After that, it will be reduced on the basis of reducing the costs of commercial banks in the most positive and highest way to create conditions to reduce lending interest rates of commercial banks.

Recently, taking advantage of the early period after the Lunar New Year, the number of people depositing money will be high, some banks have increased the interest rates for some terms. However, the goal and viewpoint at this time is to create conditions to support businesses, support borrowers with positive interest rates. That is why it must be reduced.

The Prime Minister has issued Official Dispatch No. 19 to direct this matter. We believe that the Prime Minister's direction is very decisive and timely. The Prime Minister's direction is very clear and very appropriate in the context of the need to reduce interest rates. If we want to reduce lending interest rates, we must reduce circulating interest rates. All are in line with the policy of reducing interest rates so that businesses, depositors, and banks can share in a simultaneous, synchronous, and common way to create conditions for expanding investment, mobilizing capital, lending capital, and using capital effectively, creating a GDP of over 8% this year.

The State Bank of Vietnam has quickly directed banks to increase deposit interest rates in the recent past, and banks have promptly adjusted to reduce them. Up to now, statistics show that 12 banks have reduced their deposit interest rates, some of which have reduced them very deeply. On average, some banks have reduced their deposit interest rates by up to 0.7%. Many banks have launched credit packages that are very suitable at this time, especially consumer loans and social housing loans for the poor and low-income people.

In the coming time, the State Bank will closely monitor interest rates to ensure that it can both create initiative for commercial banks and share with businesses by reducing costs and reducing lending interest rates for all terms. The State Bank will proactively manage its tools to create conditions for commercial banks to have liquidity and capital sources, without having to increase mobilized capital. This will also be one of the tools that the State Bank will proactively manage from now until the end of the year.

Source: https://kinhtedothi.vn/ngan-hang-nha-nuoc-khoi-thong-nguon-von-dang-dong-tai-cac-du-an.html