According to information from the State Bank of Vietnam (SBV), by the end of June 2023, 2,100 customers had received interest rate support with outstanding loans of VND56,000 billion. The amount of interest rate support for borrowers was VND590 billion, equivalent to 1.5% of the VND40,000 billion interest rate support package.
One of the reasons why the disbursement of the interest rate support package is slower than expected is because the strict loan conditions make it more difficult for businesses to access the support package.
Only 590 billion VND of the 40,000 billion VND interest rate support package has been disbursed (Photo TL)
In the regulations, businesses need to demonstrate their ability to recover and repay debts in the future to receive a 2% interest reduction. However, businesses facing capital difficulties often find it difficult to meet this requirement.
Besides, the fear of businesses when participating in the interest rate support package lies in the inspection activities according to regulations.
According to the State Bank's calculations, by the end of this year, the expected interest rate support amount will reach about VND2,570 billion, equivalent to about 6.5% of the interest rate support package. Thus, it is expected that up to 93.5% of the VND40,000 billion interest rate support package will not be disbursed this year.
Despite the slow disbursement progress, many experts have suggested that the State Bank should not change the policy of enjoying 2% interest rate support. Instead, budget resources can be focused on other policies that can be implemented this year. For example, transferring money sources to credit guarantee funds to loosen lending and mortgage conditions, and support tax and fee reductions for people and businesses.
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