Deputy Governor of the State Bank informs about the implementation of a 500,000 billion credit package for infrastructure and digital technology

On the afternoon of May 6, at the regular Government press conference in April, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu informed about the progress of implementing the largest credit package to date - VND 500,000 billion for two key areas: infrastructure development investment and digital technology .

According to Mr. Tu, this is a credit package directed by the Prime Minister to be implemented from the end of March 2025.

"First of all, the 500 trillion package was directed by the Prime Minister at the end of March, also in the spirit of actively implementing the agricultural, forestry and fishery credit package. We currently set the package at 100 trillion, initially only 15 trillion but the disbursement was very active and fast, so now the scale has been expanded to nearly 100 trillion," said Mr. Tu.

With the VND500,000 billion package, the Prime Minister directed the implementation for two subjects: infrastructure development investment and digital technology development. The Deputy Governor emphasized that this is one of the very specific and drastic instructions of the Government, demonstrating the correctness in focusing resources on two areas considered key, which are important conditions for sustainable economic development in the next period.

According to Mr. Tu, to achieve double-digit growth, perhaps these two fields are also the fields that require long-term investment capital to lay the foundation for the development of other industries.

Following the Prime Minister's direction, the State Bank has worked with 21 commercial banks to register to participate in the full amount of VND500,000 billion, equivalent to about USD20 billion. Specifically, 4 state-owned commercial banks registered VND60,000 billion each; 12 large-scale private banks registered VND20,000 billion each; 5 smaller-scale private banks registered VND4,000 billion.

Mr. Tu said that the minimum preferential period of the loan package is 2 years. This credit package uses the resources of commercial banks, not the state budget or foreign loans. Banks will be proactive in reducing costs, reducing interest rates, extending loan terms, especially restructuring short-term mobilized capital for medium and long-term loans.

“Infrastructure lending is always a large-scale capital project, so commercial banks must jointly finance it, not just one bank. Currently, there are many large-scale national projects, not to mention other projects that are in dire need of investment resources,” Mr. Tu emphasized.

However, he also noted two issues with this credit package. First, it is necessary to clearly identify the subjects that need investment and preferential loans to concentrate resources. Second, infrastructure investment takes a very long time, usually from 5 to 10 years, while commercial banks mainly mobilize short-term capital. Therefore, there must be a reasonable structure and calculation to ensure both capital sources and the safety of the credit system.

“In the technology field, it is also necessary to clearly identify which subjects and components need investment,” he said.

To address the above issues, the State Bank is coordinating with ministries and branches such as the Ministry of Industry and Trade, the Ministry of Construction, and the Ministry of Science and Technology to clearly identify the fields, projects, and subjects that need support from this credit package.

“We have worked directly with the ministries and are sending documents requesting the ministries to define more clearly so that commercial banks can also structure their capital sources for short-term, medium-term and long-term loans. At the same time, we ensure the subjects according to the Government's goals. Certainly this May, we will accelerate the implementation of the Government's goals and requirements,” Deputy Governor Dao Minh Tu affirmed.

Thanh Ha

Source: https://baophapluat.vn/pho-thong-doc-ngan-hang-nha-nuoc-thong-tin-ve-viec-trien-khai-goi-tin-dung-500000-ty-cho-ha-tang-va-cong-nghe-so-post547578.html